Published on 9/30/2015 in the Prospect News Municipals Daily.
New Issue: Washington state offers up $933.13 million of general obligation bonds
By Sheri Kasprzak
New York, Sept. 30 – The State of Washington sold $933,125,000 of series 2016 general obligation bonds, said a pricing sheet. The deal was downsized from $944.28 million.
The bonds were sold competitively.
The deal included $443.83 million of series 2016A-1 various purpose bonds, $51,085,000 of series 2016A-2 green bonds, $189.34 million of series 2016B motor vehicle fuel tax bonds, $60,565,000 of series 2016T taxable bonds and $188,305,000 of series R-2016A various purpose refunding bonds.
The 2016A-1 bonds are due 2021 to 2040 with 5% coupons and 1.55% to 3.24% yields.
The 2016A-2 bonds are due 2016 to 2025 with term bonds due in 2030, 2035 and 2040. The serial coupons range from 2% to 5% with yields from 0.27% to 3%. The 2030 bonds have a 3% coupon priced at 97.652 to yield 3.20% and the 2035 bonds have a 3.375% coupon priced at 97.521 to yield 3.55%. The 2040 bonds have a 3.75% coupon priced at 99.835 to yield 3.76%.
The 2016B bonds are due 2016 to 2040 with 5% coupons and yields from 0.25% to 3.24%.
The 2016T bonds are due 2016 to 2021 with 0.36% to 2.02% coupons all priced at par.
The R-2016A bonds are due 2016 to 2024 with 5% to 5.5% coupons and yields from 0.17% to 2.11%.
Proceeds will be used to finance state capital projects and refund existing debt.
| Issuer: | State of Washington
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $933,125,000
|
| Type: | Competitive
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 8
|
|
|
| $443.83 million series 2016A-1 various purpose bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.9 million | 2021 | Serial | 5% | 119.107 | 1.55%
|
| $12.46 million | 2022 | Serial | 5% | 120.431 | 1.80%
|
| $15,305,000 | 2023 | Serial | 5% | 121.76 | 1.98%
|
| $15,655,000 | 2024 | Serial | 5% | 122.678 | 2.16%
|
| $10,945,000 | 2025 | Serial | 5% | 123.694 | 2.29%
|
| $18,735,000 | 2026 | Serial | 5% | 122.512 | 2.41%
|
| $19,695,000 | 2027 | Serial | 5% | 121.536 | 2.51%
|
| $20.71 million | 2028 | Serial | 5% | 120.57 | 2.61%
|
| $21.77 million | 2029 | Serial | 5% | 119.709 | 2.70%
|
| $11.42 million | 2030 | Serial | 5% | 118.854 | 2.79%
|
| $23.82 million | 2031 | Serial | 5% | 118.195 | 2.86%
|
| $25.04 million | 2032 | Serial | 5% | 117.633 | 2.92%
|
| $26,325,000 | 2033 | Serial | 5% | 117.167 | 2.97%
|
| $27,675,000 | 2034 | Serial | 5% | 116.704 | 3.02%
|
| $24,945,000 | 2035 | Serial | 5% | 116.242 | 3.07%
|
| $30,515,000 | 2036 | Serial | 5% | 115.875 | 3.11%
|
| $32.08 million | 2037 | Serial | 5% | 115.508 | 3.15%
|
| $33,725,000 | 2038 | Serial | 5% | 115.144 | 3.19%
|
| $35,455,000 | 2039 | Serial | 5% | 114.871 | 3.22%
|
| $33,655,000 | 2040 | Serial | 5% | 114.69 | 3.24%
|
|
|
| $51,085,000 series 2016A-2 green bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $245,000 | 2016 | Serial | 2% | 101.405 | 0.27%
|
| $725,000 | 2017 | Serial | 3% | 104.248 | 0.64%
|
| $8.91 million | 2018 | Serial | 4% | 108.651 | 0.88%
|
| $2.98 million | 2019 | Serial | 3% | 106.882 | 1.15%
|
| $6.06 million | 2020 | Serial | 2% | 102.641 | 1.43%
|
| $1.12 million | 2021 | Serial | 3% | 107.51 | 1.64%
|
| $2.94 million | 2022 | Serial | 4% | 113.633 | 1.86%
|
| $855,000 | 2023 | Serial | 5% | 103.305 | 2.04%
|
| $1.31 million | 2024 | Serial | 3% | 106.624 | 2.17%
|
| $6.88 million | 2025 | Serial | 5% | 123.595 | 3.00%
|
| $11.35 million | 2030 | Term | 3% | 97.652 | 3.20%
|
| $4,115,000 | 2035 | Term | 3.375% | 97.521 | 3.55%
|
| $3,595,000 | 2040 | Term | 3.75% | 99.835 | 3.76%
|
|
|
| $189.34 million series 2016B motor vehicle fuel tax bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,005,000 | 2016 | Serial | 5% | 103.859 | 0.25%
|
| $4.16 million | 2017 | Serial | 5% | 107.887 | 0.62%
|
| $4,345,000 | 2018 | Serial | 5% | 111.484 | 0.86%
|
| $4.55 million | 2019 | Serial | 5% | 114.485 | 1.11%
|
| $4,775,000 | 2020 | Serial | 5% | 116.802 | 1.38%
|
| $5,005,000 | 2021 | Serial | 5% | 118.985 | 1.57%
|
| $5.25 million | 2022 | Serial | 5% | 120.36 | 1.81%
|
| $5.52 million | 2023 | Serial | 5% | 121.679 | 1.99%
|
| $5,805,000 | 2024 | Serial | 5% | 122.859 | 2.14%
|
| $6,105,000 | 2025 | Serial | 5% | 123.893 | 2.27%
|
| $6.42 million | 2026 | Serial | 5% | 122.512 | 2.41%
|
| $6.75 million | 2027 | Serial | 5% | 121.536 | 2.51%
|
| $7.09 million | 2028 | Serial | 5% | 120.57 | 2.61%
|
| $7.46 million | 2029 | Serial | 5% | 119.709 | 2.70%
|
| $7,835,000 | 2030 | Serial | 5% | 118.854 | 2.79%
|
| $8.24 million | 2031 | Serial | 5% | 118.195 | 2.86%
|
| $8.66 million | 2032 | Serial | 5% | 117.633 | 2.92%
|
| $9.11 million | 2033 | Serial | 5% | 117.074 | 2.98%
|
| $9,575,000 | 2034 | Serial | 5% | 116.611 | 3.03%
|
| $10,065,000 | 2035 | Serial | 5% | 116.15 | 3.08%
|
| $10.58 million | 2036 | Serial | 5% | 115.875 | 3.11%
|
| $11,125,000 | 2037 | Serial | 5% | 115.508 | 3.15%
|
| $11,695,000 | 2038 | Serial | 5% | 115.144 | 3.19%
|
| $12.29 million | 2039 | Serial | 5% | 114.871 | 3.22%
|
| $12,925,000 | 2040 | Serial | 5% | 114.69 | 3.24%
|
|
|
| $60,565,000 series 2016T taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.27 million | 2016 | Serial | 0.36% | 100
|
| $12,885,000 | 2017 | Serial | 0.83% | 100
|
| $4.97 million | 2018 | Serial | 1.18% | 100
|
| $11,235,000 | 2019 | Serial | 1.43% | 100
|
| $8.41 million | 2020 | Serial | 1.71% | 100
|
| $9,795,000 | 2021 | Serial | 2.02% | 100
|
|
|
| $188,305,000 series R-2016A various purpose refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $430,000 | 2016 | Serial | 5% | 101.112 | 0.17%
|
| $19,485,000 | 2016 | Serial | 5% | 103.471 | 0.24%
|
| $20,505,000 | 2017 | Serial | 5% | 107.58 | 0.59%
|
| $21,675,000 | 2018 | Serial | 5.5% | 112.552 | 0.84%
|
| $22,835,000 | 2019 | Serial | 5% | 114.214 | 1.10%
|
| $24.05 million | 2020 | Serial | 5% | 116.57 | 1.37%
|
| $25,275,000 | 2021 | Serial | 5% | 118.845 | 1.55%
|
| $17,135,000 | 2022 | Serial | 5% | 120.125 | 1.81%
|
| $18,005,000 | 2023 | Serial | 5% | 121.465 | 1.99%
|
| $18.91 million | 2024 | Serial | 5% | 122.93 | 2.11%
|
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