Spotlight Bond: $850 million New York State Thruway
Featured Municipal Bond in the Market, Week of 05/02/2016
This week’s spotlight bond comes from New York. The New York State Thruway Authority is scheduled to issue a $850 million negotiated bond series (junior indebtedness obligations) the week of May 02, 2016. Revenues pledged include but are not limited to all tolls, revenues, fees, and other charges, as well as proceeds of any insurance and other investment income. The Authority has issued a preliminary official statement, stating the reason of financing to be to fund a portion of the cost of the new New York Bridge project. The official statement also reports an estimated budget debt service coverage ratio of 1.6x for 2016, for both the senior and junior indebtedness obligations. The State of New York has a current unemployment rate (March 2016) of 5.2%, 0.2% more than the U.S. unemployment rate. More demographic information on the State of New York, as well as a link to the state’s official website, can be found here.
Provided at left is a quick snapshot of financial characteristics of the New York State Thruway Authority, courtesy of Merritt Research Services, LLC. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement.