The Iowa Finance Authority is aiming to broaden its investor appeal with a new financial information portal that debuted ahead of a $97 million single-family housing transaction and $250 million state revolving fund deal.
The investor website lays out the 45-year-old authority’s programs, their ratings, upcoming deals, projects being funded, offering documents and sale dates as well as authority contact information.
“It’s a one-stop shop so information for investors is easier to find. We thought it would be worthwhile to have everything in one place,” authority chief financial officer Cindy Harris said of the site powered by the Boston-based financial technology firm BondLink. The authority’s existing website is designed for the general public with a focus on projects.
“Our goal is to build long-term investor relationships that will allow us to optimize our pricing, reduce borrowing costs and ultimately pass those savings along to homebuyers and communities in need of water infrastructure improvements,” said executive director Debi Durham.
The authority is selling $97 million of single family mortgage bonds the week of Jan. 20. Morgan Stanley is the lead underwriter. Moody’s Investors Service this week assigned the program bonds its Aaa rating. Moody’s and S&P Global Ratings have assigned top ratings to past deals under the program.
The authority will issue $250 million of state revolving bonds the week of Feb. 10. Citi is the lead underwriter. Past bonds under the program have carried top ratings from Fitch Ratings, Moody’s and S&P.
The authority carries issuer credit ratings of AA-plus from S&P, which upgraded the rating by one notch last April, and Aa2 rating from Moody’s. The authority last year sold $168 million of single family bonds and $258 million of SRF bonds, according to Harris.
The agency also serves as a statewide conduit for not-for-profit borrowers, but the investor portal will be limited to borrowing programs led by the authority. Because the state is a rare issuer and its borrowing is typically done through Treasurer Michael Fitzgerald, authority issuance offers the most frequent opportunity for investors looking for Iowa paper.