Mass. transit overseers vote to unwind costly swaps

BOSTON – State transportation system overseers are moving ahead on unwinding a series of swaps, sophisticated financial bets on the direction of interest rates, that have kept part of the state's transportation-related debt payments locked in at higher rates. Terminating the interest-rate swaps with UBS and Deutsche Bank is part of a broader effort on the part of the Massachusetts Bay Transportation Authority and the state transportation department to get more favorable terms on its debt. It is

BOSTON – State transportation system overseers are moving ahead on unwinding a series of swaps, sophisticated financial bets on the direction of interest rates, that have kept part of the state's transportation-related debt payments locked in at higher rates. Terminating the interest-rate swaps with UBS and Deutsche Bank is part of a broader effort on the part of the Massachusetts Bay Transportation Authority and the state transportation department to get more favorable terms on its debt. It is…