TITLE

New York Issuers Swapped $5.5B Since 2002, With $300M Coming This Year

AUTHOR(S)
Mcdonald, Michael
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/1/2004, Vol. 350 Issue 32020, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that New York has locked in long-term synthetic fixed rates of between 3.04% and 3.6% on $5.5 billion of state authority debt in the two years since it passed legislation permitting the state's authorities to begin using interest rate swaps, which are about 100 basis points below conventional fixed rates. The state is also considering entering into fixed-to-floating-rate swaps to cost-effectively increase its variable-rate exposure and reduce counterparty exposure. The Empire State Development Corp. is pricing $555 million of personal income tax bonds tomorrow that includes a $317.6 million fixed-to-floating rate swap.
ACCESSION #
15256488

 

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