The New York Metropolitan Transportation Authority (MTA) auctioned two series of tax-exempt notes totaling $700 million via MuniAuction® on Wednesday, February 8, 2017. MTA permitted underwriters to submit partial bids.
In the $500 million Subseries auction, the MTA received 59 bids from 12 bidders. At the close of this auction, seven firms were "In the Money". Similarly, in the $200 million Subseries auction, they received 69 bids from 14 bidders. At the close of this auction, five firms were "In the Money".
Since September 2015, the MTA has sold $3.3 billion in notes, in 14 auctions, using MuniAuction's open auction platform. This enhanced, competitive process resulted in the MTA achieving the lowest possible borrowing costs.
If you would like to learn more about MuniAuction, or see a replay of the latest MTA open auction, please contact John McCarthy at (412) 246-1321 or John.McCarthy@GrantStreet.com.
