Published on 5/12/2016 in the Prospect News Municipals Daily.
New Issue: Oregon brings to market $351.12 million of G.O. bonds in five tranches
By Sheri Kasprzak
New York, May 12 – The State of Oregon sold $351,105,000 of series 2016 general obligation bonds, said a pricing sheet. The deal was upsized from $305,805,000.
The deal included $66.91 million of series 2016D tax-exempt state projects G.O.s, $15,055,000 of series 2016E taxable state projects G.O.s, $181,185,000 of series 2016F tax-exempt state projects G.O.s bonds, $46.8 million of series 2016G tax-exempt refunding G.O. bonds and $41,155,000 of series 2016H tax-exempt seismic projects G.O. bonds.
The 2016D bonds are due 2017 to 2036 with a term bond due in 2041. The serial coupons range from 2% to 5% with yields from 0.56% to 2.34%. The 2041 bonds have a 5% coupon priced at 121.868 to yield 2.50%.
The 2016E bonds due 2017 to 2031 with 0.73% to 3.093% coupons all priced at par.
The 2016F bonds are due 2019 to 2036 with a term bond due in 2039. The serial coupons range from 2% to 5% with yields from 0.80% to 2.34%. The 2039 bonds have a 5% coupon priced at 122.459 to yield 2.44%.
The 2016G bonds are due 2018 to 2034 with coupons from 3% to 5% with yields from 0.73% to 2.22%.
The 2016H bonds are due 2017 to 2036 with coupons from 1.5% to 5% and yields from 0.57% to 2.34%.
The bonds (Aa1/AA+/AA+) were sold through senior managers Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.
Proceeds will be used to finance capital improvements and fund seismic improvements to public schools statewide.
| Issuer: | State of Oregon
|
| Issue: | Series 2016 general obligation bonds
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| Amount: | $351,105,000
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Fidelity Capital Markets LLC, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
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| S&P: AA+
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| Fitch: AA+
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| Pricing date: | May 11
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| Settlement date: | May 25
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| $66.91 million series 2016D tax-exempt state projects general obligation bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $7,025,000 | 2017 | Serial | 2% | 101.338 | 0.56%
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| $6,985,000 | 2018 | Serial | 2% | 102.53 | 0.68%
|
| $7,195,000 | 2019 | Serial | 3% | 106.365 | 0.80%
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| $7.46 million | 2020 | Serial | 3% | 108.097 | 0.90%
|
| $7,785,000 | 2021 | Serial | 4% | 114.353 | 1.01%
|
| $3,725,000 | 2022 | Serial | 5% | 122.276 | 1.11%
|
| $3.91 million | 2023 | Serial | 5% | 124.905 | 1.24%
|
| $1,275,000 | 2024 | Serial | 3% | 112.213 | 1.37%
|
| $1,315,000 | 2025 | Serial | 3% | 112.496 | 1.50%
|
| $1.35 million | 2026 | Serial | 5% | 130.682 | 1.64%
|
| $1,145,000 | 2027 | Serial | 5% | 129.302 | 1.77%
|
| $1,205,000 | 2028 | Serial | 5% | 128.462 | 1.85%
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| $1.26 million | 2029 | Serial | 5% | 127.732 | 1.92%
|
| $1,325,000 | 2030 | Serial | 5% | 127.213 | 1.97%
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| $1,395,000 | 2031 | Serial | 5% | 126.594 | 2.03%
|
| $1,115,000 | 2032 | Serial | 5% | 125.979 | 2.09%
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| $1.17 million | 2033 | Serial | 5% | 125.367 | 2.15%
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| $1,225,000 | 2034 | Serial | 5% | 124.658 | 2.22%
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| $1,285,000 | 2035 | Serial | 5% | 123.953 | 2.29%
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| $1,355,000 | 2036 | Serial | 5% | 123.453 | 2.34%
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| $6,405,000 | 2041 | Term | 5% | 121.868 | 2.50%
|
|
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| $15,055,000 series 2016E taxable state projects general obligation bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $910,000 | 2017 | Serial | 0.73% | 100 | 0.73%
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| $895,000 | 2018 | Serial | 0.90% | 100 | 0.90%
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| $900,000 | 2019 | Serial | 1.15% | 100 | 1.15%
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| $915,000 | 2020 | Serial | 1.45% | 100 | 1.45%
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| $925,000 | 2021 | Serial | 1.65% | 100 | 1.65%
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| $940,000 | 2022 | Serial | 1.90% | 100 | 1.90%
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| $960,000 | 2023 | Serial | 2.14% | 100 | 2.14%
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| $980,000 | 2024 | Serial | 2.24% | 100 | 2.24%
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| $1,005,000 | 2025 | Serial | 2.373% | 100 | 2.373%
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| $1.03 million | 2026 | Serial | 2.503% | 100 | 2.503%
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| $1,055,000 | 2027 | Serial | 2.703% | 100 | 2.703%
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| $1,085,000 | 2028 | Serial | 2.823% | 100 | 2.823%
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| $1,115,000 | 2029 | Serial | 2.923% | 100 | 2.923%
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| $1.15 million | 2030 | Serial | 3.023% | 100 | 3.023%
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| $1.19 million | 2031 | Serial | 3.093% | 100 | 3.093%
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| $181,185,000 series 2016F tax-exempt state projects general obligation bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $3.02 million | 2019 | Serial | 2% | 103.471 | 0.80%
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| $9,805,000 | 2020 | Serial | 3% | 108.097 | 0.90%
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| $5,195,000 | 2022 | Serial | 5% | 122.276 | 1.11%
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| $5.46 million | 2023 | Serial | 5% | 124.905 | 1.24%
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| $5,725,000 | 2024 | Serial | 5% | 127.199 | 1.37%
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| $6.01 million | 2025 | Serial | 5% | 129.159 | 1.50%
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| $6.32 million | 2026 | Serial | 5% | 130.682 | 1.64%
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| $6,635,000 | 2027 | Serial | 5% | 129.302 | 1.77%
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| $15.79 million | 2028 | Serial | 5% | 128.462 | 1.85%
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| $16.58 million | 2029 | Serial | 5% | 127.732 | 1.92%
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| $13,205,000 | 2030 | Serial | 5% | 127.213 | 1.97%
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| $13,275,000 | 2031 | Serial | 5% | 126.594 | 2.03%
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| $13,935,000 | 2032 | Serial | 5% | 125.979 | 2.09%
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| $14.62 million | 2033 | Serial | 5% | 125.367 | 2.15%
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| $13,585,000 | 2034 | Serial | 5% | 124.658 | 2.22%
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| $11,495,000 | 2035 | Serial | 5% | 123.953 | 2.29%
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| $12.06 million | 2036 | Serial | 5% | 123.453 | 2.34%
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| $8.47 million | 2039 | Term | 5% | 122.459 | 2.44%
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| $46.8 million series 2016G tax-exempt refunding general obligation bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $1.72 million | 2018 | Serial | 3% | 105.464 | 0.73%
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| $1,775,000 | 2019 | Serial | 3% | 107.294 | 0.84%
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| $3,085,000 | 2020 | Serial | 3% | 108.878 | 0.95%
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| $2.25 million | 2020 | Serial | 4% | 113.209 | 0.95%
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| $5.5 million | 2021 | Serial | 4% | 115.425 | 1.07%
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| $5,665,000 | 2022 | Serial | 5% | 123.667 | 1.17%
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| $5,785,000 | 2023 | Serial | 5% | 126.134 | 1.30%
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| $1,235,000 | 2024 | Serial | 5% | 128.266 | 1.43%
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| $1,265,000 | 2025 | Serial | 5% | 130.167 | 1.55%
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| $1.33 million | 2026 | Serial | 5% | 130.149 | 1.69%
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| $1.4 million | 2027 | Serial | 5% | 128.986 | 1.80%
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| $2.15 million | 2028 | Serial | 5% | 128.148 | 1.88%
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| $2,265,000 | 2029 | Serial | 5% | 127.524 | 1.94%
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| $2,375,000 | 2030 | Serial | 5% | 127.213 | 1.97%
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| $2.5 million | 2031 | Serial | 5% | 126.594 | 2.03%
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| $2,625,000 | 2032 | Serial | 5% | 125.979 | 2.09%
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| $1.89 million | 2033 | Serial | 5% | 125.367 | 2.15%
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| $1,985,000 | 2034 | Serial | 5% | 124.658 | 2.22%
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|
|
| $41,155,000 series 2016H tax-exempt seismic projects general obligation bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $1.36 million | 2017 | Serial | 2% | 101.447 | 0.57%
|
| $1.42 million | 2018 | Serial | 3% | 104.618 | 0.69%
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| $1.46 million | 2019 | Serial | 3% | 106.544 | 0.80%
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| $1,505,000 | 2020 | Serial | 3% | 108.265 | 0.90%
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| $1,565,000 | 2021 | Serial | 1.5% | 102.341 | 1.02%
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| $1,595,000 | 2022 | Serial | 1.5% | 102.204 | 1.12%
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| $430,000 | 2023 | Serial | 3% | 111.72 | 1.25%
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| $1,245,000 | 2023 | Serial | 5% | 125.116 | 1.25%
|
| $1,725,000 | 2024 | Serial | 5% | 127.383 | 1.38%
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| $1.81 million | 2025 | Serial | 5% | 129.414 | 1.50%
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| $1,905,000 | 2026 | Serial | 5% | 130.92 | 1.64%
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| $2 million | 2027 | Serial | 5% | 129.528 | 1.77%
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| $2.1 million | 2028 | Serial | 5% | 128.68 | 1.85%
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| $2,205,000 | 2029 | Serial | 5% | 127.944 | 1.92%
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| $2,315,000 | 2030 | Serial | 5% | 127.421 | 1.97%
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| $2.43 million | 2031 | Serial | 5% | 126.797 | 2.03%
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| $2.55 million | 2032 | Serial | 5% | 126.176 | 2.09%
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| $2,675,000 | 2033 | Serial | 5% | 125.559 | 2.15%
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| $2.81 million | 2034 | Serial | 5% | 124.844 | 2.22%
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| $2.95 million | 2035 | Serial | 5% | 124.133 | 2.29%
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| $3.1 million | 2036 | Serial | 5% | 123.629 | 2.34%
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