Published on 8/11/2016 in the Prospect News Municipals Daily.
New Issue: Connecticut Housing prices $185 million mortgage finance program bonds
By Sheri Kasprzak
New York, Aug. 11 – The Connecticut Housing Finance Authority sold $185 million of series 2016E housing mortgage finance program bonds, according to a pricing sheet.
The deal included $79.25 million of series 2016E-1 bonds, $65.75 million of series 2016E-2 AMT bonds and $40 million of series 2016E-3 variable-rate bonds.
The 2016E-1 bonds are due in 2031, 2036 and 2046. The 2031 bonds have a 2.75% coupon and the 2036 bonds have a 3% coupon, both priced at par. The 2046 bonds have a 3.5% coupon priced at 107.996 to yield 1.68%.
The 2016E-2 bonds are due 2017 to 2027 with a term bond due in 2029. The serial coupons range from 0.8% to 2.6% all priced at par. The 2029 bonds have a 2.9% coupon priced at par.
The 2016E-3 bonds are due Nov. 15, 2046 and bear interest at either the daily, weekly, monthly, quarterly, flexible or semiannual rates.
Proceeds will be used to fund mortgage loans to qualified Connecticut residents.
| Issuer: | Connecticut Housing Finance Authority
|
| Issue: | Series 2016E housing mortgage finance program bonds
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| Amount: | $185 million
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC (lead and sole for 2016E-3), BofA Merrill Lynch, J.P. Morgan Securities 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 for 2016E-1 and 2016E-2)
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| Ratings: | Moody’s: Aaa/VMIG 1
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| S&P: AAA/A-1
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| Pricing date: | Aug. 5
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| Settlement date: | Aug. 25
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| $79.25 million series 2016E-1 bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15.26 million | 2031 | Term | 2.75% | 100 | 2.75%
|
| $22.43 million | 2036 | Term | 3% | 100 | 3.00%
|
| $41.56 million | 2046 | Term | 3.5% | 107.996 | 1.68%
|
|
|
| $65.75 million series 2016E-2 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.47 million | 2017 | Serial | 0.80% | 100 | 0.80%
|
| $2,105,000 | 2017 | Serial | 0.85% | 100 | 0.85%
|
| $2.14 million | 2018 | Serial | 0.90% | 100 | 0.90%
|
| $2.18 million | 2018 | Serial | 0.95% | 100 | 0.95%
|
| $2,215,000 | 2019 | Serial | 1.10% | 100 | 1.10%
|
| $2.26 million | 2019 | Serial | 1.15% | 100 | 1.15%
|
| $2,295,000 | 2020 | Serial | 1.35% | 100 | 1.35%
|
| $2,335,000 | 2020 | Serial | 1.40% | 100 | 1.40%
|
| $2,375,000 | 2021 | Serial | 1.55% | 100 | 1.55%
|
| $2.42 million | 2021 | Serial | 1.60% | 100 | 1.60%
|
| $2.46 million | 2022 | Serial | 1.80% | 100 | 1.80%
|
| $2.5 million | 2022 | Serial | 1.85% | 100 | 1.85%
|
| $2,545,000 | 2023 | Serial | 2.05% | 100 | 2.05%
|
| $2,595,000 | 2023 | Serial | 2.10% | 100 | 2.10%
|
| $2,635,000 | 2024 | Serial | 2.25% | 100 | 2.25%
|
| $2,685,000 | 2024 | Serial | 2.30% | 100 | 2.30%
|
| $2.73 million | 2025 | Serial | 2.40% | 100 | 2.40%
|
| $2,775,000 | 2025 | Serial | 2.45% | 100 | 2.45%
|
| $2.83 million | 2026 | Serial | 2.50% | 100 | 2.50%
|
| $2,875,000 | 2026 | Serial | 2.50% | 100 | 2.50%
|
| $2,975,000 | 2027 | Serial | 2.60% | 100 | 2.60%
|
| $2.92 million | 2027 | Serial | 2.60% | 100 | 2.60%
|
| $10.43 million | 2029 | Term | 2.90% | 100 | 2.90%
|
|
|
| $40 million series 2016E-3 variable-rate bonds
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| Maturity | Type | Coupon | Price
|
| Nov. 15, 2046 | Term | Variable | 100
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