(click for ratings information - AA+/Aa1/AA+)
On Monday, March 17, 2014, the Commonwealth of Massachusetts launched MassDirect Notes, a new program that provides individual investors with direct access to new-issue Massachusetts general obligation bonds.
Through the MassDirect Notes program, bonds will be available to retail investors as well as governmental entities during two weeks of nearly every month. This new and innovative rolling offering, like the Commonwealth’s investor disclosure and investor-dedicated website, underscores the Commonwealth’s dedication to transparency and efficiency in its debt issuance practices for the benefit of all investors interested in Massachusetts bonds.
Each month the Commonwealth is expected to offer up to six different maturities of fixed-rate tax-exempt general obligation bonds to investors over a two-week period with a subsequent closing and delivery of securities shortly after the offering. During the first week, three maturities will be offered with daily re-pricing and allotment of bonds. During the second week, a new group of different maturities will be offered. Like the bonds sold in the first week, the prices/yields of the bonds sold in the second week are expected to change daily.
While bonds will still need to be purchased from a registered broker-dealer, the Commonwealth will be utilizing an electronic bond trading platform called TMC Bonds to offer and distribute the bonds through a distribution system of over 800 firms and 120,000 investment advisors. The goal of using an open-architecture trading platform to sell the MassDirect Notes is to broaden the offering to more individual investors nationwide.
The MassDirect Notes have been assigned ratings of AA+, Aa1, and AA+ by Fitch Ratings, Moody’s Investor Services, and Standard & Poor’s, respectively. Click here for more ratings information.
Please contact your financial advisor for information on purchasing these bonds. A current POS for the 2014 MassDirect Notes Series 3 and 4 general obligation bonds can be viewed here.
THIS WEBSITE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO SELL OR BUY ANY SECURITIES. OFFERS TO PURCHASE THE BONDS OR NOTES MAY ONLY BE MADE THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.
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The information contained on this website has been included for general informational purposes only and is provided without warranty of any kind and, in particular, no representation or warranty, express or implied, is made or is to be inferred as to the accuracy, reliability, timeliness or completeness of any such information. The information presented on this website speaks only as of the date the information was prepared and has not been updated since that date and as a result, may not address all factors which may be material to an investor and may contain omissions of fact or statements that are not accurate because of the passage of time or changes in facts or circumstance subsequent to the date of such information. Consequently, no person should make any investment decision in reliance upon the information contained on this website.
Use of External Links
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