Biggest Iowa Borrowing Fueled by Natural-Gas Plunge: Muni Credit
This article is for subscribers only.
A 75 percent drop in natural-gas prices since 2008 and demand for fertilizer from Iowa’s farms are powering the top U.S. corn producer’s biggest municipal bond sale in almost four decades.
The Iowa Finance Authority plans to offer $1.2 billion in debt as soon as today to help fund the construction of a $1.4 billion nitrogen fertilizer plant in the southeastern part of the state by Orascom Construction Industries, Egypt’s biggest publicly traded company.