For a Aa3/AA- issuer looking to finance a project with a 5-year construction phase and 35-year term financing, utilizing a 49% WIFIA loan share will save about 10% PV of the financing’s debt service cost, relative to 100% bonds. That level is as good as it’s ever been for WIFIA — all rates are super-low currently, but Treasuries are even lower than munis (click to enlarge).