Published on 10/24/2013 in the Prospect News Municipals Daily.
New Issue: Minnesota offers up $768.78 million of general obligation state bonds
By Sheri Kasprzak
New York, Oct. 24 - The State of Minnesota sold $768,775,000 of series 2013 general obligation state bonds, said a pricing sheet.
The offering included $283.82 million of series 2013D G.O. state various purpose bonds, $112 million of series 2013E G.O. state trunk highway bonds and $372,955,000 of series 2013F G.O. state various purpose refunding bonds.
The 2013D bonds are due 2014 to 2033 with 3.5% to 5% coupons and 0.17% to 4.05% yields.
The 2013E bonds are due 2014 to 2033 with coupons from 2% to 5% and yields from 0.17% to 4.04%.
The 2013F bonds are due 2016 to 2026 with coupons from 3.125% to 5%.
The bonds were sold competitively. John Pollard, spokesman for the Minnesota Management and Budget Board, said Thursday afternoon that the specific terms of the offering were still being finalized.
Proceeds will be used to finance capital expenditures and the construction of state trunk highway projects and to refund existing G.O. debt.
| Issuer: | State of Minnesota
|
| Issue: | Series 2013 general obligation state bonds
|
| Amount: | $768,775,000
|
| Type: | Competitive
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 6
|
|
|
| $283.82 million series 2013D G.O. state various purpose bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13.97 million | 2014 | Serial | 5% | 104.355 | 0.17%
|
| $13.97 million | 2015 | Serial | 5% | 108.81 | 0.35%
|
| $13.97 million | 2016 | Serial | 5% | 112.796 | 0.55%
|
| $13.97 million | 2017 | Serial | 5% | 115.896 | 0.85%
|
| $18,465,000 | 2018 | Serial | 5% | 118.091 | 1.19%
|
| $13,965,000 | 2019 | Serial | 5% | 119.387 | 1.55%
|
| $13,965,000 | 2020 | Serial | 5% | 120.035 | 1.89%
|
| $13,965,000 | 2021 | Serial | 5% | 120.207 | 2.2%
|
| $13,965,000 | 2022 | Serial | 5% | 120.906 | 2.38%
|
| $13,965,000 | 2023 | Serial | 5% | 121.319 | 2.55%
|
| $13,965,000 | 2024 | Serial | 4% | 111.228 | 2.7%
|
| $13,965,000 | 2025 | Serial | 4% | 109.407 | 2.9%
|
| $13,965,000 | 2026 | Serial | 3% | 98 | 3.19%
|
| $13,965,000 | 2027 | Serial | 4% | 105.437 | 3.35%
|
| $13,965,000 | 2028 | Serial | 3.5% | 98 | 3.675%
|
| $13,965,000 | 2029 | Serial | 4% | 102.884 | 3.65%
|
| $13,965,000 | 2030 | Serial | 4% | 101.966 | 3.76%
|
| $13,965,000 | 2031 | Serial | 4% | 100.811 | 3.9%
|
| $13,965,000 | 2032 | Serial | 4% | 100 | 4%
|
| $13,965,000 | 2033 | Serial | 4% | 99.318 | 4.05%
|
|
|
| $112 million series 2013E G.O. state trunk highway bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.6 million | 2014 | Serial | 2% | 101.65 | 0.17%
|
| $5.6 million | 2015 | Serial | 4% | 106.935 | 0.34%
|
| $5.6 million | 2016 | Serial | 5% | 112.734 | 0.57%
|
| $5.6 million | 2017 | Serial | 5% | 115.771 | 0.88%
|
| $5.6 million | 2018 | Serial | 5% | 118.091 | 1.19%
|
| $5.6 million | 2019 | Serial | 5% | 119.325 | 1.56%
|
| $5.6 million | 2020 | Serial | 5% | 120.035 | 1.89%
|
| $5.6 million | 2021 | Serial | 5% | 120.287 | 2.19%
|
| $5.6 million | 2022 | Serial | 5% | 121.084 | 2.36%
|
| $5.6 million | 2023 | Serial | 5% | 121.514 | 2.53%
|
| $5.6 million | 2024 | Serial | 5% | 119.866 | 2.7%
|
| $5.6 million | 2025 | Serial | 5% | 118.434 | 2.85%
|
| $5.6 million | 2026 | Serial | 5% | 116.835 | 3.02%
|
| $5.6 million | 2027 | Serial | 4% | 104.834 | 3.42%
|
| $5.6 million | 2028 | Serial | 4% | 103.981 | 3.52%
|
| $5.6 million | 2029 | Serial | 4% | 102.8 | 3.66%
|
| $5.6 million | 2030 | Serial | 4% | 101.8 | 3.78%
|
| $5.6 million | 2031 | Serial | 4% | 100.893 | 3.89%
|
| $5.6 million | 2032 | Serial | 4% | 100.159 | 3.98%
|
| $5.6 million | 2033 | Serial | 4% | 99.453 | 4.04%
|
|
|
| $372,955,000 series 2013F G.O. state various purpose refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $23.88 million | 2016 | Serial | 5% | 112.796
|
| $37.88 million | 2017 | Serial | 5% | 115.896
|
| $37.8 million | 2018 | Serial | 5% | 118.144
|
| $37.72 million | 2019 | Serial | 5% | 119.387
|
| $37,635,000 | 2020 | Serial | 5% | 120.107
|
| $37,545,000 | 2021 | Serial | 5% | 120.368
|
| $37.45 million | 2022 | Serial | 5% | 121.173
|
| $37.35 million | 2023 | Serial | 5% | 121.808
|
| $37,245,000 | 2024 | Serial | 4% | 110.861
|
| $37.13 million | 2025 | Serial | 4% | 109.317
|
| $11.32 million | 2026 | Serial | 3.125% | 98.689
|
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