CONSTRUCTION: Ohio's Super-Highway

In the biggest bond issue of its kind in Wall Street's history, the state of Ohio last week raised $326 million from U.S. investors. Not only was the entire issue sold out on the first day, but by nightfall each $1,000 bond (interest rate: 31%) was commanding a $25 premium.

The tax-free bonds were issued by the Ohio Turnpike Commission to finance construction of one of the biggest single road-building projects in U.S. history: a 241-mile super-highway across the state, from the western terminus of the Pennsylvania Turnpike to the Indiana border. It dwarfs both the original 160-mile Pennsylvania Turnpike,...

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