O'Hare airport bond issue unmarred by Chicago's fiscal crisis
Investors keen to buy into America's busiest airport, and city's bad credit rating likely to give yield premium
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EVEN as Chicago confronts a fiscal crisis, investors are looking beyond its turbulent finances with anticipation toward the city's biggest bond deal ever.
Chicago is selling US$2 billion of securities for O'Hare International Airport, backed by revenue from the nation's busiest airport and sheltered from the mounting pension obligations squeezing the third-most populous US city. Fund managers at Wells Fargo Asset Management and Conning say any yield premium resulting from the city's tainted reputation is likely a buying opportunity given the airport's rising traffic and hub status.
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