St. Louis saw strong demand among institutional buyers for its $30 million refunding last week of Lambert-St. Louis International Airport revenue bonds and achieved 4.6% in net present-value savings, city Comptroller Darlene Green said.

The finance team was able to lower yields by 13 to 15 basis points after the order period. The annual savings of about $1.5 million on the four-year bonds will be passed on to airlines through lower fees. The transaction also allowed the city to put an additional $2 million in a debt-service stabilization fund.

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