North America’s largest transportation network, the Metropolitan Transportation Authority (MTA), which serves 15.3 million people in a 5,000-square-mile area from New York City to Long Island to Connecticut, has been using Grant Street Group’s auctions platform several times a year since 2015. In the third quarter of this year alone, Grant Street hosted three note auctions for the MTA, totaling $1.8 billion, bringing the total since 2015 to $12.6 billion.
Not only does the MTA operate the nation’s largest bus fleet, it runs more subway and commuter rail cars than every other transit system in the U.S. combined. Maintaining pace requires regularly borrowing money from the capital markets. Grant Street’s auctions platform has proven to be the most competitive forum for the MTA’s note sales to take place.
A dozen or more underwriters often bid for the rights to lend funds to the MTA. In one recent MTA auction, twelve bidders submitted 276 bids. Seven of the bidders won at least a share of the notes.
Grant Street pioneered online auctions of financial instruments. Since 1997, we have hosted online auctions of financial and legal instruments, everything from bonds and notes to foreclosed real estate properties and tax liens, with a value exceeding $12 trillion — making us the world’s largest online auction house. Our diverse client list includes state and local governments, premiere financial institutions, and trusted financial advisors.
For more information, contact John McCarthy via phone at (412) 246-1321 or email at John.McCarthy@GrantStreet.com.