Posted at 12:02 p.m., Wednesday, March 28, 2007
State sells $350M of bonds; yields from 3.64% to 4.18%
Bloomberg News Service
Hawai'i sold $350 million of general obligation bonds today to fund capital projects at public buildings, grade schools, community colleges, universities, libraries and parks.Citigroup Inc. managed the sale, reoffering bonds at yields ranging from 3.64 percent in 2011 to 4.18 percent in 20 years.
The securities due in 2027 were priced to yield 1 basis point less than yesterday's Municipal Market Advisors index for that maturity.
Hawai'i can opt to call, or buy back, the longer bonds beginning in 10 years.
When Hawai'i sold the same amount of bonds a year ago, insured 20-year bonds were priced to yield 4.33 percent, 0.1 percentage point less than the Municipal Market Advisors scale.
Hawai'i is rated AA by Standard & Poor's and Aa2 by Moody's Investors Service, two levels above California.
