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County bond adviser says market timing favors lower borrowing costs
Summary
Codington County’s bond adviser told commissioners Aug. 26 that recent market moves and strong bid demand are likely to lower the county’s long-term interest rate, improving the county’s borrowing position ahead of planned bond issuance.
Toby Morris, speaking to the Codington County Board of Commissioners on Aug. 26, told commissioners the county is positioned to see lower interest rates on its planned 20-year bond sale.
Morris said recent market news has pushed the premarket rate estimate for a 20-year fixed bond down from an August estimate of 4.51% to roughly 4.37–4.40%. “Now 10 basis points doesn't seem like much, but when you borrow $30,000,000, it actually…
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