Featured Municipal Bond in the Market, Week of 05/30/2017: Clark County, Nevada – McCarran Airport Revenue Bonds – $148 Million
This week’s featured bond comes from the State of Nevada. Clark County, Nevada is issuing airport system junior subordinate lien revenue notes for McCarran International Airport in the amount of $148 million the week of May 30, 2017. The bonds consist of a single series, Series 2017C, to be used to refund previously issued revenue bonds, Series 2015B.
Security on these McCarran Airport revenue bonds is a pledge of net revenues of the Airport System, which includes not only McCarran International Airport, but North Las Vegas Air Airport, Henderson Executive Airport, Jean Airport, and Overton Airport. Some important notes about the security pledge: the pledge of net revenues is subordinate and junior to previously issued senior lien bonds and second lien bonds, and on parity with previously issued revenue bonds, Series 2013A and Series 2014B. Further details on the purposes, security, tax status, and other matters pertaining to these McCarran Airport revenue bonds can the found in the preliminary official statement, provided by MuniOS.
McCarran International Airport serves the Las Vegas-Henderson-Paradise, NV Metropolitan Statistical Area. As of March 2017, the Las Vegas MSA has an unemployment rate of 4.8%, which is 0.4% higher than the national rate for March, and 1.2% lower than at the same time in 2016. The chart below shows the changes in the Las Vegas MSA, State of Nevada, 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 McCarran International Airport, as of 06/30/2016, along with the medians for other large airport hubs 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.