Pennsylvania Turnpike Readies $240M Forward Swap

D'Ambrosio, Jill
August 2004
Bond Buyer;8/4/2004, Vol. 349 Issue 31940, p5
Trade Publication
Reports on the move by the Pennsylvania Turnpike Commission on August 4, 2004 to price a synthetic fixed-rate swap on $240 million in revenue bonds expected to be issued in 2006. Intention of locking in interest rates before they rise further; Comments of Nikolaus Grieshaber, director of treasury management for the Turnpike Commission.


Related Articles

  • An Empirical Examination of Call Option Values Implicit in U.S. Corporate Bonds. Tao-Hsien Dolly King // Journal of Financial & Quantitative Analysis;Dec2002, Vol. 37 Issue 4, p693 

    This study examines call option values implicit in U.S. corporate bonds from 1973 to 1994. The average call option value is 2.25% of par. Over time, call values remain close to zero until one year before the first call date, reach a maximum at the beginning of the callable period, and slowly...

  • Louisiana Launches a Forward-Looking Bond. Lemov, Penelope // Governing;Apr2007, Vol. 20 Issue 7, p56 

    The article reports on the decision of Louisiana to use the forward-delivery contract and the competitively bid interest rate swap in marketing its $485 million municipal bond. It notes that the state used a forward-delivery contract because it knew what it planned to do with the bond money and...

  • TXU tops card ABS, despite timing issues. K.D. // Asset Securitization Report;5/31/2004, Vol. 4 Issue 22, p8 

    Reports on the launching of TXU Electric's stranded cost asset-backed securities. Re-pricing of the TXU Electric Delivery Transition Bond series 2004-1; Efficiency of all fixed-rate structure, pricing off swaps; Credit rating.

  • DERIVATIVES & STRUCTURED PRODUCTS.  // Bond Buyer;6/22/2004, Vol. 348 Issue 31910, p6 

    Presents charts depicting swap prices of bonds as of June 18, 2004 in the U.S.

  • Duration and Interest Rate Risk for a Binomial Interest Rate Stochastic Process. Bierwag, Gerald O. // Canadian Journal of Administrative Sciences (Canadian Journal of;Jun2000, Vol. 17 Issue 2, p115 

    Presents a study which examined duration measures devised for the Ho-Lee binomial bond-pricing stochastic process and interest rate risk. Discussion on binomial interest rate movements; Risk of insolvency; Decision of investors on risk insolvency.

  • Why European short-term interest rates will rise. Norman, Mike // Futures: News, Analysis & Strategies for Futures, Options & Deri;Jun94, Vol. 23 Issue 6, p30 

    Focuses on interest rates and bond prices in Europe. Belief by many investors that interest rates will go lower; Signal when to sell Euromarks.

  • Bonds Fall on Expected Economic Reports.  // American Banker;10/27/1999, Vol. 164 Issue 207, p22 

    Reports on the fall of United States bonds prices in October 1999 due to concerns that Federal Reserve interest rates will increase. Statistics on bond yields; Comments by portfolio managers.

  • Did July 5 rate fireworks singe debt plans? Padgett, Tania // American Banker;7/10/1996, Vol. 161 Issue 130, p26 

    Reports on the impact of rising interest rates on bond prices. Decrease in percentage points in price for the Treasury bonds in July 5, 1996; Impact of the slide in bond prices on corporate bonds or debt issuance; Investors' lack of interest on bonds.

  • Am empirical examination of the interest rate swap market. Malhotra, D.K. // Quarterly Journal of Business & Economics;Spring97, Vol. 36 Issue 2, p19 

    Investigates empirical evidence of the interest rate swap market. Presence of default risk premium in the swap quotes; Decline exhibited by the bid-offer since 1987; Significance of spread over the Treasuries; Existence of term premiums in rates quoted by swap dealers.


Read the Article


Sign out of this library

Other Topics