The Port Authority of New York and New Jersey sold $595 million of consolidated bonds in two competitive offerings on Wednesday. About $425 million of the 175th Series bonds were awarded to Bank of America Merrill Lynch at a true interest cost of 2.9797%. Yields ranged from 0.215% with a 4% coupon in 2013 to 3.4% with a 3.25% coupon in 2042.
About $170 million of 176th Series taxable bonds were awarded to Citi at a true interest cost of 1.7224%. Yields ranged from 0.57% with a .6% coupon in 2015 to 2.48% with a 2.5% coupon in 2022. Credits maturing in 2013 and 2014 were sold via sealed bid.