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Triborough Bridge and Tunnel Authority



General Revenue Bonds, Series 2023B

August 8, 2023


Image by Sam Mgrdichian

Proceeds of the issue will be used for new money purposes and to refund certain of the Authority’s outstanding General Revenue Bonds, Series 2013B. 

Following a week of extreme volatility in the municipal market, with cuts between 19 - 26 basis points along the curve, the morning of pricing offered more stable market conditions. The strong pricing result came ahead of the CPI and PPI economic releases, which both slightly increased from the previous month’s report.

The stable market tone the morning of the Retail Order Period allowed Siebert to put aggressive spreads on all maturities to retail investors which received $430.4 million retail orders (1.16x subscribed). For the following day’s Institutional Order Period, SWS tightened spreads on all maturities across both subseries except for the 2039 and 2040 maturities. Institutional investors were highly motivated to participate on the pricing and all maturities were oversubscribed, resulting in SWS further tightening spreads at Repricing by 4 - 6 basis points in all maturities. 

Overall, spreads were tightened by a total of 4 - 10 basis points along the curve between the start of the Retail Order Period and Repricing. Overall, the TBTA received $1.47 billion in institutional priority orders, which combined with retail orders brought the overall book to $1.84 billion in orders (excluding stock orders and before "drops”) from 73 unique investors. The financing was 4.62x oversubscribed, with subscription levels ranging between 3.29x – 7.66x prior to repricing.

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