Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Connecticut Offers Most General-Obligations Since September

March 12 (Bloomberg) -- Connecticut, home to hedge fund capital Greenwich, is selling $400 million in general-obligation bonds today and tomorrow, its largest such sale since September.

The state is offering $340 million with a final maturity of 2034, and $60 million in floating-rate securities, according to deal documents. In September, it sold $560 million in general-obligations to plug a deficit.

A Connecticut general-obligation bond maturing in 2026 traded yesterday at an average yield of 3.11 percent, or 0.27 percentage point over benchmark munis, data compiled by Bloomberg show.

Standard & Poor’s grades Connecticut AA, its third-highest investment grade, saying the state has a diverse economic base and a projected $22.3 million surplus for fiscal 2015. Per-capita income in Connecticut was $59,687 in 2012, the highest among states, deal documents show. For the same year, the Nutmeg State was last in the U.S. in economic growth, declining 0.1 percent, S&P said.

Connecticut bonds have gained 1.96 percent so far this year, trailing the 2.76 percent for all munis and 2.62 percent for state general obligations, Barclays Plc data show.

To contact the reporter on this story: Romy Varghese in Philadelphia at rvarghese8@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Mark Schoifet

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.