The New Jersey Economic Development Authority scaled back the week’s largest bond offering as tax- exempt municipal yields climbed and Governor Chris Christie made comments about the state’s financial well-being.
New Jersey Governor Chris Christie’s comments that rising health-care costs might “bankrupt” the state, made the same day of a planned bond sale, drew criticism for poor timing and may have driven up borrowing costs.
New Jersey, the third-most indebted U.S. state, will save about $679 million in debt service through 2013 in a restructuring that exceeded state estimates, a spokesman for Treasurer Andrew Eristoff said.
Panasonic Corp. , the world’s largest maker of plasma televisions, plans to move its North American headquarters to Newark, New Jersey, using a tax incentive to stay in the Garden State, a company spokesman said.
The New Jersey Economic Development Authority reduced the size of a $1.2 billion refinancing debt sale by about 40 percent to $712 million and increased yields due to low demand from investors, the Wall Street Journal reported, citing a term sheet with preliminary pricing.