City of New York in the Market with a $73.4 Million Securitization
July 28, 2010
The City of New York is in the market with a $73.4 million deal with JPMorgan Securities serving as the lead manager.
The transaction is backed by first liens on residential and commercial properties located throughout the five boroughs of New York City and arising out of delinquent property taxes, water and sewer charges, and other municipal charges, which are typically senior to mortgage liens and judgment liens, according to Moody’s Investors Service, which has assigned the bonds a ‘(P) Aaa’ provisional rating.
Moody’s rating reflects a lien-to-value ratio of 8.17%, the stable redemption pattern of past securitizations, the available liquidity support, the city’s financial strength and track record, the capabilities of the deals servicers – Plymouth Park Tax Services and MTAG Services – and the integrity of the transaction’s legal structure.
This is the sixteenth securitization by the City of New York since the program began in 1996.
More preliminary information is available via the ASR Scorecards database through the link below.
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