MassDirect Notes

MassDirect Notes
(click for ratings information - AA+/Aa1/AA+)

On Monday, March 17, 2014, the Commonwealth of Massachusetts launched MassDirect Notes, a program that provides individual investors with direct access to new-issue Massachusetts general obligation bonds.

Through the MassDirect Notes program, bonds will be available to retail investors as well as governmental entities during two weeks of nearly every month. This new and innovative rolling offering, like the Commonwealth’s investor disclosure and investor-dedicated website, underscores the Commonwealth’s dedication to transparency and efficiency in its debt issuance practices for the benefit of all investors interested in Massachusetts bonds.

Each month the Commonwealth is expected to offer up to six different maturities of fixed-rate tax-exempt general obligation bonds to investors over a two-week period with a subsequent closing and delivery of securities shortly after the offering. During the first week, three maturities will be offered with daily re-pricing and allotment of bonds. During the second week, a new group of different maturities will be offered. Like the bonds sold in the first week, the prices/yields of the bonds sold in the second week are expected to change daily.

While bonds will still need to be purchased from a registered broker-dealer, the Commonwealth will be utilizing an electronic bond trading platform called TMC Bonds to offer and distribute the bonds through a distribution system of over 800 firms and 120,000 investment advisors. The goal of using an open-architecture trading platform to sell the MassDirect Notes is to broaden the offering to more individual investors nationwide.

The MassDirect Notes have been assigned ratings of AA+, Aa1, and AA+ by Fitch Ratings, Moody’s Investor Services, and Standard & Poor’s, respectively. Click here for more ratings information.

Please contact your financial advisor for information on purchasing these bonds. A current POS for the 2014 MassDirect Notes Series 14 and 15 general obligation bonds can be viewed here.

Visit our FAQs for answers to the most common questions about MassDirect.

LEGAL DISCLAIMER

THIS WEBSITE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO SELL OR BUY ANY SECURITIES. OFFERS TO PURCHASE THE BONDS OR NOTES MAY ONLY BE MADE THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.

This website is designed to provide the viewer with general information only and no person should make any investment decision in reliance upon the information contained herein.

Content Disclaimer

The information contained on this website has been included for general informational purposes only and is provided without warranty of any kind and, in particular, no representation or warranty, express or implied, is made or is to be inferred as to the accuracy, reliability, timeliness or completeness of any such information. The information presented on this website speaks only as of the date the information was prepared and has not been updated since that date and as a result, may not address all factors which may be material to an investor and may contain omissions of fact or statements that are not accurate because of the passage of time or changes in facts or circumstance subsequent to the date of such information. Consequently, no person should make any investment decision in reliance upon the information contained on this website.

Use of External Links

By clicking on any of the external links, you will leave the BUY MASSACHUSETTS BONDS / MASSDIRECT NOTES website managed by the Massachusetts State Treasurer’s Office and enter external websites via external links contained on this website.

The viewer acknowledges that the content of these external websites have not been prepared or developed and are not maintained by or under the control of the State Treasurer’s Office. These external websites have not been checked for accuracy, or otherwise reviewed by the State Treasurer’s Office and in some cases may not have been viewed by the State Treasurer’s Office.

The State Treasurer’s Office is not responsible for and shall have no liability for the content of any external websites, including the linked websites for brokers selling Massachusetts General Obligation Bonds.

Disclaimer of Endorsement

The State Treasurer’s Office does not endorse and makes no representations or warranties as to the accuracy, completeness, finality, timeliness or relevance of any information on any of the external websites.

By choosing to continue and view the information contained on this website, you are acknowledging that have read and understand this Disclaimer.

Disclaimer

You must read the following information before using this website. Under no circumstances shall the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an Official Statement.

The information contained on this website has been included for general informational purposes only. The information set forth is limited in scope and does not contain all material information concerning the Commonwealth's bonds or notes or the Commonwealth necessary to make an informed investment decision. No person should make an investment decision in reliance on the information contained herein. Each document contained on this website speaks only as of its date. Readers are cautioned not to assume that any information has been updated beyond such date unless a document expressly states that it constitutes an update of a specific portion of a document. Past results do not necessarily forecast future results. Certain financial information and operating data, as well as information regarding certain material developments with respect to the Commonwealth and its securities, may be filed with the Municipal Securities Rulemaking Board Electronic Municipal Market Access (EMMA).

This website contains certain forward-looking statements that are subject to a variety of risks and uncertainties that could cause actual results to differ from the projected results, including without limitation general economic and business conditions, conditions in the financial markets, the financial condition of the Commonwealth and various state agencies and authorities, receipt of federal grants, litigation, arbitration, force majeure events and various other factors that are beyond the control of the Commonwealth and its various agencies and authorities. Because of the inability to predict all factors that may affect future decisions, actions, events or financial circumstances, including, in particular, current adverse global financial market and economic conditions, what actually happens may be different from what is set forth in such forward-looking statements. Forward-looking statements are indicated by use of such words as “may,” “will,” “should,” “intends,” “expects,” “believes,” “anticipates,” “estimates” and others.

Bonds may not be sold, nor may an offer to buy be accepted, prior to the time an Official Statement is delivered in final form. A definitive Official Statement with respect to any bonds will be made available concurrently with their sale. A Preliminary Official Statement for any bonds may be obtained on this website and from the firms listed on the cover of the Preliminary Official Statement.

Any Preliminary Official Statement relating to bonds or notes included on the Consolidated Bond Sale Calendar page is provided only as a matter of convenience. For investment advice on bonds, please contact your investment advisor. No statement found on this website is incorporated by reference in any Official Statement for the bonds and no statement on this website is part of any Official Statement. By choosing to continue and view the information on this website you are acknowledging that you have read and understood and accept the terms of this Disclaimer.

The information on this website is provided “as is.” The Commonwealth does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or fitness for a particular purpose. The Commonwealth will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this website. Although the information provided to you on this website is obtained or compiled from sources the Commonwealth believes to be reliable, the Commonwealth cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither the Commonwealth, nor any third party vendor will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of the Commonwealth or of any vendor providing software or services support. In no event will the Commonwealth, its affiliates or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind even if the Commonwealth or any other party have been advised of the possibility thereof.

CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by Standard & Poor’s Financial Services LLC on behalf of The American Bankers Association. The CUSIP numbers are included solely for the convenience of owners of the Bonds. The Commonwealth and the State Treasurer's Office are not responsible for the selection or the correctness of the CUSIP numbers listed herein. CUSIP numbers assigned to securities may be changed during the term of such securities based on a number of factors, including, but not limited to, the refunding or defeasance of such securities or the use of secondary market financial products.

By clicking on any of the CUSIP numbers provided, you will be leaving the website managed by the Massachusetts State Treasurer's Office and enter external websites. These links are provided as an information service only. The viewer acknowledges that the content of these external websites have not been prepared or developed and are not maintained by or under the control of the State Treasurer's Office.

The State Treasurer's Office does not endorse and makes no representations or warranties as to any of the content, information, products, services or opinions contained on EMMA. The State Treasurer's Office bears no responsibility and shall have no liability for the content of any external websites and the accuracy, completeness, finality, timeliness or relevance of any information on any of the external websites. While EMMA purports to provide real time trading activity, the State Treasurer's Office cannot ensure the accuracy and timeliness of such information. It is the responsibility of the viewer to evaluate the content and usefulness of information obtained from other websites.

To view our website, please read the disclaimers and information below and click ‘agreed’ at the end to note that you read and understanding the following:

LEGAL DISCLAIMER

This website is designed to provide the viewer with general information only and no person should make any investment decision in reliance upon the information contained herein.

Content Disclaimer

Use of External Links

By clicking on any of the external links, you will leave the BUY MASSACHUSETTS BONDS website managed by the Massachusetts State Treasurer’s Office and enter external websites via external links contained on this website.

The State Treasurer’s Office is not responsible for and shall have no liability for the content of any external websites, including the linked websites for brokers selling Massachusetts General Obligation Bonds.

Disclaimer of Endorsement

By choosing to continue and view the information contained on this website, you are acknowledging that have read and understand this Disclaimer.

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MassDirect Notes