The state of Hawaiçi wants to take advantage of low interest rates by issuing $623.5 million of general obligation bonds that will used to refund bonds issued at higher rates.

The bonds, which have been rated “AA” by Fitch Ratings, are expected to be sold in coming weeks. Underwriters Merrill Lynch & Co., Citi, Piper Jaffray & Co. and Robert W. Baird & Co. have started marketing of the bonds, which are expected to have a retail order period starting Oct. 13.
Prior Hawaiçi bond sales have attracted interest from local residents, who seek out the bonds because the interest is exempt from state and federal taxes.
Other sellers of the bonds include Charles Schwab & Co., First Honolulu Securities, Raymond James & Associates, Edward Jones, Morgan Stanley, Wells Fargo Securities and Wedbush Morgan Securities.