Sorry, you need to enable JavaScript to visit this website.

ocfo

Office of the Chief Financial Officer
 

DC Agency Top Menu

Make in-person appointments at the Recorder of Deeds Office. Learn more here.

-A +A
Bookmark and Share

District CFO Announced Successful Sale of GO Bonds

Thursday, December 6, 2007
District Chief Financial Officer Natwar M. Gandhi today announced the successful sale of General Obligation Bonds and Tax Revenue Anticipation Notes on Wall Street.

(Washington, DC) District of Columbia Chief Financial Officer Natwar M. Gandhi today announced the successful sale of General Obligation Bonds and Tax Revenue Anticipation Notes (TRANs) on Wall Street this week, both selling to very strong receptions in the market.

The TRANs sale completed Tuesday offered $300 million with an interest rate yield of 3.123 percent.  There were eight bids, with the winning bid from Morgan Stanley.  The TRANs sold Tuesday, which will mature at the end of September 2008, will finance the District’s fiscal year 2008 cash flow needs, and will be repaid by the end of the fiscal year.

The general obligation bond sale completed yesterday offered $334 million with an interest rate yield of 4.38 percent.  The offering was very well received, with approximately $37 million in bonds sold to retail purchasers.  The general obligations bonds are longer-term obligations and will support ongoing District capital spending.

“This was a strong week in the marketplace for the District,” said Treasurer Lasana Mack.  “We went into the sales with the ratings agencies assigning the highest possible ratings to the TRANs, affirming our A1 and A-plus ratings, all with stable outlooks, and with preliminary indications of another budgetary surplus for the fiscal year ending September 30, 2007.”

The District’s bonds have most recently been rated:

Fitch  A+
Moody’s  A1
Standard and Poor’s  A+