DETROIT: A retail charity bond offer has closed after hitting its target of $53.8 million earlier than expected. The funds will be used for affordable housing development programs.
The charitable association expected the bond offer to run from 31 March to 27 April. Instead they were able to close it on 17 April.
The bonds pay a fixed rate of interest of 4.4% a year and are expected to mature in 2025. Eight institutional investors provided around $26.9 million, with the other half coming from individual retail investors.
This is the second bond to be issued through the…