New York’s MTA to issue first SOFR muni bond

Transport authority for New York City joins five other issuers in using new US benchmark

Brooklyn Bridge
The bonds are issued to maintain New York’s bridge and tunnel infrastructure

The Triborough Bridge and Tunnel Authority (TBTA), part of New York City’s Metropolitan Transit Authority (MTA), looks set to be the first municipality to issue debt tied to the US rates market’s new repo-based benchmark.

The floating rate note (FRN) will be issued on September 20 and total $107 million. The deal is being underwritten by JP Morgan, Loop Capital Markets and TD Bank, and is the sixth FRN to be issued since the birth of the secured overnight funding rate (SOFR) benchmark in April.

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