Published on 10/2/2014 in the Prospect News Municipals Daily.
New Issue: Ohio prices $197 million of general obligation bonds in three parts
By Sheri Kasprzak
New York, Oct. 2 – The State of Ohio priced $197 million of series 2014 general obligation bonds, said a pricing sheet.
The deal included $150 million of series 2014C infrastructure improvement bonds, $35 million of series 2014S natural resources bonds and $12 million of series 2014M coal development bonds.
The 2014C bonds are due 2016 to 2034 with 1% to 5% coupons and 0.32% to 2.92% yields. The 2014S bonds are due 2016 to 2029 with coupons from 4% to 5% and yields from 0.29% to 2.61%. The 2014M bonds are due 2016 to 2024 with coupons from 4% to 5% and yields from 0.26% to 2.19%.
The bonds (Aa1/AA+/AA+) were sold competitively. Morgan Stanley & Co. LLC won the bid for the 2014C bonds. J.P. Morgan Securities LLC took the series 2014S and 2014M bonds.
Proceeds will be used to finance public infrastructure capital projects.
| Issuer: | State of Ohio
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $197 million
|
| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. LLC (2014C bonds), J.P. Morgan Securities LLC (2014S and 2014M bonds)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 10
|
|
|
| $150 million series 2014C infrastructure improvement G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,985,000 | 2016 | Serial | 1% | 100.943 | 0.32%
|
| $6,045,000 | 2017 | Serial | 2% | 103.246 | 0.63%
|
| $6,165,000 | 2018 | Serial | 2% | 103.631 | 0.91%
|
| $6,285,000 | 2019 | Serial | 2% | 103.455 | 1.19%
|
| $6,415,000 | 2020 | Serial | 3% | 107.578 | 1.53%
|
| $6,605,000 | 2021 | Serial | 3% | 107.276 | 1.79%
|
| $6,805,000 | 2022 | Serial | 3% | 106.483 | 2.05%
|
| $7.01 million | 2023 | Serial | 4% | 113.722 | 2.20%
|
| $7.29 million | 2024 | Serial | 5% | 123.447 | 2.22%
|
| $7.65 million | 2025 | Serial | 4% | 111.932 | 2.42%
|
| $7.96 million | 2026 | Serial | 3% | 102.996 | 2.60%
|
| $8,195,000 | 2027 | Serial | 3% | 101.11 | 2.85%
|
| $8,445,000 | 2028 | Serial | 3% | 100 | 3.00%
|
| $8,695,000 | 2029 | Serial | 5% | 117.739 | 2.63%
|
| $9.13 million | 2030 | Serial | 5% | 117.164 | 2.70%
|
| $9,585,000 | 2031 | Serial | 5% | 116.674 | 2.76%
|
| $10,065,000 | 2032 | Serial | 5% | 116.186 | 2.82%
|
| $10.57 million | 2033 | Serial | 5% | 115.781 | 2.87%
|
| $11.1 million | 2034 | Serial | 5% | 115.378 | 2.92%
|
|
|
| $35 million series 2014S natural resources G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,785,000 | 2016 | Serial | 4% | 105.456 | 0.29%
|
| $1,875,000 | 2017 | Serial | 5% | 111.002 | 0.52%
|
| $1.97 million | 2018 | Serial | 5% | 114.328 | 0.81%
|
| $2,065,000 | 2019 | Serial | 5% | 116.984 | 1.10%
|
| $2.17 million | 2020 | Serial | 5% | 118.909 | 1.40%
|
| $2.28 million | 2021 | Serial | 5% | 120.356 | 1.67%
|
| $2,395,000 | 2022 | Serial | 5% | 121.196 | 1.94%
|
| $2,515,000 | 2023 | Serial | 5% | 122.232 | 2.12%
|
| $2.64 million | 2024 | Serial | 5% | 121.54 | 2.20%
|
| $2.77 million | 2025 | Serial | 5% | 121.024 | 2.26%
|
| $2.91 million | 2026 | Serial | 5% | 120.255 | 2.35%
|
| $3,055,000 | 2027 | Serial | 5% | 119.492 | 2.44%
|
| $3,205,000 | 2028 | Serial | 5% | 118.65 | 2.54%
|
| $3,365,000 | 2029 | Serial | 5% | 118.065 | 2.61%
|
|
|
| $12 million series 2014M coal development G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.09 million | 2016 | Serial | 4% | 104.881 | 0.26%
|
| $1.14 million | 2017 | Serial | 5% | 110.363 | 0.48%
|
| $1.2 million | 2018 | Serial | 5% | 113.825 | 0.76%
|
| $1.26 million | 2019 | Serial | 5% | 116.594 | 1.05%
|
| $1.32 million | 2020 | Serial | 5% | 118.634 | 1.35%
|
| $1.39 million | 2021 | Serial | 5% | 120.122 | 1.63%
|
| $1.46 million | 2022 | Serial | 5% | 121.057 | 1.90%
|
| $1.53 million | 2023 | Serial | 5% | 122 | 2.10%
|
| $1.61 million | 2024 | Serial | 5% | 123.543 | 2.19%
|
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