Delaware, one of a handful of states to receive top bond ratings from the three major credit agencies, has launched an
The site features more than 4,000 pages of data and documents for investors. BondLink, a Boston-based financial technology company, powered the platform.
State officials hope to enhance transparency for investors, according to Delaware Secretary of Finance Richard Geisenberger.
“As one of the top-rated issuers in the market, our continued commitment to transparency enables us to optimize our borrowing costs,” he said.
Fitch Ratings, S&P Global Ratings and Moody's Investors Service all rate Delaware's general obligation bonds Triple-A with stable outlooks. The state has roughly $2 billion of debt outstanding, according to its 2017 comprehensive annual financial statement.
The rating, said Fitch, "is derived from its considerable economic resources, which have grown through deliberate policies to maintain a climate attractive to banking and related entities, and strong financial operations that are supported by proactive management and institutionalized protections designed to ensure surplus operations."
BondLink’s clients include California, Chicago and the University of Texas.
High ratings are not enough in today’s market, said BondLink chief executive Colin MacNaught.
“Ratings are secondary to the need to engage investors directly,” said MacNaught, a former Massachusetts assistant treasurer for debt management. “The state of Delaware is a sophisticated issuer and is moving to incorporate more technology in order to reach a broader audience.”
MacNaught founded BondLink along with chief technology officer Carl Query. Its top investors include Franklin Templeton Investments.
