TITLE

Baltimore Nixes Swap for $75 Million Fixed-Rate Deal

AUTHOR(S)
Newman, Emily
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/4/2003, Vol. 344 Issue 31649, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Maryland and its localities have the ability to swap interest rates on bond sales, and the state is permitted to issue negotiated and variable-rate bonds with effect from June 2003. Fitch Ratings Inc. issued a press release in the last week of May 2003 stating that the city of Baltimore plans to terminate the swaps in favor of issuing fixed-rate revenue bonds. The negotiated sale for swapping the water and wastewater auction-rate notes has grown by about five million dollars. The issue consists entirely of new money, and is insured by Financial Guaranty Insurance Co. Morgan Stanley Capital Services Inc. serves as underwriter for the water-bond sale, and UBS PaineWebber Inc. will underwrite the wastewater bonds.
ACCESSION #
10014736

 

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