Northeast Refunding Spree

Piazza, Johanna
June 2003
Bond Buyer;6/16/2003, Vol. 344 Issue 31657, p1
Trade Publication
Massachusetts has been ready since the beginning of June 2003 to enter the market with two large deals, a $1 billion advance refunding of state general obligation bonds and a $520 million grant anticipation note refunding. The reinvestment market has gone down a lot faster than the municipal market, creating negative arbitrage. Issuers across the Northeast region and around the country are confused to take advantage of falling rates. When it completes the two advance refunding, Massachusetts will surpass the amount of refunding debt it issued in 2002, when the state issued a total of $2.02 billion in refunding deals.


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