What is the opportunity?
The State of Oregon Housing and Community Services Department is expected to come to market with $87 million1 in Mortgage Revenue 2018 Series C Non-AMT Mortgage Revenue Bonds ("the Bonds").
The State of Oregon Housing and Community Services Department is issuing Bonds to provide funds to the Department to i) make, purchase or otherwise finance mortgage loans relating to single family owner-occupied housing in the State; ii) to purchase Guaranteed Mortgage Securities secured or backed by such Mortgage Loans; iii) to make deposits in various accounts established under the Indenture and; iv) to pay the costs of issuing Bonds.
The Bonds are special revenue obligations of the State of Oregon and are secured by a pledge of and security interest in all Revenues, as defined in the Indenture, the proceeds of the sale of Bonds, all right, title and interest of the Department in and to the Mortgage Loans and related mortgage notes and mortgages, the Guaranteed Mortgage Securities and all other moneys in the Accounts established by or pursuant to the Indenture. The Bonds are not general obligation indebtedness of the State of Oregon or any political subdivision thereof. Neither the full faith and credit nor the taxing power of the State of Oregon or any political subdivision thereof is pledged to payment of the Bonds. See the Preliminary Official Statement for further details.
The bonds are rated Aa2 by Moody's.2
Municipal bonds can be subject to optional call features, and term bonds can have a Mandatory Sinking Fund feature. Before placing an order, please review the structure on the day of the pricing.
The bond sale offers attractive benefits to individual investors, including prices and yields that match those available to institutional investors and the potential for stable income through the call dates. And, for Oregon residents, federal and state tax-exemption on the bond coupon payments.
How to place an order
The offering is expected to price the week of August 13,1 although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders onlineLog In Required or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts or visit our Municipal Bond New Issue Offerings page.