City successfully sells $195.1 million in General Obligation Bonds

HONOLULU – The City and County of Honolulu successfully sold $195.1 million in General Obligation Bonds on August 12, 2026, generating strong investor demand and securing more than $4.3 million in debt service savings.

Proceeds from the bond sale will help finance a range of City capital improvement projects, support ongoing construction of the Skyline rail project, fund equipment needs, and refinance outstanding General Obligation Bonds. The average interest rate on the bonds was 4.23%.

The bonds received strong “AA+” ratings from both Fitch Ratings and S&P Global Ratings, with both agencies assigning a “Stable” outlook.

Investor demand was strong, with the City receiving more than $419 million in orders from a broad mix of institutional and individual retail investors, more than twice the amount of bonds offered.

S&P cited Honolulu’s diversified island economy, healthy financial position with growing reserve balances, and well-established financial management practices that support long-term fiscal stability as factors supporting its rating.

The successful sale followed a comprehensive investor outreach effort by the City, including a digital retail advertising campaign. BofA Securities, Inc. served as lead underwriter for the offering, with Morgan Stanley, Raymond James and Stifel Nicolaus serving as co-managers.

—PAU—

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