Published on 2/9/2016 in the Prospect News Municipals Daily.
New Issue: Washington State offers up $518.24 million of general obligation bonds
By Sheri Kasprzak
New York, Feb. 9 – The State of Washington sold $518,235,000 of series 2016 general obligation bonds, according to a pricing sheet.
The deal included $319.17 million of series 2016C various purpose bonds and $199,065,000 of series 2016D motor vehicle fuel tax bonds.
The 2016C bonds are due 2017 to 2041 with 5% coupons and yields from 0.38% to 2.88%.
The 2016D bonds are due 2017 to 2041 with 5% coupons and 0.39% to 2.9% yields.
The bonds (Aa1/AA+/AA+) were sold competitively. The issuer did not respond to calls for the winning bidder Tuesday.
Proceeds will be used to finance K-12 school renewal and replacement projects, facilities for state universities and community and technical colleges, state facilities projects, outdoor recreation facilities, state water supply development, flood mitigation and prevention, habitat conservation and farmland and riparian protection projects, as well as to fund high-occupancy vehicle projects in Pierce County, widen Interstate 405, improve Interstate 90 at the Snoqualmie Pass East, improve and realign to the North Spokane Corridor of U.S. 395 and improve Interstate 5 in Cowlitz and Lewis counties.
| Issuer: | State of Washington
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| Issue: | Series 2016 general obligation bonds
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| Amount: | $518,235,000
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| Ratings: | Moody’s: Aa1
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| Standard & Poor’s: AA+
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| Fitch: AA+
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 16
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| $319.17 million series 2016C various purpose bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.31 million | 2017 | Serial | 5% | 104.415 | 0.38%
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| $7,005,000 | 2018 | Serial | 5% | 108.624 | 0.565%
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| $7,365,000 | 2019 | Serial | 5% | 112.599 | 0.69%
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| $7,725,000 | 2020 | Serial | 5% | 116.247 | 0.82%
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| $8,115,000 | 2021 | Serial | 5% | 119.623 | 0.94%
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| $8.51 million | 2022 | Serial | 5% | 122.302 | 1.12%
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| $8.94 million | 2023 | Serial | 5% | 124.313 | 1.33%
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| $9,385,000 | 2024 | Serial | 5% | 125.906 | 1.53%
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| $9,855,000 | 2025 | Serial | 5% | 127.027 | 1.73%
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| $10,355,000 | 2026 | Serial | 5% | 128.843 | 1.82%
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| $10.87 million | 2027 | Serial | 5% | 127.483 | 1.95%
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| $11,415,000 | 2028 | Serial | 5% | 126.346 | 2.06%
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| $11.99 million | 2029 | Serial | 5% | 125.425 | 2.15%
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| $12,575,000 | 2030 | Serial | 5% | 124.511 | 2.24%
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| $13.22 million | 2031 | Serial | 5% | 123.606 | 2.33%
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| $13.88 million | 2032 | Serial | 5% | 122.708 | 2.42%
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| $14,575,000 | 2033 | Serial | 5% | 122.213 | 2.47%
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| $15.3 million | 2034 | Serial | 5% | 121.72 | 2.52%
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| $16.07 million | 2035 | Serial | 5% | 121.229 | 2.57%
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| $16,865,000 | 2036 | Serial | 5% | 120.741 | 2.62%
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| $17.71 million | 2037 | Serial | 5% | 120.158 | 2.68%
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| $18.59 million | 2038 | Serial | 5% | 119.578 | 2.74%
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| $19,525,000 | 2039 | Serial | 5% | 119.002 | 2.80%
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| $20.5 million | 2040 | Serial | 5% | 118.525 | 2.85%
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| $21.52 million | 2041 | Serial | 5% | 118.239 | 2.88%
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| $199,065,000 series 2016D motor vehicle fuel tax bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.56 million | 2017 | Serial | 5% | 104.405 | 0.39%
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| $4,375,000 | 2018 | Serial | 5% | 108.553 | 0.60%
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| $4.59 million | 2019 | Serial | 5% | 112.599 | 0.69%
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| $4.82 million | 2020 | Serial | 5% | 116.247 | 0.82%
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| $5.06 million | 2021 | Serial | 5% | 119.623 | 0.94%
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| $5.31 million | 2022 | Serial | 5% | 122.432 | 1.10%
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| $5.58 million | 2023 | Serial | 5% | 124.463 | 1.31%
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| $5,855,000 | 2024 | Serial | 5% | 125.906 | 1.53%
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| $6.15 million | 2025 | Serial | 5% | 127.027 | 1.73%
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| $6,455,000 | 2026 | Serial | 5% | 128.527 | 1.85%
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| $6.78 million | 2027 | Serial | 5% | 127.276 | 1.97%
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| $7.12 million | 2028 | Serial | 5% | 126.346 | 2.06%
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| $7,475,000 | 2029 | Serial | 5% | 125.425 | 2.15%
|
| $7.85 million | 2030 | Serial | 5% | 124.511 | 2.24%
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| $8,245,000 | 2031 | Serial | 5% | 123.606 | 2.33%
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| $8.65 million | 2032 | Serial | 5% | 122.708 | 2.42%
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| $9,085,000 | 2033 | Serial | 5% | 122.213 | 2.47%
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| $9.54 million | 2034 | Serial | 5% | 121.72 | 2.52%
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| $10.02 million | 2035 | Serial | 5% | 121.229 | 2.57%
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| $10.52 million | 2036 | Serial | 5% | 120.741 | 2.62%
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| $11,045,000 | 2037 | Serial | 5% | 119.964 | 2.70%
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| $11,595,000 | 2038 | Serial | 5% | 119.386 | 2.76%
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| $12,175,000 | 2039 | Serial | 5% | 118.811 | 2.82%
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| $12,785,000 | 2040 | Serial | 5% | 118.334 | 2.87%
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| $13,425,000 | 2041 | Serial | 5% | 118.049 | 2.90%
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