Published on 7/17/2015 in the Prospect News Municipals Daily.
New Issue: Maryland prices $500 million of state, local facilities G.O. bonds
By Sheri Kasprzak
New York, July 17 – Maryland sold $500 million of series 2015 general obligation bonds, said a pricing sheet.
The deal included $450 million of second series 2015A bonds and $50 million of series 2015B taxable bonds.
The 2015A bonds are due 2019 to 2030 with 2.75% to 5% coupons and 1.10% to 3.335% yields.
Of the 2015B bonds, $29.32 million are due 2018 with a 1.2% coupon and a 1.19% yield, and $20.68 million are due 2019 with a 1.5% coupon and a 1.49% yield.
The bonds (Aaa/AAA/AAA) were sold competitively. J.P. Morgan Securities LLC won the bid for the series 2015A bonds at a 2.825% true interest cost and also took the 2015B bonds at a 1.345% TIC.
Proceeds will be used to finance capital projects for the state, including loans to state and local entities.
| Issuer: | State of Maryland
|
| Issue: | Series 2015 state and local facilities loan general obligation bonds
|
| Amount: | $500 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 2.825% (for 2015A), 1.345% (for 2015B)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 3
|
|
|
| $450 million second series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9.23 million | 2019 | Serial | 5% | 115.2 | 1.10%
|
| $31.09 million | 2020 | Serial | 5% | 117.624 | 1.34%
|
| $32,685,000 | 2021 | Serial | 5% | 119.297 | 1.61%
|
| $34.36 million | 2022 | Serial | 5% | 120.214 | 1.90%
|
| $36,125,000 | 2023 | Serial | 5% | 121.568 | 2.06%
|
| $37,975,000 | 2024 | Serial | 5% | 120.423 | 2.20%
|
| $39,925,000 | 2025 | Serial | 2.75% | 99.826 | 2.77%
|
| $41.97 million | 2026 | Serial | 4% | 109.592 | 2.66%
|
| $43.9 million | 2027 | Serial | 4% | 108.99 | 2.74%
|
| $45.69 million | 2028 | Serial | 3% | 98.5 | 3.141%
|
| $47,555,000 | 2029 | Serial | 4% | 107.355 | 2.96%
|
| $49,495,000 | 2030 | Serial | 3.25% | 99 | 3.335%
|
|
|
| $50 million series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $29.32 million | 2018 | Serial | 1.2% | 100.029 | 1.19%
|
| $20.68 million | 2019 | Serial | 1.5% | 100.038 | 1.49%
|
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