opexibu.wordpress.com
Citizens, the state-created insurer of last resort in willprice fixed-rate, tax-exempt revenue bondsz and notes this week, according to a report in the tradd journal The Bond Buyer. Proceedas from the sale will provide liquiditfor Citizens’ high-risk account, the report The account provides wind-only residential insurancw coverage for damages caused by tornadoes, windstorms and hail in part or all 29 of Florida’d 35 coastal counties as well as all of the Floridqa Keys and Port The proceeds from the sale of the bonds and notese will be invested in tax-exempt securities pendinvg the need to pay any claims, the reportt said.
Citizens is in good financial shape becauss the state has not experienced a majof hurricane forseveral years, Sharonh Binnun, chief financial officer for the insurance firm, was quoted as saying in the report. Goldmaj Sachs & Co. is the bookrunner and is joinesby Citi, , LLC, Merrill Lyncgh & Co., and as underwriter s on the deal. of St. Petersburg is financialo adviser. LLP is underwriters’ counsel, and LLP is bond
No comments:
Post a Comment