By Patrick Sheridan
New York City's Triborough Bridge and Tunnel Authority will hold a competitive sale to issue $750 million of bond anticipation notes to finance transit and commuter projects.
The authority plans to offer $300 million in Subseries 2026A-1 Payroll Mobility Tax Bond Anticipation notes that mature on Feb. 1, 2028 with an interest rate of 5%, according to the preliminary offering memorandum posted Wednesday on MuniOS. The authority will also sell $450 million in Subseries 2026A-2 notes with a maturity date of Feb. 1, 2029 with a 5% interest rate.
The securities will be sold on Jan. 29. Investors can submit bids on the Series A-1 notes from 10:00 a.m. to 10:15 a.m. ET, and on the Series A-2 notes from 11:30 a.m. to 11:45 a.m. electronically through Grant Street Group's MuniAuction.
Interest on the notes will be paid semi-annually starting on May 15 and again on Nov. 15.
The notes are backed by revenue collected from the Central Business District Tolling Program, commonly referred to as congestion pricing, that charges drivers a fee for entering Manhattan south of 60th Street. The program is meant to reduce traffic, cut air pollution, and fund public transit upgrades.
Proceeds of the notes will be used to finance various projects that were included in the Metropolitan Transportation Authority's 2020-2024 Capital Program, along with issuance costs. According to the MTA's website, the program includes $54.8 billion of investments for subways, buses, commuter railroads, and the authority's nine bridges and tunnels.
The authority has applied to both S&P Global Ratings and Fitch Ratings for ratings on the notes, according to the document.
Write to Patrick Sheridan at patrick.sheridan@wsj.com
(END) Dow Jones Newswires
January 22, 2026 12:46 ET (17:46 GMT)
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