Fairfield bond and note sale achieves ‘exceptional’ interest rates

Fairfield-bondnotesale

The town recently held a bond and note sale, which netted ‘exceptional’ interest rates. Shown, from left, are (standing) town Treasurer Helen D’Avanzo, First Selectman Mike Tetreau, Selectman Cristin McCarthy Vahey, (sitting) Chief Fiscal Officer Robert Mayer and Matthew Spoerndle of Phoenix Advisors.

The Fairfield Bond Committee, which consists of the Board of Selectmen, town Treasurer Helen D’Avanzo and Fiscal Officer Robert Mayer, participated in an $11,500,000 bond sale and a $14,030,000 note sale, resulting in “exceptional” interest rates, according to First Selectman Michael Tetreau.

The Bond Committee unanimously approved the note sale to JP Morgan, the winning firm that bid 0.117 percent. The committee also unanimously approved the bond sale to UBS Financial, the winning firm that bid 2.856 percent.

“The town is extremely pleased with the highly successful outcome of [the] bond and note sale,” Tetreau said. “I thank our fiscal management team for their sound management that has resulted in the town being able to fund projects with these low rates that will save taxpayer dollars.”

Frank Cleary of Pullman & Comley, the town’s bond counsel, and Matthew Spoerndle of Phoenix Advisors, the town’s financial advisor, were also present at
the auction.

“The town should be very pleased with the results of today’s very successful sale,” Spoerndle said. “Clearly, the town’s exceptional bond ratings had a great impact on the rates.”

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