King County, Wash., Offers $200M; Cash Bonds Fall Up to 4 Basis Points

Chesla, Nicholas
April 2003
Bond Buyer;4/1/2003, Vol. 344 Issue 31605, p2
Trade Publication
Underwriters priced more than $200 million of new loans for King County, Washington, while cash bond yields fell between two and four basis points and more in spots on March 31, 2003 even as tobacco bonds came under pressure.Traders said that yields on tobacco bonds rose while Philip Morris USA Inc. commented that it may be forced into bankruptcy if it has to pay a $12 billion court-ordered appeal bond on a tobacco-related lawsuit. Bonds due in 2008 and 2018 yielded 13 basis points more than Municipal Market Data's Friday Triple-A yield curve scale while bonds due in 2013 yielded 17 basis points more.Morgan Stanley priced and repriced $97 million of King County, Washington sewer revenue refunding bonds.


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