New York MTA Used Step-Up Coupons in Latest Debt Sale

Walker, Susanne
February 2005
Bond Buyer;2/10/2005, Vol. 351 Issue 32068, p6
Trade Publication
The article reports that as part of its $650 million bond offering, New York's Metropolitan Transportation Authority (MTA) for the first time sold bonds with step-up coupons--an uncommon feature in the tax-exempt market. According to market participants, step-up coupons--where the coupon increases on certain dates if the bonds are not called--are often used in the taxable market, but are seldom used in the tax-exempt market. Patrick McCoy, finance director at the MTA said that the step-up coupon feature was a product structured to New York retail investors who have been strong supporters of MTA bonds.


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