Despite its continuing fiscal crisis, Washington got a vote of confidence Wednesday from the investment community as multiple bidders competed for a total of $452.3 million worth of state-issued bonds.
The state received eight bids on $362 million tax-exempt various purpose general obligation bonds. Ten bidders competed for the $90.4 million taxable general obligation bonds, the state said.
“Washington’s reputation for fiscal discipline and a continued commitment to balance our budgets has preserved our credit rating and continues to make our bonds attractive to many investors,” State Treasurer James McIntire said.
Bank of America Merrill Lynch was the successful bidder for the 25-year Series 2011B tax-exempt interest bonds at a true interest cost of 4.977 percent.
Citigroup Global Markets Inc. purchased the taxable series at an interest rate of 3.044 percent.