New York's $2.3B Tobacco Sale Seeks to Sublimate the Stain

Albano, Christine
June 2003
Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p7
Trade Publication
New York Tobacco Settlement Financing Corp. will conclude the pricing of 2.3 billion dollars of debt in June 2003 that is being marketed strictly as a state appropriation-backed issue, with little emphasis on the tobacco revenues underlying the bonds. Market participants are at odds over the credit characteristics of the deal. The New York bonds, meanwhile, are structured as fixed-rate serial maturities from 2004 to 2022, and the deal will also contain a 215 million dollars insured auction-rate maturity in 2023.


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