The board of New York’s Metropolitan Transportation Authority has added TD Securities to its approved pool of variable-rate remarketing agents and dealers, after the MTA’s finance committee signed off on the move.
The firm’s parent, TD Bank, along with Export Development Canada, submitted a joint proposal to the MTA for a standby purchase agreement for up to $100 million of Triborough Bridge and Tunnel Authority general revenue bonds as part of Montreal-based Bombardier Inc.’s response to a New York City Transit subway car procurement.
On April 25, TD Bank resubmitted its proposal with a lower price, according to the authority’s finance manager, Patrick McCoy.
The TBTA bond arrangement, which the MTA’s finance department is negotiating with TD Bank, would partially replace a standby purchase agreement with Germany’s Landesbank Baden-Württemberg, which intends to cease such transactions in the United States.
