Energy NW Deal
by Chip Barnett
Washington state's Energy Northwest sold $635 million of electric revenue bonds that utility officials say will save ratepayers hundreds of millions of dollars. The municipal bond market will see another light new issue calendar next week.
Ipreo estimates weekly volume at $4.86 billion, up from a revised total of $2.98 billion in the prior week, according to updated data from Thomson Reuters. Average weekly volume in 2017 has been about $4.5 billion, off sharply from 2017’s average of over $6 billion a week.
Next week’s calendar is composed of $3.19 billion of negotiated deals and $1.67 billion of competitive sales.
Topping next week’s slate is a $635 million tax-exempt and taxable deal from Energy Northwest. JPMorgan Securities is expected to price the Series 2018C tax-exempt and Series 2018D taxable electric revenue refunding bonds on Wednesday.
The deal is rated Aa1 by Moody’s Investors Service, AA-minus by S&P Global Ratings and AA by Fitch Ratings.
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Energy Northwest Deal Will Restructure the Power Utility's Debt Maturity Schedule, by Kyle Glazier, The Bond Buyer, 4/6/17
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