Featured Municipal Bond in the Market, Week of 10/17/2016: Philadelphia School District GO Bonds – $817 Million
This week’s featured bond comes from the State of Pennsylvania. The School District of Philadelphia is scheduled to issue $817 million in general obligation bonds the week of October 17, 2016. These bonds are scheduled to be issued in three series; $89 million as Series D general obligation bonds, $148 million as Series E federally-taxable general obligation qualified school construction bonds, and $580 million as Series F general obligation refunding bonds. The intended purpose of the bonds are to pay the costs of certain capital projects and, for Series F, to refund all or part of the School District’s Series E 2008, Series F 2008, Series A 2016, Series B 2016, and Series C 2016 general obligation bonds. The bonds are backed by the full faith, credit, and taxing power of the School District. These details and more on purposes, security, and other matters pertaining to these Alaska pension obligation bonds can the found in the official statement, provided by MuniOS.
As of August 2016, the Philadelphia-Camden-Wilmington Metro Area has an unemployment rate of 5.7%, which is 0.8% higher than at the same time in 2015, and 0.8% higher than the current national rate.
Provided at left is a quick snapshot of financial characteristics of The School District of Philadelphia, along with the medians for other school districts, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.