Published on 3/24/2009 in the Prospect News Municipals Daily.
New Issue: Howard County, Md., prices $95.96 million G.O. bonds at 3.914321% TIC
By Aaron Hochman-Zimmerman
New York, March 24 - Howard County in Maryland priced $95.96 million in series 2009 general obligation bonds (Aaa/AAA/AAA), according to Rafiu Ighile, county comptroller.
Citigroup Global Markets Inc. won the auction with a bid of 3.914321% true interest cost.
Ten other bidders participated.
Public Financial Management Inc. acted as financial advisor.
The bonds were split into two tranches, both with maturities from 2010 to 2029.
The county sold $68.72 million in series 2009A consolidated public improvement bonds and $26.24 million in series 2009A metropolitan district bonds.
Proceeds will be used to repay $86 million in notes and pay for water and sewer capital projects.
The Howard County seat is located in Ellicott City, Md.
Issuer: Howard County
Issue: Series 2009 general obligation bonds
| Amount: | $95.96 million
|
| Maturities: | 2010 to 2029
|
| TIC: | 3.914321%
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Pricing date: | March 23
|
|
|
| Issue: | Series 2009A consolidated public improvement bonds
|
| Amount: | $68.72 million
|
| Average coupon: | 4.524%
|
|
|
| Issue: | Series 2009A metropolitan district bonds
|
| Amount: | $26.24 million
|
| Average coupon: | 4.137%
|
|
|
| Consolidated public improvement bonds
|
| Maturity | Amount | Coupon | Yield | Price
|
| April 15, 2010 | $2.205 million | 4.000% | 0.650% | 103.398
|
| April 15, 2011 | $2.350 million | 4.000% | 1.100% | 105.775
|
| April 15, 2012 | $2.445 million | 3.500% | 1.370% | 106.278
|
| April 15, 2013 | $2.530 million | 4.000% | 1.790% | 108.533
|
| April 15, 2014 | $2.635 million | 5.000% | 2.150% | 113.491
|
| April 15, 2015 | $2.765 million | 4.000% | 2.380% | 109.034
|
| April 15, 2016 | $2.875 million | 4.000% | 2.590% | 108.490
|
| April 15, 2017 | $2.990 million | 4.000% | 2.810% | 108.490
|
| April 15, 2018 | $3.110 million | 5.000% | 3.000% | 115.701
|
| April 15, 2019 | $3.265 million | 5.000% | 3.190% | 115.417
|
| April 15, 2020 | $3.430 million | 5.000% | 3.380% | 113.671
|
| April 15, 2021 | $3.600 million | 5.000% | 3.550% | 112.135
|
| April 15, 2022 | $3.780 million | 5.000% | 3.700% | 110.800
|
| April 15, 2023 | $3.970 million | 5.000% | 3.860% | 109.397
|
| April 15, 2024 | $4.165 million | 4.000% | 4.120% | 98.665
|
| April 15, 2025 | $4.335 million | 4.125% | 4.260% | 98.443
|
| April 15, 2026 | $4.510 million | 4.250% | 4.360% | 98.678
|
| April 15, 2027 | $4.705 million | 4.375% | 4.460% | 98.954
|
| April 15, 2028 | $4.910 million | 4.750% | 4.580% | 101.352
|
| April 15, 2029 | $5.145 million | 4.500% | 4.655% | 98.000
|
|
|
| Metropolitan district bonds
|
| Maturity | Amount | Coupon | Yield | Price
|
| April 15, 2010 | $835,000 | 4.000% | 0.650% | 103.398
|
| April 15, 2011 | $910,000 | 4.000% | 1.100% | 105.775
|
| April 15, 2012 | $955,000 | 3.000% | 1.330% | 104.926
|
| April 15, 2013 | $1.000 million | 3.000% | 1.750% | 104.831
|
| April 15, 2014 | $1.040 million | 3.000% | 2.150% | 104.023
|
| April 15, 2015 | $1.075 million | 3.000% | 2.380% | 103.457
|
| April 15, 2016 | $1.105 million | 5.000% | 2.590% | 115.376
|
| April 15, 2017 | $1.160 million | 4.000% | 2.810% | 108.490
|
| April 15, 2018 | $1.205 million | 4.000% | 3.000% | 107.850
|
| April 15, 2019 | $1.255 million | 4.000% | 3.190% | 106.899
|
| April 15, 2020 | $1.305 million | 4.000% | 3.450% | 104.625
|
| April 15, 2021 | $1.355 million | 4.000% | 3.630% | 103.084
|
| April 15, 2022 | $1.410 million | 4.000% | 3.800% | 101.652
|
| April 15, 2023 | $1.470 million | 4.000% | 3.960% | 100.327
|
| April 15, 2024 | $1.525 million | 4.000% | 4.120% | 98.665
|
| April 15, 2025 | $1.585 million | 4.125% | 4.260% | 98.443
|
| April 15, 2026 | $1.650 million | 4.250% | 4.360% | 98.687
|
| April 15, 2027 | $1.725 million | 4.375% | 4.460% | 98.954
|
| April 15, 2028 | $1.800 million | 4.375% | 4.533% | 98.000
|
| April 15, 2029 | $1.875 million | 4.500% | 4.650% | 98.058
|
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