December 13, 2017

Eager investors flock to CT's debt

HBJ File Photo
HBJ File Photo
State Treasurer Denise Nappier

Connecticut received strong investor interest in its latest sale of $850 million of debt, the state treasurer says.

Denise L. Nappier said Wednesday her office received more than $6.3 billion in competitive bids in Monday's sale of $400 million of general obligation bond anticipation notes and $450 million of taxable general obligation bonds for fiscal 2018.

"Any uncertainty or doubt about market response to Connecticut bond offerings proved to be unfounded as our two sales commanded significant bidding activity from 13 Wall Street firms, the highest number of any of our prior competitive sales," Nappier said in a statement.

Winning bidders for the bond anticipation notes with a blended interest rate of 1.48 percent: Morgan Stanley with Siebert Cisneros Shank; RBC Capital Markets; and Wells Fargo Bank.

For the taxable bonds, Goldman Sachs submitted the winning bid of 3.26 percent.

The bond sales are scheduled to close on Dec. 21.

Disclosure counsel is Day Pitney LLP and Soeder & Associates, LLC. Tax counsel is Robinson & Cole LLP and Soeder & Associates LLC. Financial advisors are Acacia Financial Group Inc. and PFM Advisory.

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