Bonds WA

By: EconomyWatch Content   Date: 10 November 2009

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Municipal bonds are effective instruments that help public agencies to ensure a stable source of income combined with a tax relief. Commonly known as Munis, the municipal bonds are issued by the local state governments for various state projects. Muni bonds are similar to other bonds as they pay a certain amount of interest for a fixed period of time until the principal is repaid.  Bonds WA or Washington State bonds aims to develop the infrastructure of the state and attract both domestic and international investors.

For instance, in 1989, the state offered $134 million in bonds through a negotiated sale in tax exempt municipal bond market. Most of the bonds invested would mature in 2012. The yields are from 5.80 % in 1989 to 7.05 % in 2012. Shearson Lehman Hutton Inc. was the lead manager for the issue.

Bonds WA: Various Trades

The State of Washington’s bonds have historically served many public service institutions to upgrade their infrastructure and build new facilities. Cities like Olympia, Seattle, Tacoma, and Spokane benefited tremendously from these state bonds.

Some key trades are mentioned here:

Energy Northwest: Fitch gave an AA rating to Energy Northwest’s $146 million refunding electric revenue bonds, series 2001B.The project was divided into three bonding phases. UBS Paine Webber was the lead underwriter. The bond will mature in July 2016 and has a coupon of 5.250%.

Washington State Housing Finance Commission: The Washington State Housing Finance Commission completed a $13.2 bond financing for affordable apartments in Kent, Washington in 1998. The proceeds of the bonds were used to construct Alderbrook Apartments, a 207-unit apartment complex for low- and moderate-income families.

Washington State Housing Finance Commission: The Washington State Housing Finance Commission completed $8.3 million bond financing for affordable apartments in Bothell, Washington in 1995. The proceeds of the bond were used for rehabilitation of low and moderate income individuals and households.

Port of Seattle: Fitch assigned an AA rating to $ 282.3 million in the Port of Seattle revenue bond series 2009. The bond will encompass streamlining of revenue streams from its airport, seaport, and real estate divisions, including a:

  • tax levy

  • healthy financial margins and

  • a strong and stable management team

The bond proceeds aim to fund the Port's consolidated rental car facility located less than a mile from the main airport terminal.

The rental car space will have a five floored multi level parking, flexible ready/return spaces, and fuel storage areas.

 


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