The Connecticut Housing Finance Authority (CHFA) accelerated a recent bond sale when its offering was oversubscribed, the agency said recently.

CHFA sold $116 million of its 2015 Subseries C-1 and C-2 fixed rate bonds last week and said the remaining $45 million in variable-rate bonds will be sold by the Aug. 6 closing.

Although the agency originally planned a two-day sale, it received more than $266 million of orders for the bonds, so it accelerated the sale in order to eliminate market risk. Because of the high demand, CHFA was also able to reduce the coupon of various maturities by 5 and 10 basis points, in turn allowing the agency to offer below-market rate interest rates to its borrowers. The agency uses the proceeds from the bond sale to finance its single-family mortgage program.

"This is a clear recognition of CHFA’s creditworthiness, and our mission to alleviate the shortage of affordable housing in Connecticut," Interim Executive Vice President Norbert Deslauriers said in a statement.

CHFA said it has sold about $345 million in bonds to support its housing programs this year.

The agency maintains a AAA rating with Standard & Poor’s and a Aaa rating with Moody’s Investor Services.

Citi is the Lead Senior Manager for the fixed-rate offering and RBC Capital Markets is the Senior Manager for the variable-rate offering.