NU Online News Service, Jan. 28, 2005, 4:15 p.m. EST
A nonprofit foundation will be selling notes that benefit charities and other nonprofit organizations electronically.[@@]
The Bank of New York Companies Inc., New York, has agreed to sell notes issued by the Calvert Social Investment Foundation, Bethesda, Md., through the trading system run by the Depository Trust & Clearing Corp., New York.
The deal means that the Calvert foundation will be marketing its Calvert Community Investment Notes through one of the major electronic trading systems used to sell conventional stocks and bonds.
The Calvert foundation began issuing the notes in 1995. Since then, the notes have raised $250 million from 2,000 individual and institutional investors. The notes have helped finance more than 100,000 jobs for low-income workers and the construction or rehabilitation of 6,000 homes, the foundation says.
Availability through a standard electronic trading system could lead to a big expansion of the market for the notes, the foundation says.