Seattle City Light, the municipally owned electricity supplier for some 1 million people in Washington state, sold about $791.8 million of revenue bonds as tax-exempt yields fell for the first time in a week.
Partners HealthCare System Inc. , which runs Boston’s Massachusetts General Hospital, is borrowing $420 million for improvements including electronic medical records and to refinance debt, with average tax-exempt yields at close to a 16-month high.
Illinois, whose lawmakers are tackling a $13 billion budget gap, faces rising borrowing costs for a proposed $3.7 billion pension bond as yields on comparably rated taxable debt reach at least an 11-month high.
Build America Bonds showed why they’re the fastest-growing part of the municipal market in a $492.7 million sale yesterday by Virginia’s Commonwealth Transportation Board, which let buyers choose between the taxable debt and tax-exempts.
The Metropolitan Washington Airports Authority plans to sell $650 million of revenue bonds this week to help finance an extension of the U.S. capital’s passenger rail system to Washington Dulles International Airport.
Michigan State University, the 11th- largest college in the U.S. with more than 46,000 students, plans to place new bets in the derivatives market even as it seeks to unwind existing interest-rate swaps linked to its debt.