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Citizen's Bonds Sell Out Quickly

Vermont’s latest offering of Citizen’s Bonds sold out in a matter of hours this week and according to State Treasurer Beth Pearce the sale was driven by strong interest from Vermonters, who are given first priority.  Citizen’s Bond sales totaled $25 million.  94 percent of that amount was purchased by Vermont retail investors. The bonds were available in denominations of $1,000.

The Citizen’s Bonds were one of three bond offerings this week.  The state also sold $42.8 million of Series B bonds and $18.9 million of Series C bonds.  These were sold on a competitive basis to large institutional investors.  13 bids were submitted for the Series B bonds and the winning offer came from Wells Fargo.  The Series C bond offering fielded 12 bids, and was won by Morgan Stanley.

According to the treasurer’s office the Citizen’s Bonds and Series B bonds will be used to finance a variety of projects, including the new Waterbury State Office Complex and the Vermont State Hospital, which were damaged in Tropical Storm Irene.

The Series C bonds will be used to refinance existing bonds.