The state of Hawaii officially sold about $800 million of general obligation bonds, with the proceeds earmarked to provide funding for new and existing infrastructure projects across the state.
Gov. David Ige (D-HI) made the announcement on Nov. 2. "We are very pleased with the results of the bond sale,” Ige said, according to his official website. “Despite challenging conditions in the broader bond markets this year, Hawaii was able to generate strong demand for its bonds."
Following the announced sale, Moody’s Investors Services and S&P Global Ratings affirmed the state’s bond ratings of Aa2 and AA+, respectively, with stable outlooks. Both agencies cited the state’s healthy economic performance coming out of the COVID-19 pandemic and steady history of careful fiscal management as key strengths that support such a standing.
During Ige’s tenure in the governor’s mansion, his administration significantly increased its financial reserves and paid down its long-term liabilities. All of this comes as the governor has supported significant investments in workforce housing, education and infrastructure.
As the close of bond sale grew nearer, the Department of Budget and Finance led an extensive marketing campaign to coincide with the Oct. 19 sale, with officials meeting with local on-island investors and holding a live virtual presentation for investors, representing some of the largest institutions across the country that buy municipal bonds.