Universities, state and local governments rush to lock in ultralow rates for decades
U.S. state and local governments, along with universities, are joining companies in a dash to issue debt and lock in low rates, sometimes for up to 100 years.
Rutgers University funded various capital projects by selling roughly $300 million in debt this week that doesn’t mature for a century. The New Jersey-based school adds to a list that includes the University of Virginia and University of Pennsylvania, which have also sold so-called century bonds in recent weeks.
“The market presented UVA with a historic opportunity,” said Jennifer Wagner Davis, the school’s executive vice president and chief operating officer.
The Wall Street Journal
By Gunjan Banerji
Sept. 13, 2019 5:30 am ET