Florida Issuers Sell $442 Million With Debt Cost at Record High
This article is for subscribers only.
Municipal-debt issuers in Florida, with the third-highest rate of home foreclosures in the U.S., offered $442 million in Build America and tax-exempt bonds as borrowing costs for issuers in the state rose to a record.
The extra yield investors demand to hold general-obligation bonds from Florida issuers instead of top-rated tax-exempts reached 87 basis points yesterday, the highest since recordkeeping began in 1994, according to Bloomberg Fair Market Value data. A basis point is 0.01 percentage point.