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Executives at Barclays—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...
Harvard’s money managers have said in the past that maintaining the University??s “AAA” credit rating is one of their top priorities. Though many colleges and universities, including Dartmouth, have seen their credit ratings downgraded due to fallout from the economic recession, outsiders remain confident in Harvard’s ability to repay its debt...
...supporters of the University??s sale said at the time that, given the unfavorable financial climate, those bond prices were unavoidable and a product of the credit crunch—and not the result of the University??s actions or financial situation...
...plans to sell a 62.5-acre parcel of land to the Town of Weston, Mass. have been temporarily derailed after engineers discovered high levels of lead and arsenic in the soil, and the sale—nearly a month overdue—has been put on hold until the University??s cleanup of the land...