October 5, 2016 / 5:16 PM / a year ago

Harvard University bond yields shaved in repricing

Oct 5 (Reuters) - Yields on $1.548 billion of Harvard University revenue bonds fell mostly by 2 to 3 basis points when the debt was repriced on Wednesday.

The top yield was shaved by two basis points to 2.73 percent for bonds due in 2040 with a 5 percent coupon. Even though the bonds are rated AAA, that final yield was 43 basis points over Municipal Market Data’s triple-A yield scale due to a make-whole call provision, according to MMD.

The 1.60 percent yield on bonds due in 2026 was 8 basis points over the scale.

The bonds were issued through the Massachusetts Development Finance Authority and initially priced by underwriters led by Goldman, Sachs & Co on Wednesday and then repriced to reflect investor demand. (Reporting By Karen Pierog; Editing by Bernard Orr)

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