Pennsylvania is drowning in a sea of red ink, but at least our credit is still good.
Pennsylvania successfully completed the sale of $300 million in General Obligation bonds, the second-largest competitive bond sale completed nationally in 2009, according to state Budget Secretary Mary Soderberg.
"The market's strong response during this time of great economic uncertainty reflects both the financial community's faith in the value of our bonds and the commonwealth's record of sound fiscal management," Soderberg said in a release.
I don't know about the "sound fiscal management" part, but keep in mind Mary Soderberg works for Gov. Ed Rendell, who managed to turn a substantial state budget surplus into a $2.3 billion deficit in less than one year.
The winning bidder in Tuesday's bond sale was J.P. Morgan Securities, with an interest rate of 4.214 percent. Other bidders were Merrill Lynch & Co.; Barclays Capital Inc.; Citigroup Global Markets and Wachovia Bank N.A.
Pennsylvania Accomplishes Second-Largest Competitive Bond Sale Nationally in 2009
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