By Sheri Kasprzak
New York, April 26 - The Maryland Community Development Administration sold $90.825 million of series 2011 residential revenue bonds (Aa2//AA), according to an official statement released Tuesday.
The offering included $70.825 million of series 2011A non-AMT bonds and $20 million of series 2011B non-AMT indexed-rate bonds.
The 2011A bonds are due 2012 to 2023 with term bonds due in 2026, 2030 and 2041. The serial coupons range from 0.375% to 4.25%. The 2026 bonds have a 4.75% coupon priced at par, and the 2030 bonds have a 5.125% coupon priced at par. The 2041 bonds have a split maturity with a 5% coupon priced at 105.972 and a 5.375% coupon priced at par.
The 2011B bonds are due March 1, 2036 and bear interest at the Sifma rate plus 95 basis points priced at 99.5.
Merrill Lynch was the senior manager for the 2011A bonds and the sole underwriter for the 2011B bonds. J.P. Morgan Securities LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, M&T Securities Inc. and Morgan Stanley & Co. Inc. were the co-managers for the 2011A bonds.
Proceeds will be used to make mortgage loans.
| Issuer: | Maryland Community Development Administration
|
| Issue: | Series 2011 residential revenue bonds
|
| Amount: | $90.825 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch (lead for 2011A and sole for 2011B); J.P. Morgan Securities LLC; RBC Capital Markets LLC; Loop Capital Markets LLC; M&T Securities Inc.; and Morgan Stanley & Co. Inc.
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | April 20
|
| Settlement date: | May 5
|
|
|
| $70.825 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.05 million | 2012 | Serial | 0.375% | 100
|
| $1.06 million | 2012 | Serial | 0.60% | 100
|
| $1.065 million | 2013 | Serial | 0.80% | 100
|
| $1.07 million | 2013 | Serial | 1.125% | 100
|
| $1.075 million | 2014 | Serial | 1.50% | 100
|
| $1.08 million | 2014 | Serial | 1.625% | 100
|
| $1.09 million | 2015 | Serial | 4.00% | 107.8
|
| $1.105 million | 2015 | Serial | 2.00% | 100
|
| $1.12 million | 2016 | Serial | 4.00% | 107.36
|
| $1.13 million | 2016 | Serial | 2.625% | 100
|
| $1.15 million | 2017 | Serial | 4.00% | 105.988
|
| $1.16 million | 2017 | Serial | 3.00% | 100
|
| $1.18 million | 2018 | Serial | 3.25% | 100
|
| $1.205 million | 2018 | Serial | 3.375% | 100
|
| $1.22 million | 2019 | Serial | 3.625% | 100
|
| $1.24 million | 2019 | Serial | 3.75% | 100
|
| $1.265 million | 2020 | Serial | 3.875% | 100
|
| $1.29 million | 2020 | Serial | 3.875% | 100
|
| $1.32 million | 2021 | Serial | 4.00% | 100
|
| $1.34 million | 2021 | Serial | 4.00% | 100
|
| $1.375 million | 2022 | Serial | 4.125% | 100
|
| $1.405 million | 2022 | Serial | 4.125% | 100
|
| $1.425 million | 2023 | Serial | 4.25% | 100
|
| $1.465 million | 2023 | Serial | 4.25% | 100
|
| $7.85 million | 2026 | Term | 4.75% | 100
|
| $12.47 million | 2030 | Term | 5.125% | 100
|
| $20.62 million | 2041 | Term | 5.00% | 105.972
|
| $1 million | 2041 | Term | 5.375% | 100
|
|
|
| $20 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Sifma plus 95 bps | 99.5
|
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