Oregon State Treasury
05/18/2023 | Press release | Distributed by Public on 05/19/2023 07:55
Successful April Bond Sales Generate $323 Million For Veterans Programs, Affordable Housing, And Community Improvement Projects Statewide
Oregon State Treasury Bonds Continue To Garner Significant Interest From Retail Buyers, Locally And Nationally
Salem, OR-Affordable housing, statewide capital improvement projects, the Oregon War Veterans' Fund, and more, are set to receive funding following the successful completion of several bond sales in the month of April by the Oregon State Treasury. In total, the three separately completed offerings will provide over $323 million for statewide programs and local projects.
Treasury bond offerings have continued to garner strong participation from Oregon and national retail investors, a consistent trend throughout 2023. The increased retail engagement has helped broaden the market for Treasury's bond offerings. It has also generated strong oversubscription of recent bond deals, and allowed Treasury to obtain lower-interest costs while navigating volatile market conditions.
Increased retail participation can be attributed to Treasury generating increased visibility through its Buy Oregon Bonds Program and the multi-city investor roadshow conducted earlier this year. Such efforts have been aided by an interest-rate environment that offers investors attractive long-term yield opportunities and a stable mechanism for savings amid uncertain economic times.
"We are excited to offer small denomination bonds for retail investors and are equally thrilled with the robust interest from Oregonians," said Oregon State Treasurer Tobias Read. "Bonds offer individuals a reliable long-term savings opportunity while also providing state and local governments the funding to improve and support our communities."
Coming on the heels of a month in which Treasury issued nearly $1 billion in bonds in March, which resulted in more than $100 million being purchased by Oregon retail investors, the agency is pleased with the continued participation from retail investors.
The separately issued sales were comprised of tax-exempt and federally taxable State of Oregon General Obligation Bonds, Single Family Program Mortgage Revenue Bonds, and Lottery Revenue Bonds.
In the month of April, Treasury successfully completed the following bond issuances:
- Sold $52.4 million in General Obligation - Series E (Veterans' Welfare Bonds) Fixed Rate Bonds. The sale will help provide funding for the Oregon Department of Veterans Affairs' Oregon War Veterans Fund, which facilitates the department's Oregon Veteran's Loan Program.
- Sold $51.2 million in Single Family Program Mortgage Revenue Series A and B Bonds. Funds from the sale will support the Oregon Housing and Community Services Department's Single-Family Mortgage Program.
- Sold $220.0 million in Lottery Revenue Series A and B Bonds. The sale will support 39 community tax-exempt and taxable projects statewide, including but not limited to cultural heritage and performing arts centers, dam replacements, affordable housing for individuals affected by wildfire, and public works and emergency operations centers.
Treasury has additional bond sales planned for the month of May, including an Oregon Department of Transportation (ODOT) Highway User Tax Revenue Bond offering for ODOT's remaining $240 million authorization under Keep Oregon Moving, which is scheduled to sell during the week of May 22nd.
For more information on the Buy Oregon Bond Program and upcoming offerings visit: www.buyoregonbonds.com
About Oregon State Treasury
The Oregon State Treasury improves the financial well-being of all Oregonians. We provide low-cost banking, debt management, and investment programs for governments and empower Oregonians to invest in themselves and their loved ones through the Oregon College Savings Plan, Oregon ABLE Savings Plan, and OregonSaves. Treasury also facilitates the state's Unclaimed Property Program.
Treasury bond offerings have continued to garner strong participation from Oregon and national retail investors, a consistent trend throughout 2023. The increased retail engagement has helped broaden the market for Treasury's bond offerings. It has also generated strong oversubscription of recent bond deals, and allowed Treasury to obtain lower-interest costs while navigating volatile market conditions.
Increased retail participation can be attributed to Treasury generating increased visibility through its Buy Oregon Bonds Program and the multi-city investor roadshow conducted earlier this year. Such efforts have been aided by an interest-rate environment that offers investors attractive long-term yield opportunities and a stable mechanism for savings amid uncertain economic times.
"We are excited to offer small denomination bonds for retail investors and are equally thrilled with the robust interest from Oregonians," said Oregon State Treasurer Tobias Read. "Bonds offer individuals a reliable long-term savings opportunity while also providing state and local governments the funding to improve and support our communities."
Coming on the heels of a month in which Treasury issued nearly $1 billion in bonds in March, which resulted in more than $100 million being purchased by Oregon retail investors, the agency is pleased with the continued participation from retail investors.
The separately issued sales were comprised of tax-exempt and federally taxable State of Oregon General Obligation Bonds, Single Family Program Mortgage Revenue Bonds, and Lottery Revenue Bonds.
In the month of April, Treasury successfully completed the following bond issuances:
- Sold $52.4 million in General Obligation - Series E (Veterans' Welfare Bonds) Fixed Rate Bonds. The sale will help provide funding for the Oregon Department of Veterans Affairs' Oregon War Veterans Fund, which facilitates the department's Oregon Veteran's Loan Program.
- Sold $51.2 million in Single Family Program Mortgage Revenue Series A and B Bonds. Funds from the sale will support the Oregon Housing and Community Services Department's Single-Family Mortgage Program.
- Sold $220.0 million in Lottery Revenue Series A and B Bonds. The sale will support 39 community tax-exempt and taxable projects statewide, including but not limited to cultural heritage and performing arts centers, dam replacements, affordable housing for individuals affected by wildfire, and public works and emergency operations centers.
Treasury has additional bond sales planned for the month of May, including an Oregon Department of Transportation (ODOT) Highway User Tax Revenue Bond offering for ODOT's remaining $240 million authorization under Keep Oregon Moving, which is scheduled to sell during the week of May 22nd.
For more information on the Buy Oregon Bond Program and upcoming offerings visit: www.buyoregonbonds.com
About Oregon State Treasury
The Oregon State Treasury improves the financial well-being of all Oregonians. We provide low-cost banking, debt management, and investment programs for governments and empower Oregonians to invest in themselves and their loved ones through the Oregon College Savings Plan, Oregon ABLE Savings Plan, and OregonSaves. Treasury also facilitates the state's Unclaimed Property Program.