Fairfield Receives Competitive Rates In $46.1 Million Bond And Note Sales

FAIRFIELD, CT — Fairfield officials reported competitive interest rates following the sale of $41.7 million in bonds and $4.5 million in notes, citing strong credit ratings from Moody’s Investors Service and S&P Global.

According to the town, the bond sale attracted 13 bids from firms including Raymond James, Hilltop Securities, Mesirow, Oppenheimer, BNY Mellon and JPMorgan. Raymond James submitted the winning bid with an interest rate of 3.36 percent.

Town officials said the top five bond bids were separated by three basis points, or 0.03 percentage points.

The town also received eight bids for its short-term notes. Hilltop Securities submitted the winning bid with an interest rate of 2.68 percent, narrowly ahead of Fidelity Capital Markets.

Proceeds from the bond and note sales will be used to finance several projects, including general-purpose, school and sewer initiatives. The settlement date is scheduled for July 2, when the funds will become available to the town.

"We’re delighted with these results, as they allow us to keep debt service costs low and ease the financial strain on our taxpayers," First Selectperson Christine Vitale said in a statement.

Matthew Spoerndle, senior managing director of Phoenix Advisors and the town’s municipal advisor, attributed investor interest to Fairfield’s credit ratings.

"The strong investor demand for these offerings was supported by Fairfield’s exceptional credit ratings," Spoerndle said. "Fairfield’s longstanding commitment to sound financial management, combined with the strength and vitality of the local economy, helped produce outstanding results that will benefit Fairfield taxpayers for years to come."