New Issue: Honolulu, Hawaii, prices $888.64 million of general obligation bonds

By Sheri Kasprzak

New York, March 18 – The City of Honolulu, Hawaii, sold $888,635,000 of series 2015 general obligation bonds, said a pricing sheet. The deal was upsized from $878,805,000.

The deal included $379.55 million of series 2015A tax-exempt bonds, $210.48 million of series 2015B tax-exempt bonds, $249.24 million of series 2015C tax-exempt bonds, $27,305,000 of series 2015D tax-exempt bonds and $22.06 million of series 2015E taxable bonds.

The 2015A bonds are due 2015 to 2039 with 4% to 5% coupons and 0.08% to 3.09% yields.

The 2015B bonds are due 2018 to 2031 with 5% coupons and 1.11% to 2.87% yields.

The 2015C bonds are due 2019 to 2033 with 1.375% to 5% coupons and 1.40% to 3.55% yields.

The 2015D bonds are due 2016, have a 5% coupon and priced at 106.813 to yield 0.43%.

The 2015E bonds are due 2015 to 2039, have 0.35% to 3.99% coupons and priced at par.

The bonds were sold through BofA Merrill Lynch and Piper Jaffray & Co.

Proceeds will be used to finance capital improvements, refund G.O. commercial paper notes and refund series 2005B-E, 2007A, 2009A and 2011A G.O. bonds.

Issuer:	City of Honolulu
Issue:	Series 2015 general obligation bonds
Amount:	$888,635,000
Type:	Negotiated
Underwriters:	BofA Merrill Lynch and Piper Jaffray & Co.
Pricing date:	March 18
Settlement date:	April 2
$379.55 million series 2015A tax-exempt bonds
Amount	Maturity	Type	Coupon	Price	Yield
$7.89 million	2015	Serial	5%	102.445	0.08%
$8.24 million	2016	Serial	5%	106.813	0.43%
$8,665,000	2017	Serial	5%	110.442	0.77%
$9,105,000	2018	Serial	5%	113.307	1.11%
$9,575,000	2019	Serial	5%	115.637	1.40%
$10,065,000	2020	Serial	5%	117.881	1.59%
$10.58 million	2021	Serial	5%	119.538	1.80%
$11,125,000	2022	Serial	5%	120.79	2.00%
$11,695,000	2023	Serial	5%	121.679	2.19%
$12,295,000	2024	Serial	5%	122.821	2.31%
$12,925,000	2025	Serial	5%	123.894	2.41%
$13.59 million	2026	Serial	5%	122.956	2.50%
$14,285,000	2027	Serial	5%	122.026	2.59%
$15,015,000	2028	Serial	5%	120.901	2.70%
$15,785,000	2029	Serial	5%	120.293	2.76%
$16,595,000	2030	Serial	5%	119.688	2.82%
$17,445,000	2031	Serial	5%	119.187	2.87%
$18.34 million	2032	Serial	5%	118.788	2.91%
$19.28 million	2033	Serial	5%	118.39	2.95%
$20.17 million	2034	Serial	4%	105.44	3.38%
$21.1 million	2035	Serial	5%	17.698	3.02%
$22.18 million	2036	Serial	5%	117.305	3.06%
$23.32 million	2037	Serial	5%	117.207	3.07%
$24,515,000	2038	Serial	5%	117.109	3.08%
$25.77 million	2039	Serial	5%	117.011	3.09%
$210.48 million series 2015B tax-exempt bonds
Amount	Maturity	Type	Coupon	Price	Yield
$10,645,000	2018	Serial	5%	113.307	1.11%
$11.19 million	2019	Serial	5%	115.637	1.40%
$11,765,000	2020	Serial	5%	117.881	1.59%
$12.37 million	2021	Serial	5%	119.538	1.80%
$13 million	2022	Serial	5%	120.79	2.00%
$13.67 million	2023	Serial	5%	121.679	2.19%
$14.37 million	2024	Serial	5%	122.821	2.31%
$15,105,000	2025	Serial	5%	123.894	2.41%
$15.88 million	2026	Serial	5%	122.956	2.50%
$16,695,000	2027	Serial	5%	122.026	2.59%
$17.55 million	2028	Serial	5%	120.901	2.70%
$18.45 million	2029	Serial	5%	120.293	2.76%
$19.4 million	2030	Serial	5%	119.688	2.82%
$20.39 million	2031	Serial	5%	119.187	2.87%
$249.24 million series 2015C tax-exempt bonds
Amount	Maturity	Type	Coupon	Price	Yield
$1 million	2019	Serial	1.375%	99.891	1.40%
$10,895,000	2019	Serial	4%	111.293	1.40%
$5,175,000	2020	Serial	2%	102.149	1.59%
$7,175,000	2020	Serial	5%	117.881	1.59%
$350,000	2021	Serial	4%	113.432	1.80%
$12.55 million	2021	Serial	5%	119.538	1.80%
$2.52 million	2022	Serial	2.5%	103.465	2.00%
$1.55 million	2022	Serial	3%	106.93	2.00%
$9,445,000	2022	Serial	5%	120.79	2.00%
$250,000	2023	Serial	2.125%	99.498	2.19%
$500,000	2023	Serial	4%	113.964	2.19%
$13.4 million	2023	Serial	5%	121.679	2.19%
$1,225,000	2024	Serial	3%	105.853	2.31%
$13,635,000	2024	Serial	5%	122.821	2.31%
$1 million	2025	Serial	4%	114.669	2.41%
$14,605,000	2025	Serial	5%	123.894	2.41%
$1 million	2026	Serial	4%	113.774	2.50%
$15,395,000	2026	Serial	5%	122.956	2.50%
$17.23 million	2027	Serial	5%	122.026	2.59%
$10 million	2028	Serial	3%	98.686	3.12%
$8.01 million	2028	Serial	5%	120.901	2.70%
$18.83 million	2029	Serial	5%	120.293	2.76%
$19,695,000	2030	Serial	4%	107.362	3.17%
$10,255,000	2031	Serial	3.25%	98.117	3.40%
$10,205,000	2031	Serial	4%	106.809	3.23%
$21,255,000	2032	Serial	4%	106.167	3.30%
$11,075,000	2033	Serial	3.5%	99.326	3.55%
$11,015,000	2033	Serial	4%	105.803	3.34%
$27,305,000 series 2015D tax-exempt bonds
Maturity	Type	Coupon	Price	Yield
2016	Term	5%	106.813	0.43%
$22.06 million series 2015E taxable bonds
Amount	Maturity	Type	Coupon	Price
$640,000	2015	Serial	0.35%	100
$640,000	2016	Serial	0.85%	100
$645,000	2017	Serial	1.05%	100
$655,000	2018	Serial	1.65%	100
$670,000	2019	Serial	1.90%	100
$680,000	2020	Serial	2.25%	100
$700,000	2021	Serial	2.40%	100
$715,000	2022	Serial	2.70%	100
$735,000	2023	Serial	2.80%	100
$755,000	2024	Serial	2.95%	100
$780,000	2025	Serial	3.05%	100
$805,000	2026	Serial	3.20%	100
$830,000	2027	Serial	3.40%	100
$860,000	2028	Serial	3.55%	100
$895,000	2029	Serial	3.65%	100
$925,000	2030	Serial	3.70%	100
$960,000	2031	Serial	3.73%	100
$1 million	2032	Serial	3.75%	100
$1,035,000	2033	Serial	3.78%	100
$1,075,000	2034	Serial	3.81%	100
$1.12 million	2035	Serial	3.86%	100
$1,165,000	2036	Serial	3.89%	100
$1.21 million	2037	Serial	3.93%	100
$1,255,000	2038	Serial	3.96%	100
$1.31 million	2039	Serial	3.99%	100

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