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Port Authority Gets $2.75 Billion in Orders on $2 Billion Issue

Sept. 27 (Bloomberg) -- Banks managing a $2 billion bond sale for the Port Authority of New York and New Jersey, the biggest issue in its history, took about $2.75 billion in orders for the 50-year debt, according to the Royal Bank of Canada.

RBC, which coordinated the underwriting of the taxable bonds, set the yield at 4.46 percent, or 1.65 percentage point over 30-year Treasuries, said Jaime Durando, head of RBC’s municipal-bond syndicate desk, in a telephone interview.

Before the pricing, the Port Authority said the bonds might offer a yield spread of 1.6 percentage points to 1.8 percentage points above 30-year U.S. government bonds.

The Port Authority runs the New York City region’s three major airports and six marine-cargo terminals. It is also redeveloping the World Trade Center site in Lower Manhattan.

To contact the reporter on this story: Martin Z. Braun in New York at mbraun6@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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