Utilities seek new credit structures

The unravelling of the US auction market has utilities jostling to refinance bond issues. Utilities have traditionally turned to the auction market to finance bonds at variable rates that fluctuate daily, weekly and monthly with the auction markets. Traditionally offering higher interest rates than treasury or money market funds, and backed by AA-rated bond insurers, these once higher-yielding securities have long been the most popular form of municipal bond financing.

This stalwart of utility fi

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