Published on 4/10/2014 in the Prospect News Municipals Daily.
New Issue: Montana Housing Board offers $71 million of single-family program bonds
By Sheri Kasprzak
New York, April 10 - The Montana Board of Housing priced $71 million of series 2014A single-family program bonds, according to a pricing sheet.
The deal included $15.37 million of series 2014A-1 bonds, $24.63 million of series 2014A-2 bonds and $31 million of series 2014A-3 bonds.
The 2014A-1 bonds are due in 2029 and 2032. The 2029 bonds have a 3.85% coupon and the 2032 bonds have a 3.95% coupon priced at par.
The 2014A-2 bonds are due 2014 to 2016 with a term bond due in 2043. The serial coupons range from 0.25% to 0.85%, all priced at par. The 2043 bonds have a 3% coupon priced at 103.001 to yield 2.35%.
The 2014A-3 bonds are due 2016 to 2025 with a term bond due in 2035. The serial coupons range from 0.65% to 3.375%, all priced at par. The 2035 bonds have a 4.15% coupon priced at par.
The bonds (Aa1/AA+/) were sold through RBC Capital Markets LLC.
Proceeds will be used to finance single-family mortgage loans to qualified Montana residents.
| Issuer: | Montana Board of Housing
|
| Issue: | Series 2014A single-family program bonds
|
| Amount: | $71 million
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | April 10
|
| Settlement date: | May 20
|
|
|
| $15.37 million series 2014A-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,425,000 | 2029 | Term | 3.85% | 100 | 3.85%
|
| $6,445,000 | 2032 | Term | 3.95% | 100 | 3.95%
|
|
|
| $24.63 million series 2014A-2 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $545,000 | 2014 | Serial | 0.25% | 100 | 0.25%
|
| $670,000 | 2015 | Serial | 0.30% | 100 | 0.30%
|
| $870,000 | 2015 | Serial | 0.35% | 100 | 0.35%
|
| $930,000 | 2016 | Serial | 0.75% | 100 | 0.75%
|
| $55,000 | 2016 | Serial | 0.85% | 100 | 0.85%
|
| $21.56 million | 2043 | Term | 3% | 103.001 | 2.35%
|
|
|
| $31 million series 2014A-3 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $895,000 | 2016 | Serial | 0.65% | 100 | 0.65%
|
| $975,000 | 2017 | Serial | 1% | 100 | 1.00%
|
| $1 million | 2017 | Serial | 1.125% | 100 | 1.125%
|
| $1,025,000 | 2018 | Serial | 1.4% | 100 | 1.40%
|
| $1.05 million | 2018 | Serial | 1.55% | 100 | 1.55%
|
| $1,075,000 | 2019 | Serial | 1.8% | 100 | 1.80%
|
| $1.1 million | 2019 | Serial | 2% | 100 | 2.00%
|
| $1.13 million | 2020 | Serial | 2.2% | 100 | 2.20%
|
| $1,155,000 | 2020 | Serial | 2.35% | 100 | 2.35%
|
| $1.18 million | 2021 | Serial | 2.6% | 100 | 2.60%
|
| $1,205,000 | 2021 | Serial | 2.7% | 100 | 2.70%
|
| $1,235,000 | 2022 | Serial | 2.9% | 100 | 2.90%
|
| $1.26 million | 2022 | Serial | 2.95% | 100 | 2.95%
|
| $1.29 million | 2023 | Serial | 3.1% | 100 | 3.10%
|
| $1,325,000 | 2023 | Serial | 3.1% | 100 | 3.10%
|
| $1.36 million | 2024 | Serial | 3.25% | 100 | 3.25%
|
| $1,335,000 | 2024 | Serial | 3.25% | 100 | 3.25%
|
| $1.31 million | 2025 | Serial | 3.375% | 100 | 3.375%
|
| $1.22 million | 2025 | Serial | 3.375% | 100 | 3.375%
|
| $8,875,000 | 2035 | Term | 4.15% | 100 | 4.15%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
