CHICAGO — Two small revenue deals from Michigan — a state transportation refunding and a school district financing — found buyers this week at acceptable rates, breaking a logjam on issuance from the state following Detroit's bankruptcy filing.
The Michigan Department of Transportation's competitively bid $10.1 million issue of current refunding bonds achieved savings that exceeded officials' expectation, said Ed Timpf, administrator for the department's Financial Operations Division. Morgan Stanley won the deal with a true interest cost bid of 1.78 %. The sale attracted 16 bidders Tuesday. In the other deal, Ypsilanti Community Schools sold $18.65 million of revenue bonds through the Michigan Finance Authority.