FAIRFIELD – The Town of Fairfield’s recent $41.68 million New Money bond and $4.45 million notes sales yielded competitive interest rates, according to First Selectperson Christine Vitale.
There were 13 bidders, including such firms as Raymond James, Hilltop Securities, Mesirow, Oppenheimer, BNY Mellon, and JP Morgan. Raymond James made the winning bid, with an offer of 3.36%. The bids from the top five firms fell within a narrow range of only three (3) basis points (0.03%) indicating a stable market with strong demand for the town’s bonds.
A total of eight bids were submitted for the short-term notes, with the winning rate of 2.68% made by Hilltop Securities, narrowly edging out Fidelity Capital Markets by less than one basis point.
“The strong investor demand for these offerings was supported by Fairfield’s exceptional credit ratings,” said Matthew Spoerndle, Senior Managing Director of Phoenix Advisors and the Town’s municipal advisor. “Fairfield’s longstanding commitment to sound financial management, combined with the strength and vitality of the local economy, helped produce outstanding results that will benefit Fairfield taxpayers for years to come.”
The proceeds from these bonds and notes will be used to finance several projects, including a number of general-purpose, school, and sewer initiatives. The settlement date for the sale is July 2, after which the funds become available.
“We’re delighted with these results, as they allow us to keep debt service costs low and ease the financial strain on our taxpayers,” First Selectperson Christine Vitale said.
