Several dozen issuers have used municipal forwards to refund high-coupon debt since the product debuted in 1989, but some are now finding they would have fared better simply biding their time.

Tampa Electric Co., for example, signed a $25 million municipal forward two years ago, securing 1989 interest rates on a deal that came to market last week. But according to quotes from Delphis Hanover Corp. and other market pricing sources, if Tampa Electric had simply waited until last week and done the deal without a forward, the rate would have been between 60 and 100 basis points lower.

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