Bank of New York to Set Up New Pooled Vehicle to Provide Letters of Credit

Walker, Susanne
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p9
Trade Publication
In a move to enhance liquidity in the municipal market, the Bank of New York plans to create an entity called the BNY Municipal Bank that would provide letters of credit to municipal issuers. Speaking at the Derivatives and Short-Term Finance Conference in New York City, Kevin Dunphy, senior vice president, said the new entity would be a central vehicle serving to manage, offer, and structure deals for final approval. Gail Sussman, managing director at Moody's Investors Service and a co-chairperson at the conference said that the new product from the Bank of New York would create a source of credit enhancement that could open up opportunities for issuers with bank risk.


Related Articles

  • Bank of N.Y. Holders Want Poison-Pill OK. Sundaramoorthy, Geeta // American Banker;4/14/2004, Vol. 169 Issue 71, p20 

    Bank of New York Co. Inc.'s shareholders have approved a proposal to bar renewal of its poison-pill defense without their go-ahead and asked the board to reverse a renewal approved in January. The proposal, put forward by the American Federation of State, County and Municipal Employees, won 66%...

  • Bank of N.Y. Number One Among Trustees in 1st Half 2004. Walker, Susanne // Bond Buyer;7/16/2004, Vol. 349 Issue 31927, p34 

    Reports that Bank of New York Co. Inc. is still considered as the number one trustee in the long-term municipal bond market in the United States for the first half of 2004, according to Thompson Financial. Performance of U.S. Bank and Wells Fargo Bank as trustees; Number of bonds served by Bank...

  • Bank of New York establishes fund management unit in Dublin. Kraus, James R. // American Banker;3/3/1995, Vol. 160 Issue 42, p4 

    Reports that Bank of New York Co. has opened the Dublin, Ireland-based Bank of New York Fund Management Ltd., its first fund management services company abroad. Product line and services; Factors that influence the bank's decision to open in Dublin; Other American banks operating in the area.

  • BNY to Absorb Transition Biz. Randall, Danielle // Investment Management Weekly;11/5/2001, Vol. 14 Issue 44, pN.PAG 

    Reports that Bank of New York Co. Inc. has formed a division called BNY Global Transition Management to serve the transition management business. Handling of transition management business prior to formation of the division; Services provided by BNY Global; Total assets of Bank of New York.

  • BNY Launches Automated Collateral Management. Kentouris, Chris // Securities Industry News;2/3/2003, Vol. 15 Issue 5, p7 

    Reports on the launch of an automated collateral management service called the Dynamic Continuous Optimization service by the Bank of New York Co. Inc. Proprietary algorithm on which the system relies; Unique features of the process; European broker dealers who are using the service.

  • The Bank of New York Co. M.I. // U.S. Banker;May99, Vol. 109 Issue 5, p60 

    Focuses on the strategies adopted by chief executive officer Thomas Renyi to boost the banking business of Bank of New York Co. in 1998.

  • BONY chases mid-market opening. Gabriel, Frederick // Crain's New York Business;5/6/96, Vol. 12 Issue 19, p1 

    States that the Bank of New York is entering the middle market industry by expanding its abilities to underwrite and sell corporate debt securities to midsize companies whose revenues are $500 million. Amount of money bank has in assets; Launching of a direct mail campaign targeting 1,000...

  • Proposed Greenwich bank hits roadblock. Khasru, B.Z. // Fairfield County Business Journal;04/28/97, Vol. 36 Issue 17, p4 

    Reports that the Bank of New York Co. has filed a protest against the proposed naming of a new bank in Greenwich, Connecticut with The Bank of Greenwich. Bank of New York's claim that its subsidiary Putnam Trust Co, has used the name since 1959; Names of residents seeking to create the new bank.

  • Bank of N.Y. starts Luxembourg subsidiary. Fraser, Katharine // American Banker;2/5/1999, Vol. 164 Issue 24, p5 

    Announces the opening of Bank of New York City's subsidiary in Luxembourg. Expansion of the bank's global fund administration business.


Read the Article


Sign out of this library

Other Topics