Published on 6/25/2014 in the Prospect News Municipals Daily.
New Issue: Washington State brings to market $1.16 billion general obligation debt
By Sheri Kasprzak
New York, June 25 – The State of Washington priced $1,156,145,000 of series 2015 general obligation bonds, according to a pricing sheet.
The deal included $207,015,000 of series 2015A-1 various purpose G.O. bonds; $22.58 million of series 2015A-2 various purpose G.O. bonds; $420,085,000 of series R-2015A various purpose G.O. bonds, $85.92 million of series 2015T taxable G.O. bonds and $420,545,000 of series R-2015B motor vehicle fuel tax G.O. refunding bonds.
The bonds (Aa1/AA+/AA+) were sold through both competitive and negotiated sale. BofA Merrill Lynch was the underwriter for the 2015A-2 various purpose G.O.s, but the winners for the remainder were not immediately available Wednesday.
The 2015A-1 bonds are due 2025 to 2039 with 5% coupons and yields from 2.63% to 3.51%.
The 2015A-2 bonds are due 2015 to 2024 with term bonds due in 2029, 2034 and 2039. The serial coupons range from 2% to 5% and yields from 0.12% to 2.53%. The 2029 bonds have a 3.25% coupon priced at 98.823 to yield 3.35% and the 2034 bonds have a 3.5% coupon priced at 98.017 to yield 3.64%. The 2039 bonds have a 3.75% coupon priced at 98.083 to yield 3.87%.
The series R-2015A various purpose bonds are due 2017 to 2026 with 4% to 5% coupons and yields from 0.7% to 2.88%.
The series 2015T taxable bonds are due 2015 to 2025 with coupons from 0.15% to 3.12% all priced at par.
The series R-2015B motor vehicle fuel tax bonds are due 2017 to 2026 with 4% to 5% coupons and yields from 0.62% to 2.81%.
Proceeds will be used to finance capital projects, including new school construction, as well as to refund existing G.O. debt.
| Issuer: | State of Washington
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $1,156,145,000
|
| Type: | Negotiated and Competitive
|
| Underwriter: | BofA Merrill Lynch (lead for 2015A-2 bonds)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | June 25
|
| Settlement date: | July 9
|
|
|
| $207,015,000 of series 2015A-1 various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,485,000 | 2025 | Serial | 5% | 120.829 | 2.63%
|
| $10.92 million | 2026 | Serial | 5% | 119.851 | 2.73%
|
| $11.48 million | 2027 | Serial | 5% | 118.978 | 2.82%
|
| $12.07 million | 2028 | Serial | 5% | 118.114 | 2.91%
|
| $10.15 million | 2029 | Serial | 5% | 117.351 | 2.99%
|
| $13.29 million | 2030 | Serial | 5% | 116.594 | 3.07%
|
| $13,975,000 | 2031 | Serial | 5% | 115.937 | 3.14%
|
| $14.69 million | 2032 | Serial | 5% | 115.377 | 3.20%
|
| $15.44 million | 2033 | Serial | 5% | 114.821 | 3.26%
|
| $14.69 million | 2034 | Serial | 5% | 114.359 | 3.31%
|
| $17.04 million | 2035 | Serial | 5% | 113.9 | 3.36%
|
| $17,915,000 | 2036 | Serial | 5% | 113.534 | 3.40%
|
| $18,835,000 | 2037 | Serial | 5% | 113.17 | 3.44%
|
| $19.8 million | 2038 | Serial | 5% | 112.807 | 3.48%
|
| $15,235,000 | 2039 | Serial | 5% | 112.536 | 3.51%
|
|
|
| $22.58 million series 2015A-2 various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,000 | 2015 | Serial | 2% | 101.992 | 0.12%
|
| $510,000 | 2016 | Serial | 3% | 105.437 | 0.35%
|
| $895,000 | 2017 | Serial | 4% | 110.04 | 0.68%
|
| $1.7 million | 2018 | Serial | 5% | 115.62 | 1.06%
|
| $3.09 million | 2019 | Serial | 2% | 103.02 | 1.38%
|
| $3,025,000 | 2020 | Serial | 3% | 107.635 | 1.67%
|
| $730,000 | 2021 | Serial | 4% | 113.46 | 1.95%
|
| $915,000 | 2022 | Serial | 4% | 113.307 | 2.19%
|
| $1.2 million | 2023 | Serial | 3% | 104.942 | 2.39%
|
| $915,000 | 2024 | Serial | 5% | 121.817 | 2.53%
|
| $2,515,000 | 2029 | Term | 3.25% | 98.823 | 3.35%
|
| $1.53 million | 2034 | Term | 3.5% | 98.017 | 3.64%
|
| $5,545,000 | 2039 | Term | 3.75% | 98.083 | 3.87%
|
|
|
| $420,085,000 series R-2015A various purpose G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $13.41 million | 2017 | Serial | 5% | 112.649 | 0.70%
|
| $36.72 million | 2018 | Serial | 5% | 115.348 | 1.05%
|
| $38.6 million | 2019 | Serial | 5% | 117.356 | 1.38%
|
| $40,575,000 | 2020 | Serial | 5% | 118.806 | 1.685
|
| $42,675,000 | 2021 | Serial | 5% | 119.735 | 1.96%
|
| $44,845,000 | 2022 | Serial | 5% | 120.303 | 2.21%
|
| $47,145,000 | 2023 | Serial | 5% | 120.527 | 2.44%
|
| $49.55 million | 2024 | Serial | 5% | 121.266 | 2.57%
|
| $52,085,000 | 2025 | Serial | 5% | 120.193 | 2.68%
|
| $54.48 million | 2026 | Serial | 4% | 109.652 | 2.88%
|
|
|
| $85.92 million series 2014T taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,335,000 | 2015 | Serial | 0.15% | 100
|
| $7.87 million | 2016 | Serial | 0.55% | 100
|
| $7.57 million | 2017 | Serial | 1% | 100
|
| $6.91 million | 2018 | Serial | 1.4% | 100
|
| $5.7 million | 2019 | Serial | 1.89% | 100
|
| $5.96 million | 2020 | Serial | 2.19% | 100
|
| $8,485,000 | 2021 | Serial | 2.54% | 100
|
| $8.56 million | 2022 | Serial | 2.74% | 100
|
| $8.55 million | 2023 | Serial | 2.84% | 100
|
| $9,135,000 | 2024 | Serial | 3.02% | 100
|
| $8,845,000 | 2025 | Serial | 3.12% | 100
|
|
|
| $420,545,000 series R-2015B motor vehicle fuel tax G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $18.61 million | 2017 | Serial | 4% | 109.957 | 0.62%
|
| $38.34 million | 2018 | Serial | 4% | 111.67 | 1.00%
|
| $39,975,000 | 2019 | Serial | 4% | 112.767 | 1.34%
|
| $41.36 million | 2020 | Serial | 5% | 118.869 | 1.67%
|
| $43,575,000 | 2021 | Serial | 5% | 119.807 | 1.95%
|
| $46,515,000 | 2022 | Serial | 5% | 120.465 | 2.19%
|
| $49,035,000 | 2023 | Serial | 5% | 120.348 | 2.46%
|
| $51.66 million | 2024 | Serial | 5% | 121.168 | 2.58%
|
| $54.37 million | 2025 | Serial | 5% | 119.902 | 2.71%
|
| $37,105,000 | 2026 | Serial | 5% | 118.939 | 2.81%
|
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