DALLAS - Two weeks after breaking ground on the $5 billion State Highway 121 turnpike, the North Texas Tollway Authority will confront a challenging credit market this week with a $2.3 billion revenue bond deal, the largest bond transaction in its history.

The offering constitutes the first long-term debt for the project, and the bonds will take out a portion of $3.5 billion of bond anticipation notes issued by the authority last year to purchase the right to develop the road and to jump-start the project.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.