Word: bondingly
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Dates: during 1980-1989
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Siguler also praised Putnam's effective use of bond issues to finance campus-wide improvements, and his deep commitment to Harvard...
Over the last three years, Harvard has floated two major bond issues to finance building projects--$350 million for the Medical Area Total Energy Plant (MATEP) in Boston and $229 million for the House renovations and other improvement projects around the University--as well as a handful of smaller issues which make up the largest debt any university has ever owed...
...degree of sophistication. The Management Company is a $6 million-a-year operation employing a staff of 90, keeping 88 percent of Harvard's $2.5 billion endowment. Lately HMC has moved into risky areas where universities never dared trod--venture capital, stock options and futures, complex bond arbitrage operations--and has even pioneered a scenario (called "stock lending") where it lends short-term securities like bonds to private investors. Harvard takes the cash those investors pay and deposits it at market rates of return--a double-edged way of boosting endowment by having money in the bank and bonds...
...company's different businesses flow at separate paces. Harvard's stock holdings tend to turn over at the rate of about 25 percent a year, while bond holdings rotate as many as four times in a given 12-month period. Down on the fourth floor, Harvard's trust and gift department, headed by Assistant Treasurer Henry J. Ameral, deals with the 10 or 12 real estate-oriented gifts that come in each month, like individual houses, plots of land or shares in a building. Almost all of it gets appraised and sold. The private placement department, which handles Harvard...
...roundabout, tricky way. Last year $176 million came into Texas's $2.3 billion endowment from the fields, but all the income from the principal of the endowment was spent. W.L. Lobb, who oversees Texas's endowment, says that all endowment income gets spent each year paying off old bond issues the universities have taken out for construction and operations...