Published on 3/16/2016 in the Prospect News Municipals Daily.
New Issue: Hawaii brings to market $525 million G.O. bonds
By Sheri Kasprzak
New York, March 16 – The State of Hawaii sold $525 million of series 2016 general obligation bonds, according to a pricing sheet.
The deal included $500 million of series 2016FB bonds and $25 million of series 2016FC taxable bonds.
The bonds (Aa2/AA) were sold competitively. The issuer did not respond to calls for the winning bidder Wednesday.
The 2016FB bonds are due 2019 to 2036 with 3% to 5% coupons and yields from 1.03% to 3.2%. The 2016FC bonds are due 2017 to 2021 with 1% to 1.75% coupons and yields from 0.85% to 1.68%.
Proceeds will be used to finance capital expenditures for the state and to refund its series 2008DK, 2008DN, 2009DQ and 2011DZ bonds.
| Issuer: | State of Hawaii
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $525 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | March 15
|
| Settlement date: | April 14
|
|
|
| $500 million series 2016FB bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $19,495,000 | 2019 | Serial | 5% | 111.559 | 1.03%
|
| $20,275,000 | 2020 | Serial | 5% | 114.708 | 1.19%
|
| $21.09 million | 2021 | Serial | 5% | 117.466 | 1.35%
|
| $21.93 million | 2022 | Serial | 5% | 119.895 | 1.50%
|
| $22.81 million | 2023 | Serial | 5% | 121.732 | 1.68%
|
| $23.72 million | 2024 | Serial | 5% | 122.975 | 1.88%
|
| $24.67 million | 2025 | Serial | 5% | 124.32 | 2.02%
|
| $25,655,000 | 2026 | Serial | 5% | 116.025 | 2.20%
|
| $26,685,000 | 2027 | Serial | 5% | 124.322 | 2.26%
|
| $27.75 million | 2028 | Serial | 4% | 114.198 | 2.39%
|
| $28.86 million | 2029 | Serial | 4% | 111.289 | 2.70%
|
| $30,015,000 | 2030 | Serial | 4% | 110.369 | 2.80%
|
| $31,215,000 | 2031 | Serial | 4% | 109.64 | 2.88%
|
| $32,465,000 | 2032 | Serial | 3% | 100 | 3.00%
|
| $33.76 million | 2033 | Serial | 3% | 98.948 | 3.08%
|
| $35.11 million | 2034 | Serial | 3% | 98.358 | 3.12%
|
| $36,515,000 | 2035 | Serial | 3% | 97.729 | 3.16%
|
| $37.98 million | 2036 | Serial | 3% | 97.065 | 3.20%
|
|
|
| $25 million series 2016FC taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.89 million | 2017 | Serial | 1% | 100.143 | 0.85%
|
| $4,925,000 | 2018 | Serial | 1.25% | 100.174 | 1.16%
|
| $4.99 million | 2019 | Serial | 1.38% | 100 | 1.38%
|
| $5,055,000 | 2020 | Serial | 1.66% | 100 | 1.66%
|
| $5.14 million | 2021 | Serial | 1.75% | 100.331 | 1.68%
|
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