Battered Harvard Seeking $1.5 Billion In The Bond Market


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.

(via Eddy)

See also:
Harvard Endowment Demolished: Down $8 Billion, 22% Through October