Earlier this month Los Angeles Department of Airports bonds worth $241.8M met with a strong response – retail investors bid for $194M, while institutions ordered for a billion dollars. According to the management, all-in interest costs came in at 4.66%.
Lead manager De La Rosa & Co called it a “a really nice reception,” and said the bonds were priced only 33 bp cheaper than a $240 million issue by Triple-A rated San Francisco Bay Area Rapid Transit District, showing that the market is again stable after the turmoil this summer.
Municipals Citi Research strategists George Friedlander, Mikhail Foux and Vikram Rai also take a fancy to airport bonds in their ‘Municipal Market Comment’ of...
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