Motor City Millions

Shields, Yvette
May 2006
Bond Buyer;5/24/2006, Vol. 356 Issue 32389, p1
Trade Publication
This article reports that the financially starved Detroit, Michigan is going to enter the market with $950 million of taxable certificates of participation (COP). It will restructure a piece of last year's $1.4 billion city pension certificate issue for near-term savings of $24 million. These certificates are expected to carry insurance from Financial Guaranty Insurance Co. and XL Capital Assurance Inc. After a short lock-out period, the COPs are callable at par on interest payment dates. The city will swap the floating-rate certificates, which will be priced based on a Lon- don Interbank Offered Rate index.


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