Published on 11/5/2010 in the Prospect News Municipals Daily.
New Issue: Connecticut Housing gives terms on $131.62 million housing mortgage finance bonds
By Sheri Kasprzak
New York, Nov. 5 - The Connecticut Housing Finance Authority priced $131.62 million of series 2010 housing mortgage finance program bonds on Thursday, according to a pricing sheet.
The deal included $5.74 million of series 2010D-1 bonds, $71.205 million of series 2010D-2 AMT bonds, $9.435 million of series 2010D-3 federally taxable bonds, $13.435 million of series 2010E-1 bonds and $31.805 million of series 2010E-2 AMT bonds.
The 2010D-1 bonds are due 2013 to 2016 with a 2031 term bond. The serial coupons range from 0.85% to 2.1%. The 2031 bonds have a 4.375% coupon priced at par.
The 2010D-2 bonds are due 2011 to 2021 with term bonds due 2026 and 2031. The serial coupons range from 1.125% to 4.625%. The 2026 bonds have a 5% coupon priced at par. The 2031 bonds have a split maturity with a 5% coupon priced at 113.085 and a 5% coupon priced at 98.736.
The 2010D-3 bonds are due 2011 to 2018 with 0.673% to 3.182% coupons, all priced at par.
The 2010E-1 bonds are due 2012 to 2021 with term bonds due 2026, 2031, 2036, 2041, 2046 and 2052. Serial coupons range from 0.7% to 3.375%, all priced at par. The 2026 bonds have a 3.875% coupon priced at par, and the 2031 bonds have a 4.375% coupon, also priced at par. The 2036 bonds have a 4.625% coupon priced at par, and the 2041 bonds have a 4.75% coupon priced at par. The 2046 bonds have a 4.875% coupon priced at par, and the 2052 bonds have a 5% coupon priced at par.
The 2010E-2 bonds are due 2011 to 2021 with term bonds due 2026, 2031 and 2042. The serial coupons range from 1.125% to 4.625%, all priced at par. The 2026 bonds have a 5% coupon priced at par, and the 2031 bonds have a 5% coupon priced at 98.718. The 2042 bonds have a 5.25% coupon priced at par.
Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and J.P. Morgan Securities LLC were the senior managers. The co-managers were Barclays Capital Inc., Citigroup Global Markets Inc., Grigsby & Associates Inc., Janney Montgomery Scott LLC, Jefferies & Co., M.R. Beal & Co., Morgan Keegan & Co., Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC.
Proceeds will be used to make new mortgage loans and to refund bonds issued to make multifamily housing mortgage loans.
| Issuer: | Connecticut Housing Finance Authority
|
| Issue: | Series 2010 housing mortgage finance program bonds
|
| Amount: | $131.62 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch, Morgan Stanley & Co. and J.P. Morgan Securities LLC (lead), Barclays Capital Inc., Citigroup Global Markets Inc., Grigsby & Associates Inc., Janney Montgomery Scott LLC, Jefferies & Co., M.R. Beal & Co., Morgan Keegan & Co., Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Nov. 4
|
| Settlement date: | Nov. 10
|
|
|
| $5.74 million series 2010D-1
|
| Amount | Maturity | Type | Coupon | Price
|
| $505,000 | 2013 | Serial | 0.85% | 100
|
| $415,000 | 2013 | Serial | 0.95% | 100
|
| $120,000 | 2014 | Serial | 1.3% | 100
|
| $195,000 | 2014 | Serial | 1.4% | 100
|
| $275,000 | 2015 | Serial | 1.7% | 100
|
| $525,000 | 2015 | Serial | 1.75% | 100
|
| $110,000 | 2016 | Serial | 2.05% | 100
|
| $155,000 | 2016 | Serial | 2.1% | 100
|
| $3.44 million | 2031 | Term | 4.375% | 100
|
|
|
| $71.205 million series 2010D-2
|
| Amount | Maturity | Type | Coupon | Price
|
| $825,000 | 2011 | Serial | 1.125% | 100
|
| $740,000 | 2011 | Serial | 1.25% | 100
|
| $765,000 | 2012 | Serial | 1.5% | 100
|
| $785,000 | 2012 | Serial | 1.6% | 100
|
| $810,000 | 2013 | Serial | 1.8% | 100
|
| $835,000 | 2013 | Serial | 2% | 100
|
| $860,000 | 2014 | Serial | 2.375% | 100
|
| $885,000 | 2014 | Serial | 2.5% | 100
|
| $910,000 | 2015 | Serial | 2.875% | 100
|
| $940,000 | 2015 | Serial | 3% | 100
|
| $970,000 | 2016 | Serial | 3.125% | 100
|
| $995,000 | 2016 | Serial | 3.25% | 100
|
| $1.025 million | 2017 | Serial | 3.75% | 100
|
| $1.055 million | 2017 | Serial | 3.875% | 100
|
| $1.085 million | 2018 | Serial | 4.125% | 100
|
| $1.115 million | 2018 | Serial | 4.125% | 100
|
| $1.15 million | 2019 | Serial | 4.375% | 100
|
| $1.18 million | 2019 | Serial | 4.375% | 100
|
| $2.02 million | 2020 | Serial | 4.5% | 100
|
| $3.34 million | 2020 | Serial | 4.5% | 100
|
| $1.465 million | 2021 | Serial | 4.625% | 100
|
| $1.31 million | 2021 | Serial | 4.625% | 100
|
| $14.885 million | 2026 | Term | 5% | 100
|
| $15.6 million | 2031 | Term | 5% | 98.736
|
| $15.655 million | 2031 | Term | 5% | 113.085
|
|
|
| $9.435 million series 2010D-3
|
| Amount | Maturity | Type | Coupon | Price
|
| $265,000 | 2011 | Serial | 0.673% | 100
|
| $270,000 | 2011 | Serial | 0.894% | 100
|
| $265,000 | 2012 | Serial | 1.015% | 100
|
| $265,000 | 2012 | Serial | 1.103% | 100
|
| $270,000 | 2013 | Serial | 1.186% | 100
|
| $265,000 | 2013 | Serial | 1.275% | 100
|
| $265,000 | 2014 | Serial | 1.375% | 100
|
| $445,000 | 2014 | Serial | 1.592% | 100
|
| $315,000 | 2015 | Serial | 1.764% | 100
|
| $495,000 | 2015 | Serial | 1.82% | 100
|
| $565,000 | 2016 | Serial | 2.124% | 100
|
| $315,000 | 2016 | Serial | 2.308% | 100
|
| $315,000 | 2017 | Serial | 2.449% | 100
|
| $370,000 | 2017 | Serial | 2.708% | 100
|
| $265,000 | 2018 | Serial | 2.949% | 100
|
| $4.8 million | 2018 | Serial | 3.182% | 100
|
|
|
| $13.435 million series 2010E-1
|
| Amount | Maturity | Type | Coupon | Price
|
| $50,000 | 2012 | Serial | 0.7% | 100
|
| $60,000 | 2013 | Serial | 0.9% | 100
|
| $60,000 | 2013 | Serial | 1% | 100
|
| $60,000 | 2014 | Serial | 1.35% | 100
|
| $65,000 | 2014 | Serial | 1.45% | 100
|
| $65,000 | 2015 | Serial | 1.7% | 100
|
| $70,000 | 2015 | Serial | 1.75% | 100
|
| $75,000 | 2016 | Serial | 2.05% | 100
|
| $70,000 | 2016 | Serial | 2.1% | 100
|
| $80,000 | 2017 | Serial | 2.5% | 100
|
| $75,000 | 2017 | Serial | 2.5% | 100
|
| $80,000 | 2018 | Serial | 2.75% | 100
|
| $80,000 | 2018 | Serial | 2.75% | 100
|
| $90,000 | 2019 | Serial | 3% | 100
|
| $90,000 | 2019 | Serial | 3.05% | 100
|
| $90,000 | 2020 | Serial | 3.15% | 100
|
| $100,000 | 2020 | Serial | 3.15% | 100
|
| $95,000 | 2021 | Serial | 3.375% | 100
|
| $105,000 | 2021 | Serial | 3.375% | 100
|
| $1.205 million | 2026 | Term | 3.875% | 100
|
| $1.67 million | 2031 | Term | 4.375% | 100
|
| $2.28 million | 2036 | Term | 4.625% | 100
|
| $3.13 million | 2041 | Term | 4.75% | 100
|
| $1.55 million | 2046 | Term | 4.875% | 100
|
| $2.14 million | 2052 | Term | 5% | 100
|
|
|
| $31.805 million series 2010E-2
|
| Amount | Maturity | Type | Coupon | Price
|
| $195,000 | 2011 | Serial | 1.125% | 100
|
| $645,000 | 2011 | Serial | 1.25% | 100
|
| $440,000 | 2012 | Serial | 1.5% | 100
|
| $460,000 | 2012 | Serial | 1.6% | 100
|
| $465,000 | 2013 | Serial | 1.8% | 100
|
| $490,000 | 2013 | Serial | 2% | 100
|
| $495,000 | 2014 | Serial | 2.375% | 100
|
| $510,000 | 2014 | Serial | 2.5% | 100
|
| $535,000 | 2015 | Serial | 2.875% | 100
|
| $515,000 | 2015 | Serial | 3% | 100
|
| $515,000 | 2016 | Serial | 3.125% | 100
|
| $520,000 | 2016 | Serial | 3.25% | 100
|
| $465,000 | 2017 | Serial | 3.75% | 100
|
| $465,000 | 2017 | Serial | 3.875% | 100
|
| $480,000 | 2018 | Serial | 4.125% | 100
|
| $495,000 | 2018 | Serial | 4.125% | 100
|
| $450,000 | 2019 | Serial | 4.375% | 100
|
| $460,000 | 2019 | Serial | 4.375% | 100
|
| $480,000 | 2020 | Serial | 4.5% | 100
|
| $490,000 | 2020 | Serial | 4.5% | 100
|
| $505,000 | 2021 | Serial | 4.625% | 100
|
| $520,000 | 2021 | Serial | 4.625% | 100
|
| $3.08 million | 2026 | Term | 5% | 100
|
| $7.295 million | 2031 | Term | 5% | 98.718
|
| $10.835 million | 2042 | Term | 5.25% | 98.483
|
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