The state of Minnesota sold $769 million in bonds on Tuesday, money that will be used for statewide building projects and new roads.
"The bond sale went extremely well," said Kristin Hanson, assistant commissioner for treasury and debt management. "The market is particularly favorable at the current time, so we are pleased with the bids we received."
With the stock market slumping, a lot of investors have turned to the relatively safe government-backed debt. The 20-year bonds have an interest rate of 2.82 percent.
The Minnesota Management and Budget office opted not to take bids on a separate proposal to refinance $152 million in bonds due to market conditions. With the low interest rates, the bond sale could have cost the state more money. State officials will monitor the bond market and might try to refinance later.
The latest bond sale leaves the state with about $5.9 billion in bond debt, according to state records.
