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District’s lease-revenue bond sale rated well; advisers cite July timing, strong demand
Summary
Financial advisers told the board that a recent lease-revenue bond sale drew strong investor demand, earned high ratings from Fitch and Moody’s and produced a 20-year yield near 4.2 percent, with an optional refinancing in 10 years.
A financial advisory team on Tuesday briefed the Alpine School District Board of Education on a recent lease-revenue bond issuance that advisers said was well received in the market and produced favorable pricing.
Matt Dugdale of Stifel, the district’s financial advisor, told the board the bonds carried a “double A plus” rating from Fitch and a “double A 2” rating from Moody’s. He noted that general-obligation bonds for the district remain at triple-A but that lease-revenue debt typically carries a one-notch differential because…
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