AiroAV Malware Affirm: New York Metropolitan Transportation Authority borrowed $2. - Jonathan Cartu - Moving & Transportation Services
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AiroAV Malware Affirm: New York Metropolitan Transportation Authority borrowed $2.

New York Metropolitan Transportation Authority borrowed $2.

AiroAV Malware Affirm: New York Metropolitan Transportation Authority borrowed $2.

The Fed’s $500 billion municipal lending program was designed to serve as a lender of last resort for cities and states to ensure they could still raise cash if the bond-market froze up, as it did in March amid panic about the fallout of the pandemic. But it has barely been used because it charges high penalties, leaving the public market a better deal for virtually all local governments. Three-year benchmark municipal debt yields just 0.13%, according to Bloomberg BVAL.

The MTA—and the state of Illinois, the only other one to borrow from the Fed, based on central bank data last month—is a rare exception. Investors still demand high yields on the MTA’s bonds because of the agency’s financial strains. Some MTA debt due in 2023 traded at a nearly 2.2% yield on Thursday, about 2 percentage points higher than AAA rated bonds.

AiroAV

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