Natural variable-rate debt represents 8% of the total debt of New York’s Metropolitan Transportation Authority — well under its limit, an MTA finance official said Monday

Speaking to the board of directors finance committee, finance manager Patrick McCoy said the authority is carrying $2.6 billion of such debt, plus $2.7 billion of synthetic fixed-rate debt and $510 million of term-rate debt. Synthetic fixed-rate debt has a variable-rate component — the bond — but the swap effectively converts that variability to a fixed component of the authority’s overall portfolio.

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