Dec 17 The Triborough Bridge and Tunnel
Authority's sale of $728 million of revenue refunding bonds for
the New York Metropolitan Transportation Authority's bridges and
tunnels has been put on hold until Wednesday, said Patrick
McCoy, the MTA's finance director.
"We are watching market conditions until Wednesday. If we
can get the deal in the market on Wednesday we will do so, if
not it will be rescheduled until sometime in January," McCoy
In the $3.7 trillion municipal bond market, yields bounced
back sharply from all-time record lows in the last six trading
sessions. Prices of top-rated bonds, which fell sharply last
week, were diving again on Monday amid investors' concerns over
the bonds' tax-exempt status.
The Triborough deal, originally slated to price last
Thursday, was postponed to this week and reduced from a planned
$904 million, due to volatile market conditions.
The sale had been expected to have a one-day retail order
period on Monday, with institutional pricing on Tuesday through
lead manager Jefferies & Co.
The offer consists of $80 million of general revenue bonds
and $648 million of subordinate revenue bonds.