The Official Website of the Treasurer and Receiver General of Massachusetts

Treasurer Timothy Cahill

Buy Massachusetts Bonds

Thank You for Visiting the Buy Massachusetts Bonds Website


Thank you for visiting the Buy Massachusetts Bonds Website and expressing interest in investing in Commonwealth bonds.  There are no current bond sales open to individual investors but I am very pleased to provide a summary of our recent transactions.

I encourage you to visit our website regularly and to enroll in our Debt Management mailing list to be notified of future Commonwealth bond sales.
 

  • The Commonwealth has entered the municipal market four times in Fiscal 2009 with long-term financings, three of which for new money purposes
  • The considerable success of these sales has been largely by the demand generated by retail investors

  • September 4th - $652.79 million General Obligation Bonds, Consolidated Loan of 2008, Series A
    • Opportunistically accessed the market one week before market events drove interest rates drastically higher
    • Sold more than $311 million in bonds to individual investors during an early retail-only order period
    • All-in cost of borrowing was a low 4.24%

 

  • November 19th - $544.29 million General Obligation Refunding Bonds, 2008 Series A
    • Over $300 million of the $544.29 million offering was placed in the hands of retail investors
    • The all-in cost of the borrowing was approximately 4.61%, low considering the post-Lehman bankruptcy state of the markets

 

  • February 19th - $525 million General Obligation Bonds, 2009 Series A
    • With volatility continuing in both the taxable and tax-exempt markets, the Commonwealth successfully replaced BANs (Bond Anticipation Notes) sold in December when long-term rates were very high
    • Sold more than $205 million in bonds to individual investors, equal to nearly 40% of the total deal
    • All-in cost of borrowing was 4.25%

 

  • May 20th - $628.44 million General Obligation Bonds, 2009 Series B,C, & D
    • Despite the lower absolute level of yields, the Commonwealth successfully sold $378 million during 1.5 day retail-only order period, equal to 60% of the total tax-exempt bonds sold (both negotiated and competitive)
    • All-in tax exempt cost of borrowing was 3.96%
    • Lowest cost-of-borrowing ever for a Commonwealth fixed rate transaction with bonds maturing in 20+ years

 

  Sincerely,

Timothy P. Cahill
State Treasurer & Receiver General