Published on 7/5/2016 in the Prospect News Municipals Daily.
New Issue: Washington State hits market with $1.29 billion general obligation bonds
By Sheri Kasprzak
New York, July 5 – The State of Washington priced $1,294,530,000 of series 2017 general obligation bonds, according to a pricing sheet.
The offering included $389,965,000 series 2017A various purpose bonds, $101.7 million of series 2017T taxable bonds, $531.28 million of series R-2017A motor vehicle fuel tax refunding bonds and $271,585,000 of series R-2017B motor vehicle fuel tax refunding bonds.
The 2017A bonds are due 2024 to 2041 with 5% coupons and yields from 1.41% to 2.25%.
The 2017T bonds are due 2017 to 2024 with 0.50% to 1.75% coupons and 0.50% to 1.87% yields.
The R-2017A bonds are due 2017 and 2019 to 2034 with 4% to 5% coupons and 0.52% to 2.07% yields.
The R-2017B bonds are due 2017 to 2034 with coupons from 4% to 5% and yields from 0.52% to 2.07%.
The bonds (Aa1/AA+/AA+) were sold competitively. J.P. Morgan Securities LLC won the bid for the series 2017A and 2017T taxable bonds at a 3.0759% and 1.4618% true interest cost, respectively. BofA Merrill Lynch won the bid for the series R-2017A and R-2017B motor vehicle fuel tax refunding bonds at a true interest cost of 2.3904% and 2.2388%, respectively.
Proceeds will be used to finance statewide capital projects and refund existing debt.
| Issuer: | State of Washington
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| Issue: | Series 2017 general obligation bonds
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| Amount: | $1,294,530,000
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| Type: | Competitive
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| Underwriters: | J.P. Morgan Securities LLC (winner for series 2017A, 2017T bonds), BofA Merrill Lynch (winner for R-2017A, R-2017B bonds)
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| TIC: | 3.0759% for 2017A, 1.4618% (for 2017B), 2.3094% (for R-2017A), 2.2388% (for R-2017B)
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| Ratings: | Moody’s: Aa1
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| S&P: AA+
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| Fitch: AA+
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| Pricing date: | June 30
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| Settlement date: | July 14
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| $389,965,000 series 2017A various purpose bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $5.69 million | 2024 | Serial | 5% | 127.219 | 1.41%
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| $14,705,000 | 2025 | Serial | 5% | 129.506 | 1.50%
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| $15.46 million | 2026 | Serial | 5% | 131.331 | 1.61%
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| $16.25 million | 2027 | Serial | 5% | 130.252 | 1.71%
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| $17,085,000 | 2028 | Serial | 5% | 129.716 | 1.76%
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| $17.96 million | 2029 | Serial | 5% | 129.077 | 1.82%
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| $18,885,000 | 2030 | Serial | 5% | 128.548 | 1.87%
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| $19.85 million | 2031 | Serial | 5% | 128.02 | 1.92%
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| $20.87 million | 2032 | Serial | 5% | 127.496 | 1.97%
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| $21.94 million | 2033 | Serial | 5% | 126.974 | 2.02%
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| $23,065,000 | 2034 | Serial | 5% | 126.454 | 2.07%
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| $24.25 million | 2035 | Serial | 5% | 126.04 | 2.11%
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| $25.49 million | 2036 | Serial | 5% | 125.628 | 2.15%
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| $26.8 million | 2037 | Serial | 5% | 125.32 | 2.18%
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| $28,175,000 | 2038 | Serial | 5% | 125.013 | 2.21%
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| $29.62 million | 2039 | Serial | 5% | 124.809 | 2.23%
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| $31,135,000 | 2040 | Serial | 5% | 124.707 | 2.24%
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| $32,735,000 | 2041 | Serial | 5% | 124.605 | 2.25%
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| $101.7 million series 2017T taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $12,975,000 | 2017 | Serial | 0.50% | 100 | 0.50%
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| $13.05 million | 2018 | Serial | 0.70% | 99.959 | 0.72%
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| $13.15 million | 2019 | Serial | 0.80% | 99.64 | 0.92%
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| $13.27 million | 2020 | Serial | 1.00% | 99.526 | 1.12%
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| $13.42 million | 2021 | Serial | 1.25% | 99.465 | 1.36%
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| $13.6 million | 2022 | Serial | 1.40% | 99.366 | 1.51%
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| $13.8 million | 2023 | Serial | 1.55% | 99.205 | 1.67%
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| $8,435,000 | 2024 | Serial | 1.75% | 99.106 | 1.87%
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| $531.28 million series R-2017A motor vehicle fuel tax bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $6,865,000 | 2017 | Serial | 4% | 101.898 | 0.52%
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| $24,655,000 | 2019 | Serial | 4% | 109.645 | 0.79%
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| $43,845,000 | 2020 | Serial | 5% | 116.172 | 0.92%
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| $46.15 million | 2021 | Serial | 5% | 119.421 | 1.04%
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| $47,365,000 | 2022 | Serial | 5% | 122.166 | 1.19%
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| $48.59 million | 2023 | Serial | 5% | 124.838 | 1.30%
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| $21.95 million | 2024 | Serial | 5% | 126.958 | 1.44%
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| $23.08 million | 2025 | Serial | 5% | 129.31 | 1.52%
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| $24.25 million | 2026 | Serial | 5% | 131.331 | 1.61%
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| $25.48 million | 2027 | Serial | 5% | 130.252 | 1.71%
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| $26.79 million | 2028 | Serial | 5% | 129.716 | 1.76%
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| $28.18 million | 2029 | Serial | 5% | 129.077 | 1.82%
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| $29,615,000 | 2030 | Serial | 5% | 128.548 | 1.87%
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| $31,145,000 | 2031 | Serial | 5% | 128.02 | 1.92%
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| $32.73 million | 2032 | Serial | 5% | 127.496 | 1.97%
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| $34,415,000 | 2033 | Serial | 5% | 126.974 | 2.02%
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| $36,175,000 | 2034 | Serial | 5% | 126.454 | 2.07%
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| $271,585,000 series R-2017B motor vehicle fuel tax bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $4,745,000 | 2017 | Serial | 4% | 101.898 | 0.52%
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| $12,325,000 | 2020 | Serial | 5% | 116.172 | 0.92%
|
| $12,965,000 | 2021 | Serial | 5% | 119.421 | 1.04%
|
| $13,625,000 | 2022 | Serial | 5% | 122.1 | 1.20%
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| $14,325,000 | 2023 | Serial | 5% | 124.838 | 1.30%
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| $15,055,000 | 2024 | Serial | 5% | 126.958 | 1.44%
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| $15.83 million | 2025 | Serial | 5% | 129.31 | 1.52%
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| $16.56 million | 2026 | Serial | 4% | 122.08 | 1.61%
|
| $17,315,000 | 2027 | Serial | 5% | 130.252 | 1.71%
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| $18,205,000 | 2028 | Serial | 5% | 129.716 | 1.76%
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| $19,145,000 | 2029 | Serial | 5% | 129.077 | 1.82%
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| $20.12 million | 2030 | Serial | 5% | 128.548 | 1.87%
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| $21.16 million | 2031 | Serial | 5% | 128.02 | 1.92%
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| $22.25 million | 2032 | Serial | 5% | 127.496 | 1.97%
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| $23,375,000 | 2033 | Serial | 5% | 126.974 | 2.02%
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| $24,585,000 | 2034 | Serial | 5% | 126.454 | 2.07%
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