Investors swamped Denver’s offering of $12 million worth of “mini-bonds” Monday morning.
The bonds, expected to sell in about a week, were gone in an hour. Only Colorado residents could buy the $500 bonds and they were limited to no more than 40 per person.
Denver’s Deputy Mayor and Chief Financial Officer Cary Kennedy says the bond’s success shows Coloradans want to invest in the state.
“These were really attractive investments. They carry the safety and security of city bonds which carries a Triple-A credit rating and we offered very attractive rates,” Kennedy says.
The bonds came in two categories. One offered a 50 percent return in 9 years, the other doubled in value in 14 years. The funds raised are going to fix roads and Denver public buildings.