CLEVELAND MUNICIPAL SCHOOL DISTRICT Note Sale Pricing Results
The days from issuance to maturity of these Notes was not consistent. This is not unusual among municipal Note issuers but tends to distort sequential re-offering comparisons. Of immediate positive observation: the School District has attracted major financial bidders for its Notes. We used both the Delphis Hanover Aaa-100 one-year bond yield and the weekly Bond Buyer one-year MIGI index for evaluation comparisons. Both measures indicate that within the periods of issuance these Notes sold at fair market value. MIG1 rated Notes cover a wide spectrum of credit assessment all of which obtain investment qualification status. The 101 basis point spread from MIG1 for the Notes sold on 12/16/08 was a reflection of the financial crisis occurring at that time.
Published on May 14, 2014