Synthetic Debt Strategy

McDonald, Michael
June 2004
Bond Buyer;6/21/2004, Vol. 348 Issue 31909, p1
Trade Publication
Reports that the administration of New York Governor George E. Pataki has asked state agencies to approve up to two billion dollars of synthetic variable-rate debt swaps. Names of agencies asked; Aim of helping the state ton control state-supported debt service costs; Plan to do deals with Wall Street banks and enter into contracts that would change the interest rate exposure on existing fixed-rate bonds to a floating-rate derived from the swap market.


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