East Brunswick Board of Education, New Jersey, Uses YieldAuction

East Brunswick Board of Education, New Jersey, placed a $76 million investment using YieldAuction, an Internet auction website developed by Grant Street Group, a fixed income Internet auction house and parent of MuniAuction. Traditionally, government entities and school districts solicit bids from banks and broker-dealers via phone. Using the YieldAuction website, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The $76 million transaction was a "sealed" solicitation consisting of a 395-day $51 million maturity and a 325-day $25 million maturity. Nine broker-dealers submitted a total of 19 offers of agency and treasury securities.