Michigan Governor Rick Snyder yesterday signed into law a bill aimed at reducing interest rate costs for an upcoming Detroit bond sale, Reuters reported yesterday. Detroit privately placed $275 million of variable-rate bonds with Barclays Capital to finance its Dec. 10 exit from the biggest-ever municipal bankruptcy. As part of the city's bankruptcy court-approved plan, that debt is due to be sold in the U.S. municipal market in a fixed-rate mode by May 9. The deal will mark the city's first post-bankruptcy public bond sale.
