Washington Bond Sale Successful
Contact: Chris McGann 360-902-9033
Wednesday, July 18, 2012 – Washington State successfully priced its second retail sale for Washington residents and four competitive bond sales totaling $560 million this week.
The state received attractive bids for all four of the competitive sales on Wednesday. The state received nine bids for the $271.6 million tax-exempt Various Purpose General Obligation Bonds and nine bids for the $167.6 million Motor Vehicle Fuel Tax General Obligation Bonds Series 2013B-1. The two taxable General Obligation Bonds sales totaling $119 million each received at least a dozen bids.
Series A bonds provide funds to pay for various state capital projects, state and local water supply improvements, multimodal transportation projects, and state programs for Columbia River Basin water supply development as well as outdoor recreation, habitat conservation, riparian protection and farmland preservation. Series B fuel tax-backed bonds fund state highway projects such as:
- Lane and bridge construction in Snohomish County
- Construction of the SR 99 bored tunnel
- Lane construction on I-405
- Construction of HOV lanes on I-5 in Tacoma
- Improvements to a section of I-90 near Snoqualmie Pass
- Lane expansion and bridge construction on US 395
- Connecting arterials in Douglas County to US 2/US 97
Citigroup Global Markets Inc. was the successful bidder for the Series 2013A tax-exempt bonds at a true interest cost (TIC) of 3.2793 percent. Bank of America Merrill Lynch won the Series 2013B-1 Motor Vehicle Fuel Tax General Obligation Bonds at a TIC of 3.4764 percent.
Bank of America Merrill Lynch purchased the taxable Series 2013T at a TIC of 0.8576 percent.
J.P. Morgan Securities purchased the taxable Series R-2013Tat a TIC of 0.49086 percent.
"I am pleased with the favorable results of today’s bond sales," said State Treasurer James McIntire.
This week's competitive sale followed the second retail sale offered by the state since McIntire took office. All qualified orders placed by Washington state residents were filled. Retail investors purchased more than $31 million of the Series 2013B-2 Motor Vehicle Fuel Tax General Obligation Bonds.
For more information visit the Office of the State Treasurer’s website at www.tre.wa.gov