Chicago MSD might've been taken for a ride in the bond market
August 18, 2009
The Metropolitan Water Reclamation District of Chicago
is the independent agency that handles wastewater treatment
for most of the Chicago metropolitan area. It just issued $600 million in bonds, but despite its AAA rating in the markets, the MWRD appears to have gotten a bad deal that will cost its rate- and tax-payers an extra $8 million over what the market probably would have otherwise delivered. Critics of the deal say that the firm hired to help issue the bonds didn't underwrite the bond offering at a competitive price.
last revised August 2009