Word: marketeers
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Dates: during 2010-2019
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...cachet of the Harvard brand name came into play on the bond market when the University sold $480 million of debt last week and beat benchmark interest rates—an indication that the University’s bonds remain in high demand despite Harvard’s budgetary troubles...
...longest-term bonds issued this week were priced to yield 4.02 percent over 24 years, or 0.3 percent lower than the benchmark for securities of similar quality. The below-market yield means that Harvard will pay investors less interest than average on its tax-exempt debt, but the exact savings to the University were not available this week...
...which headed a group of five investment banks that managed the bond sale—said in interviews with The Crimson last week that Harvard’s bonds were particularly appealing to investors given the University’s excellent credit rating and its strong reputation in the market. A high level of demand tends to drive down the yield on bonds...
...executives said they considered the below-market rates on Harvard’s latest debt issuance unusual but not surprising, in part due to the University’s strong brand name...
Last year, in the midst of the financial crisis, Harvard sold $2.5 billion worth of bonds at a higher yield and received scrutiny for issuing debt during an unfavorable financial climate. A Forbes cover story suggested that Harvard was at a disadvantage in the bond market because it acted in a “cash-raising panic...