Bond Sale Rate Makes History For Aaa-Rated Fairfield
First Selectman Mike Tetreau announced that the Town’s Bond Committee, which consists of the Board of Selectmen, Town Treasurer Helen D’Avanzo and Fiscal Officer Robert Mayer, participated in a $20,311,000 Bond Sale and a $20,432,000 Note Sale resulting in exceptional interest rates. Frank Cleary, of Pullman & Comley LLC, the Town’s Bond Counsel, and Matthew Spoerndle of Phoenix Advisors, the Town’s Financial Advisor, were also present at the auction.
The Bond Committee unanimously approved the Bond Sale to JP Morgan, the winning firm that bid 2.026%, the lowest rate in the Town’s history.
First Selectman Tetreau expressed “Our thanks to Mr. Spoerndle and Phoenix Advisors for their help in achieving this bond sale at this historically low interest rate.” Spoerndle added, “The results of the bond and note sales go to show the high level of demand for AAA rated municipal issuers. Fairfield’s maintenance of the highest possible rating from all three agencies was certainly beneficial to the success of the offering.”
The Bond Committee also unanimously approved the Note Sale to Morgan Stanley, the winning firm that bid 0.555%.
Chief Fiscal Officer Robert Mayer said, “We are very pleased with the results of the sales. We were able to issue at a time when rates reached an all-time low - near 2% for our 20-year bonds, resulting in the lowest possible cost to Fairfield taxpayers.”