Will County Treasurer Steve Weber announced that his office has sold a portion of the county’s investment portfolio in order to take advantage of short-term gains in the bond market. The move resulted in a gain of $26,478 more than had the investment matured in February 2014.

On October 17, 2013, Bank of America tendered an offer to repurchase $4-billion worth of its own outstanding debt obligations. Of the sixteen (16) separate investments in the offer, the Treasurer’s Office held approximately $2.1-million worth in its short-term investment portfolio.

“We made more money for the county by accepting this offer than we would have had we waited for the investments to mature,” Weber said, “By working with our financial partners, we are making the most of the taxpayer’s money and hopefully reducing the cost of county government in the process.”

“We can take advantage of opportunities such as these,” Weber added, “Not only have we made money for county taxpayers, we reduced any risk associated with holding these investments.”

Exceeding Benchmarks for Two Years

As of September 30, 2013, the county’s investment had a market value of $254-million. The Treasurer’s Office has invested $190.1-million in fixed income securities such as Treasury Bonds, Agency Bonds, and Commercial Notes. The remaining balance is invested in bank Money Market Accounts or held as cash.

Investment yield on the portfolio, including cash, is 84.2 basis points (0.842%) and has exceeded benchmark for 24 consecutive months.

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