WTC bond sale delayed as investors withdraw from muni market

New York /
Apr.April 11, 2011 03:27 PM
Larry Silverstein and 4 WTC rendering

[Updated at 4:29 p.m.]: In a developing story, the state has delayed the sale of the WTC bonds, Crain’s reported.

The $900 million worth of tax-exempt Liberty Bonds used to finance Silverstein Properties’ development of 4 World Trade Center hit the market after municipal fund outflows reached $1.1 billion last week, a two-month high, Crain’s reported. Though premiums have narrowed since they hit record highs in January, Crain’s said Silverstein may need to offer higher premiums considering investors’ outlooks on the muni-bond market. Because the rates would still be markedly lower than the 5.28 percent achieved in mid-January Larry Silverstein, CEO of Silverstein Properties, does not appear concerned. “We are expecting to achieve the rates that we would have achieved just before the market turned up, so I think we’ll end up pleased with the net results,” he said last week. According to Municipal Market Advisors, yields on top-rated 30-year bonds are currently 5.14 percent. [Crain’s]


Related Articles

arrow_forward_ios
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
Bill Gates and 619 West 54th Street (Getty, Taconic Partners)
Bill Gates-backed bio startup expanding in NYC
Bill Gates-backed bio startup expanding in NYC
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
The art of the (discounted) deal
The art of the (discounted) deal
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
Silverstein Properties' Larry Silverstein and Phase I of the Denizen Bushwick at 54 Noll Street (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal)
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein Properties’ Tal Kerret and Silvertech’s Charles Federman (Getty, Silvertech)
Silverstein’s Tal Kerret seeks $250M for SPAC
Silverstein’s Tal Kerret seeks $250M for SPAC
Here’s what tenants are paying at Silverstein’s 120 Wall Street
Here’s what tenants are paying at Silverstein’s 120 Wall Street
Here’s what tenants are paying at Silverstein’s 120 Wall Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...