Published on 7/10/2014 in the Prospect News Municipals Daily.
New Issue: Vermont Municipal Bond Bank comes to market with $72.06 million bonds
By Sheri Kasprzak
New York, July 10 – The Vermont Municipal Bond Bank sold $72.06 million of series 2014 bonds, said a pricing sheet.
The deal included $51,025,000 of series 2014-3 bonds and $21,035,000 of series 2014-4 refunding bonds.
The 2014-3 bonds are due 2015 to 2034 with a term bond due in 2044. The serial coupons range from 3% to 5%. The 2044 bonds have a 5% coupon priced at 110.441.
The 2014-4 bonds are due 2017 to 2026 with coupons from 2% to 5%.
The bonds (Aa2/AA+/) were sold through Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used to refund existing bond bank debt.
| Issuer: | Vermont Municipal Bond Bank
|
| Issue: | Series 2014 bonds
|
| Amount: | $72.06 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Pricing date: | July 10
|
| Settlement date: | July 31
|
|
|
| $51,025,000 series 2014-3 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,115,000 | 2015 | Serial | 3% | 103.671
|
| $2.3 million | 2016 | Serial | 3% | 106.032
|
| $2.46 million | 2017 | Serial | 4% | 110.608
|
| $2.56 million | 2018 | Serial | 5% | 116.365
|
| $2,685,000 | 2019 | Serial | 5% | 117.76
|
| $2,795,000 | 2020 | Serial | 5% | 118.61
|
| $2.83 million | 2021 | Serial | 5% | 119.237
|
| $2,885,000 | 2022 | Serial | 5% | 119.445
|
| $2.92 million | 2023 | Serial | 5% | 119.864
|
| $2,965,000 | 2024 | Serial | 5% | 120.514
|
| $2,145,000 | 2025 | Serial | 5% | 119.518
|
| $2.17 million | 2026 | Serial | 5% | 118.434
|
| $2,085,000 | 2027 | Serial | 5% | 117.653
|
| $2,115,000 | 2028 | Serial | 5% | 116.781
|
| $2,135,000 | 2029 | Serial | 5% | 116.301
|
| $2.46 million | 2030 | Serial | 5% | 115.346
|
| $2.49 million | 2031 | Serial | 5% | 114.683
|
| $2,515,000 | 2032 | Serial | 5% | 114.119
|
| $2.55 million | 2033 | Serial | 5% | 113.558
|
| $2,395,000 | 2034 | Serial | 5% | 113.093
|
| $1.45 million | 2044 | Term | 5% | 110.441
|
|
|
| $21,035,000 series 2014-4 refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.28 million | 2017 | Serial | 2% | 104.039
|
| $1 million | 2018 | Serial | 4% | 103.711
|
| $1.22 million | 2018 | Serial | 2% | 112.147
|
| $1 million | 2019 | Serial | 4% | 102.449
|
| $1.19 million | 2019 | Serial | 2% | 112.656
|
| $1 million | 2020 | Serial | 4% | 100.772
|
| $1,065,000 | 2020 | Serial | 2% | 112.664
|
| $1 million | 2021 | Serial | 4% | 105.736
|
| $1,105,000 | 2021 | Serial | 3% | 112.486
|
| $1 million | 2022 | Serial | 5% | 104.428
|
| $1.06 million | 2022 | Serial | 3% | 119.445
|
| $2,065,000 | 2023 | Serial | 5% | 119.864
|
| $2.06 million | 2024 | Serial | 5% | 120.514
|
| $1,935,000 | 2025 | Serial | 5% | 119.518
|
| $2,055,000 | 2026 | Serial | 5% | 118.434
|
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