By Sheri Kasprzak
New York, Aug. 25 - The Texas Department of Housing and Community Affairs priced $87.955 million of series 2011B non-AMT residential mortgage revenue bonds, according to a pricing sheet.
The bonds (Aaa/AA+/) were sold through senior managers Morgan Stanley & Co. Inc. and Morgan Keegan & Co. Inc. The co-managers were George K. Baum & Co., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Ramirez & Co. Inc.
The bonds are due 2012 to 2022 with term bonds due in 2026, 2030 and 2034. The serial coupons range from 0.3% to 3.5%, all priced at par. The 2026 bonds have a 4.05% coupon priced at par, and the 2030 bonds have a 4.45% coupon priced at par. The 2034 bonds have a 4.25% coupon priced at 129.728.
Proceeds will be used to provide funds for the purchase of mortgage-backed pass-through certificates backed by qualifying FHA-insured or VA- or RDA-guaranteed mortgage loans or conventional mortgage loans made to eligible borrowers for single-family housing in Texas.
| Issuer: | Texas Department of Housing and Community Affairs
|
| Issue: | Series 2011B non-AMT residential mortgage revenue bonds
|
| Amount: | $87.955 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Morgan Keegan & Co. Inc. (lead), George K. Baum & Co., J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Citigroup Global Markets Inc., Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $640,000 | 2012 | Serial | 0.3% | 100
|
| $1.4 million | 2013 | Serial | 0.6% | 100
|
| $1.405 million | 2013 | Serial | 0.7% | 100
|
| $1.415 million | 2014 | Serial | 1% | 100
|
| $1.425 million | 2014 | Serial | 1.1% | 100
|
| $1.44 million | 2015 | Serial | 1.3% | 100
|
| $1.455 million | 2015 | Serial | 1.35% | 100
|
| $1.47 million | 2016 | Serial | 1.8% | 100
|
| $1.49 million | 2016 | Serial | 1.9% | 100
|
| $1.51 million | 2017 | Serial | 2.15% | 100
|
| $1.53 million | 2017 | Serial | 2.25% | 100
|
| $1.55 million | 2018 | Serial | 2.55% | 100
|
| $1.575 million | 2018 | Serial | 2.6% | 100
|
| $1.6 million | 2019 | Serial | 2.85% | 100
|
| $1.63 million | 2019 | Serial | 2.9% | 100
|
| $1.66 million | 2020 | Serial | 3.1% | 100
|
| $1.69 million | 2020 | Serial | 3.1% | 100
|
| $1.72 million | 2021 | Serial | 3.3% | 100
|
| $1.755 million | 2021 | Serial | 3.3% | 100
|
| $1.79 million | 2022 | Serial | 3.5% | 100
|
| $1.825 million | 2022 | Serial | 3.5% | 100
|
| $16.24 million | 2026 | Term | 4.05% | 100
|
| $15.14 million | 2030 | Term | 4.45% | 100
|
| $24.6 million | 2034 | Term | 4.25% | 129.728
|
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