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 added.
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.