Portland Beats Philadelphia’s Cost on $408 Million Sewer Bonds
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Portland, Oregon, sold about $408 million in sewer-system revenue debt, garnering lower borrowing costs than comparably rated securities from Philadelphia, with utility bond yields at the lowest level on record.
Yields on 10-year, AA rated tax-exempts backed by utility revenue were unchanged at 3.02 percent yesterday, according to Bloomberg Fair Market Value data. That’s the lowest since the index began in November 1993.