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Rail News: Intermodal

PANYNJ selects underwriters for $8 billion bond issue


Port Authority of New York and New Jersey (PANYNJ) officials have selected a pool of underwriters to assist with fiscal decisions related to the issuance of $8 billion in bonds over the new three years. 

The bond proceeds will be used to help fund projects in the authority’s 10-year, $32 billion capital plan, according to a PANYNJ press release.

“We believe the new underwriting pool provides us with top flight financial experts to assist agency staff in making the right decisions when dealing with the bond market," said PANYNJ Chair Kevin O’Toole.

The underwriting team consists of three roles for senior managers, co-managers and selling group members. Selection of the underwriting pool began in November 2018. 

The new senior manager underwriting pool approved by the board consists of Bank of America Merrill Lynch; Citibank Global Markets Inc.; Goldman Sachs Co. LLC; Samuel A. Ramirez & Co. Inc.; Siebert Cisneros Shank & Co. LLC; and UBS Financial Services Inc.

The co-manager underwriting pool consists of Academy Securities Inc.; Blaylock Van LLC; J.P. Morgan Securities LLC; Jefferies LLC; Loop Capital Markets LLC; Oppenheimer & Co Inc.; and Rice Financial Products Co.

The selling group consists of Drexel Hamilton LLC; FTN Financial Capital Markets; Mischler Financial Group Inc.; NW Capital Markets Inc.; Rockfleet Financial Services Inc.; Stern Brothers & Co.; Stifel, Nicolaus & Co. Inc. & Backstrom McCarley Berry Co.; and The Williams Capital Group.

Contact Progressive Railroading editorial staff.

More News from 3/27/2019