Bridging the deficit gap

Municipal derivatives

Marc Krassan, treasurer of the New Jersey-based Delaware River Port Authority (DRPA), could make a killing out of derivatives this year. The authority, a regional transportation and economic development agency, is considering writing $50 million notional in swaptions at some point in the first quarter. Krassan, like many of his counterparts at other US municipal bodies, is eyeing the big upfront payments investment banks are willing to make for the optionality embedded in the debt

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