CHICAGO – Wisconsin will test a new bidding requirement in its $435 million competitive sale next week by setting a minimum coupon on the final five maturities of the 20-year paper.

Bids submitted on Tuesday of next week must offer an interest rate of 4% or greater on bonds maturing after May 1, 2019. The final maturity is in 2033. The goal is to better realize the value of the 10-year call on the bonds which may not necessarily be reflected in the true interest cost calculation that determines the bidding results.

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