Published on 2/10/2016 in the Prospect News Municipals Daily.
New Issue: Connecticut Housing Finance brings $145 million mortgage finance bonds
By Sheri Kasprzak
New York, Feb. 10 – The Connecticut Housing Finance Authority sold $145 million of series 2016A housing mortgage finance program bonds, according to a pricing sheet.
The deal includes $100,455,000 of series 2016A-1 bonds and $44,545,000 of series 2016A-2 AMT bonds.
The 2016A-1 bonds are due 2026, 2030, 2035, 2040 and 2045. The 2026 bonds have a 2.4% coupon, the 2030 bonds have a 2.875% coupon, the 2035 bonds have a 3.2% coupon and the 2040 bonds have a 3.5% coupon all priced at par. The 2045 bonds have a 4% coupon priced at 118.853 to yield 1.77%.
The 2016A-2 bonds are due 2016 to 2026 with 0.45% to 2.75% coupons all priced at par.
The bonds (Aaa/AAA/) were sold through senior managers BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC.
Proceeds will be used to finance mortgage loans.
| Issuer: | Connecticut Housing Finance Authority
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| Issue: | Series 2016A housing mortgage finance program bonds
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| Amount: | $145 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC (lead), Barclays, Citigroup Global Markets Inc., Drexel Hamilton LLC, Fidelity Capital Markets, Janney Montgomery Scott, 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: | Feb. 10
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| Settlement date: | March 3
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| $100,455,000 series 2016A-1 bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,065,000 | 2026 | Term | 2.4% | 100 | 2.40%
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| $23.08 million | 2030 | Term | 2.875% | 100 | 2.875%
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| $21.16 million | 2035 | Term | 3.2% | 100 | 3.20%
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| $18.29 million | 2040 | Term | 3.5% | 100 | 3.50%
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| $35.86 million | 2045 | Term | 4% | 118.853 | 1.77%
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| $44,545,000 series 2016A-2 AMT bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $2,075,000 | 2016 | Serial | 0.45% | 100 | 0.45%
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| $1.86 million | 2017 | Serial | 0.5% | 100 | 0.50%
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| $1.89 million | 2017 | Serial | 0.65% | 100 | 0.65%
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| $1,925,000 | 2018 | Serial | 0.9% | 100 | 0.90%
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| $1.96 million | 2018 | Serial | 1% | 100 | 1.00%
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| $1,995,000 | 2019 | Serial | 1.15% | 100 | 1.15%
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| $2,035,000 | 2019 | Serial | 1.25% | 100 | 1.25%
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| $2.07 million | 2020 | Serial | 1.4% | 100 | 1.40%
|
| $2,115,000 | 2020 | Serial | 1.5% | 100 | 1.50%
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| $2.15 million | 2021 | Serial | 1.6% | 100 | 1.60%
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| $2.19 million | 2021 | Serial | 1.7% | 100 | 1.70%
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| $2.23 million | 2022 | Serial | 1.95% | 100 | 1.95%
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| $2.28 million | 2022 | Serial | 2.05% | 100 | 2.05%
|
| $2.32 million | 2023 | Serial | 2.2% | 100 | 2.20%
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| $2,365,000 | 2023 | Serial | 2.3% | 100 | 2.30%
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| $2.41 million | 2024 | Serial | 2.4% | 100 | 2.40%
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| $2,455,000 | 2024 | Serial | 2.5% | 100 | 2.50%
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| $2.5 million | 2025 | Serial | 2.55% | 100 | 2.55%
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| $2,545,000 | 2025 | Serial | 2.625% | 100 | 2.625%
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| $2,595,000 | 2026 | Serial | 2.7% | 100 | 2.70%
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| $580,000 | 2026 | Serial | 2.75% | 100 | 2.75%
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