New Issue: Michigan brings $1.1 billion of series 2011 general obligation notes

By Sheri Kasprzak

New York, Oct. 27 - The State of Michigan priced $1.1 billion of series 2011 general obligation notes through Goldman, Sachs & Co., said a pricing sheet.

The notes (MIG 1/SP-1+/) are due Sept. 30, 2011 and have a 2% coupon priced at 101.399 to yield 0.45%.

The co-managers included Barclays Capital Inc., BMO Capital Markets, Citigroup Global Markets Inc., Janney Montgomery Scott LLC, Loop Capital Markets LLC and PNC Capital Markets LLC.

Proceeds will be used to meet the state's capital needs during the 2011 fiscal year.

Issuer:	State of Michigan
Issue:	Series 2011 general obligation notes
Amount:	$1.1 billion
Maturity:	Sept. 30, 2011
Coupon:	2%
Price:	101.399
Yield:	0.45%
Type:	Negotiated
Underwriters:	Goldman, Sachs & Co. (lead), Barclays Capital Inc., BMO Capital Markets, Citigroup Global Markets Inc., Janney Montgomery Scott LLC, Loop Capital Markets LLC and PNC Capital Markets LLC (co-managers)
Ratings:	Moody's: MIG 1
	Standard & Poor's: SP-1+
Pricing date:	Oct. 27
Settlement date:	Nov. 4

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