With its endowment crushed, Harvard is looking to raise $1.5 billion in the bond market:
Reuters: Harvard College on Friday launched a $1.5 billion three-part taxable bond offer with Goldman Sachs, Morgan Stanley and JPMorgan acting as lead managers, according to IFR.
The Triple-A-rated university is planning to sell $500 million in 5-year, 10-year and 30-year notes, with all maturities expected to price at a yield spread of 337.5 basis points over comparable Treasuries, said IFR, a Thomson Reuters service.
Even with the decline, Harvard still has a lot of money, but a lot of it is probably fairly illiquid — stuck in hedge funds and private equity deals that will take some time to unwind.
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