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State sells $800M of general obligation bonds

Flickr - Tracy O Money!

The State of Hawaiʻi has sold $800 million worth of general obligation bonds. Proceeds of the bonds will fund new and existing infrastructure projects.

Analysts from Moody’s rated the bonds at Aa2, its third highest grade. S&P rated the bonds AA+, its second-highest grade.

Moody’s noted that the state has a long track record of conservative debt management practices.

“We are very pleased with the results of the bond sale,” said Gov. David Ige in a statement. “Despite challenging conditions in the broader bond markets this year, Hawaiʻi was able to generate strong demand for its bonds. This demonstrates the market’s continued confidence in the State’s ability to prudently manage its long-term financial responsibilities.”

Ige said there was "an extensive marketing campaign" in preparation for the bond sale on Oct. 19.

"Officials meet with local on-island investors and held a live virtual presentation to investors representing some of the largest institutions across the country that buy municipal bonds," the statement said.

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