Published on 9/16/2015 in the Prospect News Municipals Daily.
New Issue: Ohio comes to market with $250.39 million of general obligation bonds
By Sheri Kasprzak
New York, Sept. 16 – The State of Ohio sold $250.39 million of series 2015 general obligation bonds, according to a pricing sheet.
The offering included $150 million of series 2015B infrastructure improvement bonds, $50 million of series 2015B conservation projects bonds and $50.39 million of series 2015C infrastructure improvement bonds.
The 2015B infrastructure bonds are due 2016 to 2035 with 2% to 5% coupons and 0.28% to 3.089% yields.
The 2015B conservation bonds are due 2016 to 2030 with 2% to 5% coupons and 0.28% to 2.79% yields.
The 2015C infrastructure bonds are due 2019 to 2021 and 2026 to 2027 with 5% coupons and yields from 1.29% to 2.71%.
The bonds (Aa1/AA+/AA+) were sold competitively.
Proceeds will be used to finance capital public infrastructure and conservation projects.
| Issuer: | State of Ohio
|
| Issue: | Series 2015 general obligation bonds
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| Amount: | $250.39 million
|
| Type: | Competitive
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| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 29
|
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| $150 million series 2015B infrastructure improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,215,000 | 2016 | Serial | 2% | 101.582 | 0.28%
|
| $5.32 million | 2017 | Serial | 3% | 104.383 | 0.70%
|
| $5.43 million | 2018 | Serial | 4% | 108.557 | 1.02%
|
| $5,565,000 | 2019 | Serial | 4% | 110.291 | 1.30%
|
| $5,765,000 | 2020 | Serial | 4% | 111.566 | 1.55%
|
| $6 million | 2021 | Serial | 4% | 112.185 | 1.82%
|
| $6,245,000 | 2022 | Serial | 5% | 119.301 | 2.00%
|
| $6.5 million | 2023 | Serial | 5% | 120.656 | 2.15%
|
| $6,765,000 | 2024 | Serial | 3% | 104.263 | 2.37%
|
| $7.04 million | 2025 | Serial | 3% | 103.504 | 2.48%
|
| $7.33 million | 2026 | Serial | 3% | 102.682 | 2.60%
|
| $7,625,000 | 2027 | Serial | 3% | 102.071 | 2.69%
|
| $7.94 million | 2028 | Serial | 3% | 100.995 | 2.85%
|
| $8,265,000 | 2029 | Serial | 3% | 99 | 3.089%
|
| $8,645,000 | 2030 | Serial | 5% | 115.01 | 2.75%
|
| $9.09 million | 2031 | Serial | 5% | 114.505 | 2.82%
|
| $9,555,000 | 2032 | Serial | 5% | 114.074 | 2.88%
|
| $10,045,000 | 2033 | Serial | 5% | 113.716 | 2.93%
|
| $10.56 million | 2034 | Serial | 5% | 113.43 | 2.97%
|
| $11.1 million | 2035 | Serial | 5% | 113.146 | 3.01%
|
|
|
| $50 million series 2015B conservation projects bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.61 million | 2016 | Serial | 2% | 101.582 | 0.28%
|
| $2.66 million | 2017 | Serial | 2% | 102.477 | 0.70%
|
| $2,715,000 | 2018 | Serial | 4% | 108.557 | 1.02%
|
| $2,785,000 | 2019 | Serial | 4% | 110.291 | 1.30%
|
| $2,885,000 | 2020 | Serial | 4% | 111.566 | 1.55%
|
| $3 million | 2021 | Serial | 4% | 112.185 | 1.82%
|
| $3.12 million | 2022 | Serial | 4% | 112.867 | 2.00%
|
| $3.25 million | 2023 | Serial | 5% | 120.656 | 2.15%
|
| $3.38 million | 2024 | Serial | 3% | 104.263 | 2.37%
|
| $3.52 million | 2025 | Serial | 3% | 103.504 | 2.48%
|
| $3,665,000 | 2026 | Serial | 3.25% | 103.402 | 2.74%
|
| $3,815,000 | 2027 | Serial | 4% | 108.059 | 2.79%
|
| $3.99 million | 2028 | Serial | 5% | 116.249 | 2.58%
|
| $4,195,000 | 2029 | Serial | 5% | 115.591 | 2.67%
|
| $4.41 million | 2030 | Serial | 5% | 115.01 | 2.75%
|
|
|
| $50.39 million series 2015C infrastructure improvement bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,825,000 | 2019 | Serial | 5% | 114.143 | 1.29%
|
| $11.38 million | 2020 | Serial | 5% | 116.288 | 1.55%
|
| $11.96 million | 2021 | Serial | 5% | 117.775 | 1.82%
|
| $7,885,000 | 2026 | Serial | 5% | 123.44 | 2.53%
|
| $8.34 million | 2027 | Serial | 5% | 123.195 | 2.71%
|
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