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Maryland Issues Most Debt in 22 Years at Yields Below Benchmark

March 7 (Bloomberg) -- Maryland, one of eight states with top general-obligation ratings from both Standard & Poor’s and Moody’s Investors Service, sold about $680 million of bonds as it capped its biggest issue in at least 22 years.

About $544 million of the proceeds from the tax-exempt securities will go toward capital projects and the rest will retire debt, according to data compiled by Bloomberg. Bank of America Merrill Lynch won the competitive bids for both series today.

A 15-year portion was priced to yield 3.05 percent, preliminary data compiled by Bloomberg show. That’s five basis points below an index of AAA rated general obligations with a similar maturity. A basis point is 0.01 percentage point.

Maryland sold about $57 million in a negotiated sale on March 5. The $737 million total issuance this week is the state’s biggest since at least 1990, when Bloomberg data begin. The state’s previous high was when it sold about $656 million in March 2005, Bloomberg data show.

To contact the reporter on this story: Brian Chappatta in New York at bchappatta1@bloomberg.net

To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net

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