New York Liberty Development Corp., issuer of $2.6 billion in debt to help rebuild the World Trade Center, sold $650 million in tax-exempts, the most this week, as the supply of municipal securities fell to a 12-week low.
New York Liberty Development Corp. set preliminary yields on about $1.23 billion of tax-exempt debt, including a November 2051 maturity priced to yield 5.1 percent, according to data compiled by Bloomberg.
The New York Liberty of the Women’s National Basketball Association will play the next three seasons at the Prudential Center in Newark, New Jersey, as Madison Square Garden is renovated, the team said in a news release.
The biggest outperformance by long- term tax-exempt debt since 2008 is helping issuers financing some of New York City’s largest infrastructure projects extend their borrowings beyond the usual outer limit of 30 years.
Investors in a planned $1.3 billion bond deal to help rebuild the World Trade Center will be paid only after the Port Authority of New York and New Jersey, which oversees the project, pays off other debts in an agreement to let the sale proceed.