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Affluent Connecticut Suburb Issues $115 Million in Securities

By Munichain News Desk

Greenwich, Connecticut, sold $115 million in debt to finance a variety of capital improvements.

The town issued both serial bonds and bond anticipation notes. The serials, consisting of $40 million, mature between 2025 and 2029, yielding between 2.28% and 2.84%. The bond anticipation notes, consisting of $75 million, mature on February 6, 2025, and yield 2.98%. The securities received a rating of Aaa from Moody’s Investors Service and AAA from S&P Global Ratings.

“The Aaa issuer rating reflects the town’s exceptionally strong resident wealth and economy, which is signified by a median family income and full value per capita that are among the strongest in the nation,” Moody’s analysts wrote.

Greenwich is the closest town in Connecticut to New York City and one of the wealthiest towns in the NYC area. It has a population of 63,000 and a median family income of more than $229,000, according to census data. That wealth translates to the highest concentration of taxable property in the state; Greenwich collects far more in taxes than comparably sized towns. Greenwich can use that revenue to secure larger bond insurances than other towns of its size.

The 2024 issuance is a general obligation of the town, backed by its full faith and credit. 

J.P. Morgan Securities LLC won a competitive bid for the bonds. Jefferies LLC won a competitive bid for the notes. Munistat Services, Inc acted as municipal advisor.

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