New Issue: San Francisco brings to market $252.19 million general obligation bonds

By Sheri Kasprzak

New York, April 5 – The City and County of San Francisco sold $252,185,000 of series 2016 general obligation bonds, said a pricing sheet. The offering was upsized from $179.42 million.

The deal included $73.23 million of series 2016C earthquake safety and emergency response bonds, $134.81 million of series 2016D earthquake safety and emergency response bonds and $44,145,000 of series 2016E road repaving and street safety bonds.

The 2016C bonds are due 2017 to 2036 with a term bond due in 2041. The serial coupons range from 2% to 5% with 0.74% to 2.98% yields. The 2041 bonds have a 5% coupon priced at 117.668 to yield 2.99%.

The 2016D bonds are due 2016 to 2035 with 2.25% to 5% coupons and yields from 0.40% to 3.01%.

The 2016E bonds are due 2016 to 2035 with coupons from 2.25% to 5% coupons and yields from 0.40% to 3.01%.

The bonds (Aa1/AA+/AA+) were sold competitively, but the issuer did not immediately respond to requests for the winning bidders Tuesday.

Proceeds will be used to fund improvements to fire, earthquake and emergency response, including improving deteriorating pipes, hydrants, reservoirs, water cisterns and pumps built after the 1906 earthquake, improve or replace neighborhood fire and police stations, replace seismically unsafe police, medical and emergency buildings with earthquake-safe buildings, fix potholes, repave failing streets, repair and strengthen stairways, bridges and overpasses and construct and renovate the city’s traffic infrastructure.

Issuer:	City and County of San Francisco
Issue:	Series 2016 general obligation bonds
Amount:	$252,185,000
Type:	Competitive
Ratings:	Moody’s: Aa1
	Standard & Poor’s: AA+
	Fitch: AA+
Pricing date:	April 5
Settlement date:	April 20
$73.23 million series 2016C earthquake safety and emergency response bonds
Amount	Maturity	Type	Coupon	Price	Yield
$630,000	2017	Serial	2%	101.599	0.74%
$1.64 million	2018	Serial	3%	104.653	0.93%
$1.69 million	2019	Serial	4%	109.411	1.07%
$1.76 million	2020	Serial	5%	115.706	1.22%
$1,845,000	2021	Serial	5%	118.139	1.42%
$1.94 million	2022	Serial	5%	120.626	1.54%
$2.04 million	2023	Serial	5%	122.191	1.74%
$2.14 million	2024	Serial	5%	123.465	1.92%
$2,245,000	2025	Serial	5%	124.328	2.10%
$2,355,000	2026	Serial	5%	125.522	2.21%
$2.48 million	2027	Serial	5%	123.965	2.36%
$2.6 million	2028	Serial	5%	122.837	2.47%
$2.73 million	2029	Serial	5%	122.024	2.55%
$2,865,000	2030	Serial	5%	121.419	2.61%
$3,005,000	2031	Serial	5%	120.618	2.69%
$3.16 million	2032	Serial	5%	119.922	2.76%
$3,315,000	2033	Serial	5%	119.329	2.82%
$3.48 million	2034	Serial	5%	118.739	2.88%
$3,655,000	2035	Serial	5%	118.251	2.93%
$3,845,000	2036	Serial	5%	117.765	2.98%
$23.81 million	2041	Term	5%	117.668	2.99%
$134.81 million series 2016D earthquake safety and emergency response bonds
Amount	Maturity	Type	Coupon	Price	Yield
$28,255,000	2016	Serial	5%	100.701	0.40%
$1,105,000	2016	Serial	5%	100.701	0.40%
$2,865,000	2017	Serial	5%	105.189	0.48%
$850,000	2017	Serial	5%	105.189	0.48%
$890,000	2018	Serial	5%	109.373	0.61%
$3.01 million	2018	Serial	5%	109.373	0.61%
$935,000	2019	Serial	5%	113.317	0.72%
$3.16 million	2019	Serial	5%	113.317	0.72%
$985,000	2020	Serial	5%	116.852	0.86%
$3.32 million	2020	Serial	5%	116.852	0.86%
$1,035,000	2021	Serial	5%	120.038	1.00%
$3,485,000	2021	Serial	5%	120.038	1.00%
$1,085,000	2022	Serial	5%	122.938	1.13%
$3.66 million	2022	Serial	5%	122.938	1.13%
$1.14 million	2023	Serial	5%	125.502	1.26%
$3.84 million	2023	Serial	5%	125.502	1.26%
$1,195,000	2024	Serial	5%	124.419	1.40%
$4,035,000	2024	Serial	5%	124.419	1.40%
$1,255,000	2025	Serial	3%	108.719	1.70%
$4,235,000	2025	Serial	3%	108.719	1.70%
$1,295,000	2026	Serial	3%	107.253	1.91%
$4.36 million	2026	Serial	3%	107.253	1.91%
$4.49 million	2027	Serial	3%	105.605	2.15%
$1.33 million	2027	Serial	3%	105.605	2.15%
$4,625,000	2028	Serial	2.25%	97.907	2.45%
$1.37 million	2028	Serial	2.25%	97.907	2.45%
$1.4 million	2029	Serial	3%	102.791	2.57%
$4.73 million	2029	Serial	3%	102.791	2.57%
$1,445,000	2030	Serial	3%	102.002	2.69%
$4,875,000	2030	Serial	3%	102.002	2.69%
$1.49 million	2031	Serial	3%	101.48	2.77%
$5.02 million	2031	Serial	3%	101.48	2.77%
$1.53 million	2032	Serial	35	101.091	2.83%
$5.17 million	2032	Serial	3%	101.091	2.83%
$1.58 million	2033	Serial	3%	100.703	2.89%
$5,325,000	2033	Serial	3%	100.703	2.89%
$5,485,000	2034	Serial	3%	100.317	2.95%
$1,625,000	2034	Serial	3%	100.317	2.95%
$1,675,000	2035	Serial	3%	99.852	3.01%
$5.65 million	2035	Serial	3%	99.852	3.01%
$44,145,000 million series 2016E road repaving and street safety bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1,945,000	2016	Serial	5%	100.701	0.40%
$1,485,000	2017	Serial	5%	105.189	0.48%
$1.56 million	2018	Serial	5%	102.849	3.61%
$1.64 million	2019	Serial	5%	113.317	0.72%
$1.72 million	2020	Serial	5%	116.852	0.86%
$1,805,000	2021	Serial	5%	120.038	1.00%
$1.9 million	2022	Serial	5%	122.938	1.13%
$1,995,000	2023	Serial	5%	125.502	1.26%
$2.09 million	2024	Serial	5%	124.419	1.40%
$2,195,000	2025	Serial	3%	108.719	1.70%
$2,265,000	2026	Serial	3%	107.253	1.91%
$2.33 million	2027	Serial	3%	105.605	2.15%
$2.4 million	2028	Serial	2.25%	97.907	2.45%
$2,455,000	2029	Serial	3%	102.791	2.57%
$2.53 million	2030	Serial	3%	102.002	2.69%
$2,605,000	2031	Serial	3%	101.937	2.70%
$2,685,000	2032	Serial	3%	101.091	2.83%
$2,765,000	2033	Serial	3%	100.703	2.89%
$2,845,000	2034	Serial	3%	100.317	2.95%
$2.93 million	2035	Serial	3%	99.852	3.01%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.