September 25, 2020 by

WIFIA: Examining Synergies with the Muni Bond Market

Economic gains are possible when investors with different strengths and preferences are combined in a single financing. It’s happening at the WIFIA loan program.

By John Ryan

The WIFIA loan program makes long-term loans for qualified projects at the U.S. Treasury’s interest rate. Since debt capital markets start with this rate as a minimum baseline and add a spread for credit risk, liquidity premia and equity return, in theory, a WIFIA loan should always be a cheaper alternative than the market equivalent, right?

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