(Washington, DC) - Chief Financial Officer Natwar M. Gandhi today announced the sale of $270 million in income tax-backed bonds.

Orders for the triple-A rated bonds totaled $333 million – or 125 percent – making it the largest percentage of retail participation in District history. The second day of the sale was canceled because all bonds were sold on the first day of the planned two-day sale.

The average interest rate was 3.39 percent, with yields ranging from a low of 1.04 in 2011 to a high of 4.41 in 2028.

The bonds will be used to refund general obligation bonds with higher interest rates. Total savings will be $31.5 million through fiscal year 2029 from the cost of the refunded bonds.

In March, the District made its first income tax bond offering. The plan was to sell $445 million of the AAA-rated bonds over two days, but the response was so positive that the offering was increased to $800 million, making it one of the largest municipal bond offerings this year. The average interest rate is 4.84 percent.

Information about the bond offering is found at buyDCbonds.com.