Financing the Perception of Safety

HJ Sims Logo

In the summer of 2020, HJ Sims participated in the Senior Living COVID-19 Sentiment Report, which surveyed over 4,000 current and prospective senior living community residents to assess their thoughts and feelings at the beginning of and during the COVID-19 pandemic. The old saying of “You don’t know what you’re missing until you try it” is something that rang true in the results.

Continue reading

Market Commentary: Go For It and Dream

HJ Sims Logo

by Gayl Mileszko

Alena Wicker is one of several thousand applicants who just received the life-altering news of her acceptance to college. What makes her stand out is that she graduated from high school at the age of 12 and, for the past 8 years, has had the goal of becoming a NASA engineer. She is pursuing a double major in astronomical and planetary science and chemistry and, if all goes well, her dream will come true when she turns 16. Alena, who begins her studies this summer at Arizona State University. is not the youngest person ever to enroll in and graduate from college. That record is held by Michael Kearney, also homeschooled, who was accepted at the University of South Alabama at the age of eight, graduated in 1994 with a bachelor’s degree in Anthropology at the age of 10, and taught college courses while earning masters degrees in chemistry and computer science by the age of 18. But Alena says she is proof that the stars are the limit if you put your mind to it. In an inspiring message for a pandemic-weary world, she reminds us that: “It doesn’t matter what your age or what you’re planning to do. Go for it, dream, then accomplish it.”

Arizona State University is also the site of another dream come true during COVID-19. After more than five years of planning and 500 laborers on a site that broke ground in February 2018, a new $252 million non-profit intergenerational living and lifelong learning life plan community for older adults opened to its first residents on December 28 just before the start of the spring semester.  Mirabella at ASU was built by bonds on land in the heart of downtown Tempe owned by the university and features 246 independent living units, 52 health care units, an indoor pool, wellness center, physical therapy gym, theater, art museum, lecture hall, salon, spa, dog park, valet parking and four restaurants. It is 20 stories tall with environmentally friendly features and overlooks the Tempe Butte and South Mountain, providing new homes for those with an average age of 76 who are being challenged to become “master learners” by taking one of 117 classes and having full access to the university library, faculty seminars, sporting events, and all the amenities available on the nearby campus. So far fifteen percent of residents have signed on to become mentors for some of the 70,000 students on the largest of ASU’s five campuses. Although other retirement communities with ties to Oberlin College, Stanford University, Berry College, the University of Florida and the University of Michigan, or those planned by universities such as SUNY Purchase, may argue, ASU President Michael Crow dubbed Mirabella at ASU “the world’s coolest dorm.”

Big dreams and bright futures for college frosh, lifelong learning retirees, and millions of others have by no means been quashed by the COVID-19 pandemic. The CNN/Moody’s Analytics “Back-to-Normal” Index currently registers at 83% but hopes and expectations across the country are much higher as vaccinations now total 111 million and the $1.9 trillion stimulus was just signed into law by President Biden. The American Rescue Plan comes on the heels of the $900 billion December aid package and included $40 billion for public and private institutions of higher education, with at least half going toward emergency grants for students, $8.5 billion for rural hospitals, $8 billion for airports, $14 billion for airline payroll support, $30 billion to mass transit, $350 billion in state and local government aid, $1,400 per person stimulus checks for eligible individuals and families, $242 billion of supplemental unemployment insurance through September, and $5 billion for small business. As reflected by the party-line vote, many stimulus provisions were not without controversy. Democrats dubbed it the “largest anti-poverty measure in a generation” while Republicans called the bill a “blue state bailout” and “slush fund that has nothing to do with COVID”, estimating that only 7% of the funding in the bill was directed to fighting the coronavirus through public health spending, and arguing that the excessive spending puts the economy in serious danger of overheating. Moody’s estimates that the Plan could add up to 7 million jobs.

Financial markets have taken a sunnier view of the hundreds of billions that continue to rain down on America and, like much of the country, appear to be betting on a huge post-pandemic boom. The markets long ago assumed passage of another two trillion stimulus without much concern for the details as economic data continues to reflect a recovering economy with only slight inflation and a very upbeat consumer profile. The stock market was jittery again last week in response to a fourth week of rising Treasury yields but closed with the Dow at record highs. Volatility as measured by the CBOE VIX has fallen 28% this month to 20.03. U.S. Treasuries continued their selloff, and auctions for $120 billion of 3-, 10- and 30-year bonds met with some mixed investor demand. Midway through March, the 2-year Treasury yield at 0.15% is up 3 basis points, the 10-year yield at 1.60% is up 20 basis points, and the 30-year at 2.36% is up 21 basis points.

Amid astonishing levels of corporate bond issuance, demand has not tapered off. Last week alone saw $53.5 billion of investment grade corporate issuance and $15.6 billion of high yield corporate sales. Investors did pull $5.33 billion from high yield corporate funds last week but added $1.1 billion to municipal bond funds. There was a fairly heavy new issue muni calendar at $10 billion yet municipal bond prices ended higher as the massive stimulus was seen as supporting sectors across the board, reducing fears of deteriorating credits and the likelihood of increasing defaults. Talk in Washington of the Administration’s plans for tax and infrastructure measures also served to buoy the outlook for tax-exempts. So far this month, AAA general obligation muni benchmarks are down across the board: the 2-year at 0.09% is down 10 basis points, the 10-year at 1.02% is down 12 basis points, and the 30-year at 1.65% is down 15 basis points. This week’s calendar is expected to exceed $10 billion but, once again, with very little in the way of yield offered to income-seeking investors who are reliant on their financial advisors and brokers to patiently sift through secondary market offerings for gems.

The markets remain highly sensitive to Federal Reserve announcements, what is said and not said, and how the statements are phrased. The greatest fears are of rate hikes and inflation coming too soon and too fast. Some traders fear a drop in liquidity if the Fed starts to taper its $120 billion per month bond-buying program now that nine of the emergency lending programs have expired and three more will end on March 31. Without much else to focus on for now, investors clung onto every word, pause and tone in Wednesday’s press conference. Housing starts, building permits, new and existing home sales data, several fourth quarter earnings releases and IPO activity are also drivers for a week where some dream, others accomplish, and a few—as always at this time of year—caution “Beware the Ides of March”.

Exclusive Opportunities For Our Clients

Market Commentary: Miracle Vaccines Pave the Road to Recovery

HJ Sims Logo

by Gayl Mileszko

Albert Martin Gitchell was a 28-year-old self-employed butcher living in Ree Heights, South Dakota who was drafted into the U.S. Army as a cook and stationed at Camp Funston, a military reservation of 54,000 troops in Fort Riley, Kansas during World War I. On March 11, 1918, he woke up complaining of a bad cold with a sore throat, headache and muscular pains. He was hospitalized with a 104 degree fever and became the first documented case of the Spanish Flu in the U.S. By noon that day, 107 of Private Gitchell’s fellow soldiers were also admitted for treatment. Within three weeks, more than 1,100 were sick enough to require hospitalization and thousands more were sick in barricades.

By April of 1920, more soldiers had died from the 1918 flu than were killed in battle during the war. Conditions including global troop movements, overcrowding, and poor hygiene helped to spread the flu in waves as it mutated. By the time the pandemic ended in 1921, there were 500 million cases and 50 million deaths worldwide with an extraordinarily high mortality in healthy people in the 20- to 40-year age group. The average life expectancy in America plummeted by a dozen years as there was no vaccine to protect against influenza infection and no antibiotics to treat secondary bacterial infections. Microscopes were unable to see something as incredibly small as a virus until the 1930s. The first licensed flu vaccine and mechanical ventilator did not appear in America until the 1940s. Over the course of the deadly 1918 pandemic, 675,000 Americans perished. The 1918 virus in fact remained the seasonal flu strain until 1958 and it was not until 90 years later, in 2008, that researchers announced what made it so deadly: a group of three genes enabled the virus to weaken a victim’s bronchial tubes and lungs and clear the way for bacterial pneumonia.

One Hundred Years Later, Another Deadly Pandemic

One hundred years after the Fort Riley admission, an unnamed 35-year old man entered an urgent care clinic in Snohomish County, Washington with a four-day history of cough and fever after his return from a family visit to Wuhan, China. He was the first confirmed U.S. case of the novel coronavirus. Hospitalized with viral pneumonia, he was placed in an isolation pod, treated with supplemental oxygen, and put on Remdesivir. Like Private Gitchell a century before, he was lucky and survived. Five days after the experimental treatment, he was discharged. But within two weeks, the first COVID fatality occurred in Santa Clara, California. Twelve months later, more than 28.8 million U.S. cases have been confirmed and more than 523,000 have died. Americans have lost one year of average life expectancy as a result of this virus that has reached around the globe faster than any pandemic in history. And despite all the advances in intensive care, antiviral drugs, and global surveillance over time, the most effective measures have remained the same as in 1918: social isolation, masks, sanitation, quarantines and good nursing care.

Unprecedented Speed of Vaccine Development

Vaccine development is a long, complex process that often takes ten to twelve years of public and private investment and is characterized by a failure rate as high as 93%. The mumps vaccine held the previous record at four short years. But, after 30 years and untold billions of spending, there is still not an AIDS vaccine effective enough to be licensed. So, the speed with which researchers and pharmaceutical companies have responded to the 2019 Pandemic is unprecedented and nothing short of miraculous. As of this writing, 92.1 million vaccines have already been administered. Daily hospitalizations have declined by 74% from the high on January 5. Daily deaths have declined 87% from the high on April 15 and 84% from the most recent peak on February 12.

Lifting Restrictions One Long Year Later

The Centers for Disease Control announced this week that people who were fully vaccinated two weeks ago can now meet safely indoors in small groups without masks. They can dine indoors, hug unvaccinated grandchildren and visit with others who have no pre-existing conditions. Officials still recommend against large events and travel. They still advise wearing masks and social distancing in public spaces, but some states such as Texas, Wyoming and Mississippi, and some companies like Albertsons’s have removed the mask mandate. The White House now says that all American adults will be able to get a vaccination by the end of May and 69% of the public intends to get a vaccine – or already has.

Long-Term Care Facilities

Most attention is, of course, still focused on COVID’s impact on long term care facilities. These include some 28,900 assisted living communities and 15,600 nursing homes with a combined 2.7 million licensed beds, 5 million residents and 1.5 million workers. The COVID Tracking Project reports 1.3 million cases and 174,474 deaths have been reported in 33,639 of these locations as of March 4, 2021. COVID has had an estimated $15 billion impact on senior living communities but this is a needs-based industry and the increasing needs of our aging population will continue to drive its recovery and growth. A recent survey of prospective residents and their adult children by ASHA found that the appeal of senior living communities has actually increased. Since vaccinations began in December, the great news is that there has been a 90% drop in COVID cases in these facilities from 30,000 per week to 3,000, according to the American Health Care Association (AHCA). 80% to 90% of long-term care residents have taken the vaccine in the past three months and many providers are now reporting zero cases. The concern is with staff acceptance, which is still averaging only about 40%. But AHCA and LeadingAge have set a target of June 30 for having 75% of care-providing staff vaccinated.

Vaccine Hesitancy

In 2019, the World Health Organization named vaccine hesitancy – a reluctance or refusal to vaccinate – as one of the ten biggest health threats facing the world. Although the vast majority of Americans (81% according to a recent Pew Research Survey) continue to view the coronavirus outbreak as a major threat to the economy, the Census Bureau reports that 23% will either probably or definitely not get vaccinated. Several of the factors involved include complacency, inconvenience, fear, and lack of confidence. Some believe that natural immunity is more effective than a vaccine, others are worried about safety given the limited amount of research conducted, particularly on pregnant women and women of childbearing years. The U.S. Conference of Catholic Bishops questions one vaccine’s moral permissibility, saying it was developed, tested and produced using abortion-derived cell lines. Quite a few among those we know worry about side effects, tolerability, and long-term effects on immune systems. There are millions who do not get vaccines in general, do not think they need it, are afraid that personal information collected will be used for immigration-related purposes, or have been alarmed by past mistakes in the medical care system. Researchers point out that human evolution has hard-wired us for laziness, so some of us simply don’t want to look into the science, navigate confusing websites, or wait in line.

Issues with Vaccine Mandates

In order to provide safe conditions for customers, safe working environments, reduce illness and hospitalization-related workforce shortages, and return to normal operating practices, employers are reviewing rulings and guidance from the Occupational Safety and Health Administration and the Equal Employment Opportunity Commission. While awaiting availability as well as more data from the FDA and CDC on the efficacy and duration of immunity for the three vaccines currently available, most companies are encouraging but not mandating vaccinations or proof of vaccination as a condition of employment. There is a legal question as to whether an employer can mandate a vaccination that only has the FDA’s emergency use authorization. But to incentivize individuals and groups to take the vaccine, some companies are requiring an educational session to inform decision-making, offering cash bonuses, holding raffles or giveaways. McDonald’s is providing four hours of paid time and Trader Joe’s is giving two hours’ worth of pay. Target offers $15 each way for staff who use Lyft to get to their appointments. Other employers are lessening PPE requirements or eliminating daily temperature checks for those receiving full doses. 

Some companies like Atria Senior Living decided to make vaccinations a mandatory condition of employment for its 11,000 workers. Quite a few other enterprises see a competitive advantage in being able to claim that all employees have been vaccinated and may try to adopt a compulsory inoculation requirement. But collective bargaining agreements may mean negotiations with unions are necessary. And under the Americans with Disabilities Act, workers who do not want to be vaccinated for medical reasons can request an exemption; employers would have to provide reasonable accommodation, such as allowing the employee to work remotely. In addition, if taking the vaccine is a violation of a “sincerely held” religious belief, these workers would also potentially be able to opt out Under Title VII of the Civil Rights Act of 1964. 

Liability

If an employer does choose to mandate the COVID vaccine, experts say that a company is not generally liable should an employee develop side effects from a vaccine; any claims would likely be routed through worker’s compensation programs and treated as an on-the-job injury. Immunity laws and orders offering certain protection from lawsuits arising from the pandemic vary widely by state. Provisions may apply to injuries, deaths, care decisions, and/or property damage, may apply only during the declared emergency, and generally make exceptions for gross negligence and willful misconduct.

Impact on the Municipal Bond Market

A recent study by the Federal Reserve Bank of St. Lois found that the COVID-19 pandemic has affected the U.S. municipal bond market on several different fronts. Demand for municipal bonds had been steady and strong for years as investors sought to meet safety, income and after-tax return goals but perceived risk spiked and a wave of selling began once the pandemic was declared. Bids were disconnected from the fundamental value of many bonds. Prices suffered their biggest weekly decline in 33 years. Yields increased sharply in March of 2020 until the Fed announced that it would accept bonds as collateral for certain loans and established a Municipal Liquidity Facility. Increased expenditures including unemployment aid and health services, along with a decrease in revenue associated with the extension of tax filing deadlines, had an immediate impact on states but most had built up large reserves as a result of ten years of economic growth.

After a period of considerable stress across all sectors in the primary and secondary markets, investors came to realize the essentiality of services such as water, power, and sewer, the value of stable revenue streams, and the difference between full faith and credit pledges versus unsecured corporate bond pledges as bankruptcies began to mount. But high-risk issuers including health care facilities, senior living facilities, sports and entertainment complexes, public transit, and college dormitories were hard hit as were communities reliant upon tourism. Federal relief packages and talk of more aid helped to buoy the market. Debt sales began increasing again in June 2020 as concerns over credit fundamentals eased and the liquidity crisis resulting from huge outflows from mutual and exchange-traded funds ended. Revenue disruptions persist in certain sectors including airports, toll roads and senior care facilities but these are expected to be temporary.

The Muni Market Today

Demand continues to outpace tax-exempt supply, fundamentals remain generally strong, and more federal stimulus is on the way to bolster state, city, airport, school, college and public transit finances. But the size of the latest proposed aid package, along with strong economic data, have raised concerns for inflation, which in turn has produced fresh volatility in stock and bond markets.  Many of the sectors experiencing the greatest stress one year ago, including life care and student housing, are still struggling. Bloomberg Intelligence reports that nine credits with par value of $595 million have become distressed so far this year versus four at this time last year with par value of $171 million. Twelve bonds with par value of $842 million have defaulted in 2021 while the first two months of 2020 saw only $73 million of defaults.  Nevertheless, the vast majority of bonds in the $3.9 trillion muni market are paying on time and in full. Rates are still near historic lows, so borrowers continue to enter the market with new money and refunding issues. Investors have added $24.1 billion to municipal bond mutual funds and ETFs bringing asset totals to $956 billion. The new Administration and Democratic House and Senate bring the potential for tax policy changes; the mere talk of hikes increases the value of tax-exempt securities.

The 2-year AAA municipal general obligation bond yield at 0.13% is 6 basis points lower than where it began the month of March, 1 basis point below where it started the year, and 50 basis points below where it stood one year ago.  The 10-year benchmark yield at 1.11% is 3 basis points lower in March, 30 basis points higher than where it stood at the new year, and 15 basis points above the yield on March 5, 2020. The 30-year yield at 1.76% has fallen 4 basis points this month but is 37 basis points higher on the year and 20 basis points higher than where it stood last year at this time. Municipals have outperformed Treasury counterparts so far in March, year-to-date and over the past year. High yield municipals are returning 1.69% so far this year, leading all fixed income performance with the exception of convertible bonds.

Last week, HJ Sims brought a $102.1 million non-rated deal for Fountaingate Gardens to construct 129 independent living entrance fee units adjacent to the campus of Gurwin Healthcare System on Long Island. Bonds were issued through the Town of Huntington Development Corporation in New York and structured with three term maturities with a maximum yield of 5.375% in 2056. We believe that this is only the second new senior living construction project to come to market since December of 2019 and the strong market reception reflected investor support for this essential service sector. Among other high yield transactions, the Indiana Finance Authority sold $88.8 million of Caa2/B- rated bonds due in 2026 for United States Steel priced at par to yield 4.125%. The South Carolina Jobs-Economic Development Authority issued $17.1 million of non-rated bonds for Horse Creek Academy in Aiken that featured 2055 term bonds priced at par to yield 5.00%. The Public Finance Authority sold $13.6 million of non-rated bonds due in 2051 for Discovery Charter School in Bahama, North Carolina that priced at par to yield 5.50%.

We at HJ Sims understand that this virus is going to be with us for a very long time, even after the pandemic phase passes, and that the life we knew in 2019 will not return in the same form. But today we are heartened by the pace of vaccinations, the dramatic drops in case counts, hospitalizations and deaths, the positive economic trends, the daily announcements of school, restaurant, life care community and stadium re-openings, the recognition of the need for critical infrastructure improvements, the introduction of fantastic new technologies to make our lives safer, the number of non-profits and for-profits reaching out for advice on refinancings for savings and new projects in line with long-term plans that address coming demographic changes. We encourage all readers to take the time to become better informed on the available vaccines and treatments, on how to help build a collective defense against the virus, and on how to encourage family, friends, colleagues and staff to do the same. We thank all the unsung heroes among our readership and, as always, invite information exchanges with our HJ Sims representatives.

Exclusive Opportunities For Our Clients

ALG Senior

Based out of Hickory, North Carolina, ALG Senior is a best in class senior living owner, operator and developer, operating more than 150 independent living, assisted living and memory care communities in eight states, with a total of more than 12,500 beds under its management.

Continue reading

Market Commentary: Angels of the Battlefield

HJ Sims Logo

by Gayl Mileszko

As the Civil War began, many women began collecting bandages and supplies for their troops. Among those who felt called to do more was a 40 year-old recording clerk in the U.S. Patent Office in Washington, D.C. Clarissa Harlowe Barton, who preferred to be called Clara, headed directly to the battlefields to cook for and comfort wounded Union soldiers. She read to them, wrote letters on their behalf, fed and prayed with them and, without any formal training, nursed them as she solicited and organized wagon loads of supplies then learned how to store and distribute them. Clara had already braved new worlds as a woman who taught school at a time when almost all teachers were men, and as one of the first women to work in the federal government. But her wartime efforts were seen as otherworldly, and she became known as the “Angel of the Battlefield”. Her efforts later took on international acclaim as a result of her service in Franco-Prussian war zones with volunteers for the International Red Cross. She came home to lobby for the Geneva Treaty, and to found and lead the American Red Cross until she retired in 1904 at the age of 83. More than a century later her legacy continues on through the many angels in nursing and personal care uniforms who believe as she did: “You must never so much as think whether you like it or not, whether it is bearable or not; you must never think of anything except the need, and how to meet it.”

Nancy Whitley, a direct descendant of Clara Barton, was so inspired by her life that she formed a home health care service in Clara’s home state of Massachusetts back in 1997. Barton’s Angels is one of more than 400,000 home care agencies now assisting the elderly and disabled with personal care, housekeeping, health care advocacy, meal preparation, and companionship in their own homes. Home care is a $97 billion market, a key segment in the health care continuum, and among the fastest growing healthcare industries in the U.S. with more than 1.8 million workers. Demand from those who prefer having assistance at home rather than congregate care is expected to grow significantly as 40% of seniors over age 65 need help with at least some daily activities, and ten thousand people are turning 65 every day. Family and friends serving as unpaid caregivers may not be able to provide the type of care needed for the length of time required. Many states have made their Medicaid programs more flexible, extending home-based care to more people. In the pandemic era, we have encountered an astonishing number of angels on the front lines. Providers have begun caring for those with much more acute needs while skilled nursing facilities continue to serve as many as 1.5 million with clear need for 24/7 care.

Home care and skilled nursing were among the many topics covered at last week’s 18th Annual Late Winter Conference. Several hundreds of our colleagues in senior care joined us virtually for informative presentations and enlightened discussions throughout the day. Over the course of the coming weeks, we will share many of the highlights from our panels and keynote speaker. All were of course interested having our capital markets update. It was only one week ago, but many things have since changed.

The biggest monthly rise in U.S. bond yields since 2016 in mid-February had all the markets struggling to find their footing and direction. Uncertainty and fears of higher rates and inflation took hold, triggering a new round of volatility. The Dow swung more than 1,000 points over three days amid the selloff in global bond rates. As the latest draft stimulus bill continued to inch through Congress, its size at nearly $2 trillion had all investors envisioning the massive Treasury debt sales that will be required to pay for the economic relief measure and all its assorted add-ons as vaccination rates increased, new case counts declined, and economic data came in better than expected. Those Treasury auctions held during the last week of the month were very poorly received. Even without action on the stimulus, the pace of the recovery appeared a lot stronger to traders than to Federal Reserve officials, who tried to calm markets by saying that higher rates would not alter monetary policy. It was a very familiar refrain but it met this time with a very skeptical crowd. The month, however, ended with the Russell 2000 up 6.1%, Dow up 3.2%, the S&P 500 up 2.6% and the Nasdaq up 0.9%. Oil prices climbed nearly 18% to $61.50 a barrel while gold fell 6% to $1,734 an ounce. Bitcoin prices swings looked alluring to some but quite dangerous to others.

Municipal bonds have been operating in a rosy world separate and apart from other markets, with tax-exemption and relative credit quality shielding them from the harsher elements affecting stocks and most other bonds. Higher yielding munis and corporates have been in great demand, and remain so, despite the sudden selloff over the past two weeks. The 2-year AAA general obligation bond was the least affected; yields rose by only 8 basis points to 0.19%. But the 10- and 30-year benchmark yields jumped by a whopping 45 basis points to 1.14% and 1.80%, respectively rose over the course of the month. The increase still leaves munis in the historically low range but nevertheless exceeded the jump in Treasury yields which, for the 2-year was only 2 basis points, but for the 10-and 30-year maturities meant 34 basis points. BAA-rated corporate bonds maturing in 10 years saw yields increase by 30 basis points from 2.75% to 3.05%.

This week, HJ Sims is in the market with a $103 million non-rated tax-exempt municipal bond financing for Fountaingate Gardens to construct 129 independent living entrance fee units adjacent to the campus of the Gurwin Healthcare System in Commack, New York on Long Island. This first week of March is expected to see about $8 billion of new money and refunding issues in total. Municipal bond volume exceeded $30 billion in February but was down 24% for the first two months when compared to 2020 and included $10.3 billion of taxable municipal bonds. Muni buyers are particularly starved for paper as investors have poured $20.3 billion into mutual funds and $3.9 billion into ETF’s so far this year but we have recently seen only a handful of financings with yields over 3%. Grand View Hospital in Pennsylvania came with $285 million of BB+ rated bonds priced with a coupon of 5.00% to yield 3.33% in 2054. Sunrise Retirement Community in Iowa had a $21 million non-rated financing that priced at 5.00% to yield 4.67% in 2051. Pulaski Academy in Arkansas sold $19.5 million of non-rated taxable refunding bonds convertible to tax-exempt in 2028 with a 2039 maturity priced at 3.00% to yield 2.70%. Riverwalk Academy in South Carolina borrowed $13.4 million in a 30-year non-rated transaction with bonds priced at par to yield 5.125%. And Pineapple Cove Classical Academy in West Melbourne, Florida offered one of the highest maximum yielding bonds at 6.356% due in 2056, but only $11.2 million were available.

Exclusive Opportunities For Our Clients