New Issue: El Paso, Texas, hits market with $175.3 million general obligation bonds

By Sheri Kasprzak

New York, June 10 – The City of El Paso, Texas, sold $175,305,000 of series 2016 general obligation bonds, according to a pricing sheet.

The bonds (/AA/AA) were sold through Citigroup Global Markets Inc.

The bonds are due 2026 to 2036 with a term bond due in 2042. The serial coupons range from 4% to 5% with yields from 2.16% to 2.86%. The 2042 bonds have a 4% coupon priced at 107.137 to yield 3.17%.

Proceeds will be used to finance improvements to the city’s museum and parks and recreation department.

Issuer:	City of El Paso, Texas
Issue:	Series 2016 general obligation bonds
Amount:	$175,305,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. (lead), Barclays, RBC Capital Markets LLC, Stifel, Nicolaus & Co. LLC and Wells Fargo Securities LLC (co-managers)
Ratings:	S&P: AA
	Fitch: AA
Pricing date:	June 2
Settlement date:	June 30
Amount	Maturity	Type	Coupon	Price	Yield
$6.9 million	2026	Serial	5%	125.701	2.16%
$7,245,000	2027	Serial	5%	124.568	2.27%
$7.61 million	2028	Serial	5%	123.751	2.35%
$7.99 million	2029	Serial	5%	123.244	2.40%
$8.39 million	2030	Serial	5%	122.84	2.44%
$8.81 million	2031	Serial	5%	122.438	2.48%
$9.25 million	2032	Serial	5%	122.037	2.52%
$9.71 million	2033	Serial	4%	109.957	2.86%
$10.1 million	2034	Serial	5%	120.943	2.63%
$10,605,000	2035	Serial	5%	120.45	2.68%
$11,135,000	2036	Serial	5%	120.155	2.71%
$77.56 million	2042	Term	4%	107.137	3.17%

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