Published on 4/27/2016 in the Prospect News Municipals Daily.
New Issue: Connecticut Housing prices $149 million housing mortgage program bonds
By Sheri Kasprzak
New York, April 27 – The Connecticut Housing Finance Authority sold $149 million of series 2016B housing mortgage finance program bonds, according to a pricing sheet.
The deal included $65.98 million of series 2016B-1 bonds, $68,495,000 of series 2016B-2 AMT bonds and $14,525,000 of series 2016B-3 bonds.
The 2016B-1 bonds are due 2026 to 2027 with term bonds due in 2031, 2036, 2041 and 2046. The serial coupons range from 2.4% to 2.6% all priced at par. The 2031 bonds have a 2.95% coupon, the 2036 bonds have a 3.25% coupon, the 2041 bonds have a 3.45% coupon and the 2046 bonds have a 3.55% coupon, all priced at par.
The 2016B-2 bonds are due 2017 to 2026 with a term bond due in 2039. The serial coupons range from 0.75% to 2.8% all priced at par. The 2039 bonds have a 3.5% coupon priced at 107.012 to yield 2%
The 2016B-3 bonds are due 2016 to 2026 with coupons from 0.55% to 2.4% all priced at par.
The bonds (Aaa/AAA/) were sold through senior managers J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used to finance mortgage loans and refund existing debt.
Issuer: | Connecticut Housing Finance Authority
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Issue: | Series 2016B housing mortgage finance program bonds
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Amount: | $149 million
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC and RBC Capital Markets LLC (lead), Barclays, Citigroup Global Markets Inc., Drexel Hamilton LLC, Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers)
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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Pricing date: | April 27
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Settlement date: | May 12
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$65.98 million series 2016B-1 bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$285,000 | 2026 | Serial | 2.40% | 100 | 2.40%
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$2.57 million | 2027 | Serial | 2.55% | 100 | 2.55%
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$2.61 million | 2027 | Serial | 2.60% | 100 | 2.60%
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$23.14 million | 2031 | Term | 2.95% | 100 | 2.95%
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$21,525,000 | 2036 | Term | 3.25% | 100 | 3.25%
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$11.75 million | 2041 | Term | 3.45% | 100 | 3.45%
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$4.1 million | 2046 | Term | 3.55% | 100 | 3.55%
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$68,495,000 series 2016B-2 AMT bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$1.38 million | 2017 | Serial | 0.75% | 100 | 0.75%
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$1,405,000 | 2018 | Serial | 1.00% | 100 | 1.00%
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$1,435,000 | 2018 | Serial | 1.10% | 100 | 1.10%
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$1,455,000 | 2019 | Serial | 1.30% | 100 | 1.30%
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$1,485,000 | 2019 | Serial | 1.40% | 100 | 1.40%
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$1,505,000 | 2020 | Serial | 1.60% | 100 | 1.60%
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$1,545,000 | 2020 | Serial | 1.75% | 100 | 1.75%
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$1,565,000 | 2021 | Serial | 1.80% | 100 | 1.80%
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$1.6 million | 2021 | Serial | 1.90% | 100 | 1.90%
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$1,625,000 | 2022 | Serial | 2.05% | 100 | 2.05%
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$1,655,000 | 2022 | Serial | 2.10% | 100 | 2.10%
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$1.69 million | 2023 | Serial | 2.25% | 100 | 2.25%
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$1,715,000 | 2023 | Serial | 2.30% | 100 | 2.30%
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$1.75 million | 2024 | Serial | 2.40% | 100 | 2.40%
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$1,785,000 | 2024 | Serial | 2.50% | 100 | 2.50%
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$1.82 million | 2025 | Serial | 2.60% | 100 | 2.60%
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$1.85 million | 2025 | Serial | 2.65% | 100 | 2.65%
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$1,885,000 | 2026 | Serial | 2.75% | 100 | 2.75%
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$1,675,000 | 2026 | Serial | 2.80% | 100 | 2.80%
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$37.67 million | 2039 | Term | 3.50% | 107.012 | 2.00%
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$14,525,000 series 2016B-3 bonds
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Amount | Maturity | Type | Coupon | Price | Yield
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$1.75 million | 2016 | Serial | 0.55% | 100 | 0.55%
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$3,175,000 | 2017 | Serial | 0.60% | 100 | 0.60%
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$425,000 | 2017 | Serial | 0.70% | 100 | 0.70%
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$435,000 | 2018 | Serial | 0.85% | 100 | 0.85%
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$440,000 | 2018 | Serial | 0.95% | 100 | 0.95%
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$450,000 | 2019 | Serial | 1.05% | 100 | 1.05%
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$460,000 | 2019 | Serial | 1.15% | 100 | 1.15%
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$470,000 | 2020 | Serial | 1.25% | 100 | 1.25%
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$475,000 | 2020 | Serial | 1.35% | 100 | 1.35%
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$485,000 | 2021 | Serial | 1.45% | 100 | 1.45%
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$495,000 | 2021 | Serial | 1.55% | 100 | 1.55%
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$505,000 | 2022 | Serial | 1.70% | 100 | 1.70%
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$515,000 | 2022 | Serial | 1.75% | 100 | 1.75%
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$525,000 | 2023 | Serial | 1.90% | 100 | 1.90%
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$535,000 | 2023 | Serial | 1.95% | 100 | 1.95%
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$545,000 | 2024 | Serial | 2.05% | 100 | 2.05%
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$555,000 | 2024 | Serial | 2.05% | 100 | 2.05%
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$565,000 | 2025 | Serial | 2.25% | 100 | 2.25%
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$575,000 | 2025 | Serial | 2.30% | 100 | 2.30%
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$590,000 | 2026 | Serial | 2.40% | 100 | 2.40%
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$555,000 | 2026 | Serial | 2.40% | 100 | 2.40%
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