Published on 8/27/2015 in the Prospect News Municipals Daily.
New Issue: Alaska Municipal Bond Bank sells $96.21 million G.O. bonds
By Sheri Kasprzak
New York, Aug. 27 – The Alaska Municipal Bond Bank sold $96.21 million of series 2015-3 general obligation refunding bonds, according to a pricing sheet. The deal was downsized from $155,065,000.
The bonds (/AA+/AA+) were sold through RBC Capital Markets LLC.
The bonds are due 2016 to 2032 with term bonds due in 2036, 2039, 2040 and 2044. The serial coupons range from 2% to 5.25% with 0.6% to 3.41% yields. The 2036 bonds have a 5.25% coupon priced at 113.569 to yield 3.56%, and the 2039 bonds have a 5% coupon priced at 109.863 to yield 3.76%. The 2040 bonds have a 4% coupon priced at 96.317 to yield 4.24%, and the 2044 bonds have a 4% coupon priced at 95.208 to yield 4.29%.
Proceeds will be used to make three loans to governmental units and refund existing bonds.
| Issuer: | Alaska Municipal Bond Bank
|
| Issue: | Series 2015-3 general obligation and refunding bonds (/AA+/AA+)
|
| Amount: | $96.21 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), BofA Merrill Lynch and Goldman Sachs & Co. (co-managers)
|
| Ratings: | Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $375,000 | 2016 | Serial | 2% | 101.451 | 0.60%
|
| $390,000 | 2017 | Serial | 2% | 102.158 | 0.93%
|
| $1.96 million | 2018 | Serial | 4% | 108.275 | 1.22%
|
| $2.05 million | 2019 | Serial | 5% | 113.843 | 1.46%
|
| $2,175,000 | 2020 | Serial | 5% | 115.46 | 1.78%
|
| $2.3 million | 2021 | Serial | 5% | 116.311 | 2.11%
|
| $2,415,000 | 2022 | Serial | 5% | 117.104 | 2.35%
|
| $2.54 million | 2023 | Serial | 5% | 117.949 | 2.52%
|
| $2.67 million | 2024 | Serial | 5% | 118.429 | 2.69%
|
| $2,805,000 | 2025 | Serial | 5% | 118.124 | 2.82%
|
| $2,715,000 | 2026 | Serial | 5% | 116.487 | 3.00%
|
| $2,855,000 | 2027 | Serial | 5% | 115.499 | 3.11%
|
| $3 million | 2028 | Serial | 5% | 114.521 | 3.22%
|
| $3.16 million | 2029 | Serial | 5% | 113.904 | 3.29%
|
| $3.3 million | 2030 | Serial | 4% | 101.266 | 3.84%
|
| $3,455,000 | 2031 | Serial | 5.25% | 115.318 | 3.36%
|
| $3,645,000 | 2032 | Serial | 5.25% | 114.877 | 3.41%
|
| $16,045,000 | 2036 | Term | 5.25% | 113.569 | 3.56%
|
| $12.95 million | 2039 | Term | 5% | 109.863 | 3.76%
|
| $4,745,000 | 2040 | Term | 4% | 96.317 | 4.24%
|
| $20.66 million | 2044 | Term | 4% | 95.208 | 4.29%
|
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