The recent sale of UConn 2000 Program bonds sparked record demand from buyers and resulted in $455 million in orders, the highest level of retail orders on any UConn 2000 Program bond issuance in its 24-year history, State Treasurer Shawn T. Wooden said Thursday.
The $279 million UConn 2000 Program bond sale also set a new record low overall interest of 2.19% and will save taxpayers $29 million by refinancing existing bonds, according to Wooden.
Retail investors had priority during a two-day retail order period on Dec. 4 and 7. In addition, institutional investors placed orders for $365 million of bonds on Dec. 8, bringing total orders to $820 million.
“Today’s record-setting demand for UConn bonds shows market confidence in UConn and the State of Connecticut,” said Scott Jordan, UConn executive vice president and chief financial officer. “When you invest in UConn, you invest in the people of Connecticut, in Connecticut’s economy, and in scholarship and research with benefits far beyond our borders.”
The Treasurer’s Office also announced this week that ratings agencies had decided to keep the state’s credit ratings stable ahead of major bond offerings due to the state’s fully funded budget reserve fund.