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GOVERNOR CAMACHO SUCCESSFULLY SELLS BONDS |
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Bonds to Pay Tax Refunds, COLA, and Landfill
June 4, 2009
(New York, New York) The Government of Guam today successfully sold $473.5 million of triple tax-exempt bonds in the municipal market.
Governor Felix P. Camacho is “extremely pleased that the market recognized the government’s improved fiscal discipline and Guam’s positive outlook for the future. As a result, the successful issuance of these bonds addresses long overdue commitments to the people of Guam by funding tax refund payments, COLA, and the construction of a new landfill and will ensure stability for future generations.”
The Governor’s fiscal team and the Guam Economic Development Authority (GEDA) participated in these historic bond sales, which marked two of the first large high-yield transactions since the fallout of the municipal market in fall of last year.
The two bond issues included $271.1 million of General Obligation (GO) Bonds, rated B+, and $202.4 million Limited Obligation (Section 30) Bonds, rated BBB-.
Guam residents were given the opportunity to purchase the bonds during a special Guam retail order period. Four local brokerage firms participated in the Guam selling group, placing over $2.6 million in total retail orders on both bond issues. Governor Camacho stated that “the Guam retail investments showed the confidence that our citizens and businesses have in what we have accomplished in recent years, as well as in our island’s future.”
By the end of the order period, both the GO bonds and the Section 30 bonds were well oversubscribed. Since significant marketing efforts began, the government estimates that it saved over $100 million in debt service on the GO bonds and over $56 million in debt service on the Section 30 bonds due to improvement in rates as a result of the overwhelming investor interest in Guam.
The Governor’s fiscal team and GEDA heavily marketed the bonds to over 25 investors. Investors were impressed by the government’s recent fiscal initiatives including deficit reduction, improved financial reporting, budgetary discipline and improved disclosure. Investors commended the Governor’s efforts to turn around the government’s financial condition during his term.
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