Bond sells at record low rate - KUAM.com-KUAM News: On Air. Online. On Demand.

Bond sells at record low rate

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by Sabrina Salas Matanane

Guam - After returning from marketing the bond in New York and Boston, Governor Eddie Calvo announced this morning that the $235 million of tax refunds bond sold on Wall Street at a record low rate, confirming that tax refunds and a portion of the COLA payments will be released in the first week December.

The Administration and the Guam Economic Development Authority met with 19 institutional accounts, of which over half submitted orders totaling $305.6 million. They state that the competition for the bonds was so well received that the final interest cost came in at a record low of 4.94% as compared to the 6.27% in interest GovGuam has been paying for overdue tax refunds since 1998.

"I am delighted with the news from New York," Governor Calvo said. "The market reception for the BPT bonds sends a strong message that our decision to pay out the tax refunds is being acknowledged as an important element of our overall fiscal stabilization plan."

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