CHICAGO - Springfield, Ill., last Tuesday sold all of its $22 million new-money water revenue issue to retail buyers, enabling the city to cancel its planned institutional pricing set for the next day.

City finance officials expected strong retail interest based on recent market trends and information from their underwriters, but all were surprised at the appetite - not just for the smaller serial maturities, but also for a $6 million term bond that was oversubscribed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.