Featured Municipal Bond in the Market, Week of 04/10/2017: State of California General Obligation Bonds (Refunding) – $636 Million
This week’s featured bond comes from the State of California. California is issuing general obligation bonds in the amount of $656 million the week of April 10, 2017. The bonds consist of a single series refunding bonds, issued competitively, in which the bonds are awarded to the bidder offering the lowest interest cost. The bonds are being used to refund previously issued California general obligation bonds, which will be repaid within 90 days of this issuance. The bonds are tax-exempt, and are general obligations of the state. The full faith and credit of the state is pledged. Further details on the purposes, security, and other matters pertaining to these Stanford University bonds can the found in the preliminary official statement, provided by MuniOS.
The State of California has an unemployment rate of 5.2% as of February 2017, which is 0.5% higher than the national rate for February, and 0.6% lower than the same time in 2016. The chart below shows the changes in the State of California and U.S. unemployment rates for the past ten years. MuniNet provides this data and more, easily accessible, for all 50 states and each Metropolitan Statistical Area in the country, in our Employment Database.
Provided at left is a quick snapshot of financial characteristics of the State of California, as of 06/30/2016, along with the medians for other U.S. states for 2015-2016, 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.