Elizabeth Campbell
Bloomberg News - Detroit is paying a high price in its return to the $3.6 trillion municipal bond market for the first time since emerging from a record bankruptcy. The $245 million of bonds, to be sold Wednesday through the Michigan Finance Authority, have the top claim on city income taxes to ensure investors are repaid. Even so, 14-year debt is being offered at an initial yield of 4.75 percent, said three people familiar with the sale who requested anonymity because it isn’t final.
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