New Jersey selects JP Morgan for bond sale
New Jersey has selected JP Morgan to be sole manager for an upcoming USD2.6bn bond sale following a competitive selection process that was arranged quickly after it became clear that Hurricane Sandy would make landfall in the state.
Proceeds will assist the state in meeting its cash flow needs in the current fiscal year.
New Jersey cancelled its original plan for an auction of Tax Revenue Anticipation Notes (TRANs) on 30 October and arranged a negotiated sale as Sandy approached the East Coast and municipal markets became susceptible to storm-related volatility and headline risk.
JP Morgan will help New Jersey complete its sale of annual TRANs sale by reaching out to investors who understand that New Jersey is a strong credit that has never failed to meet its debt obligations.
“We have more than 30,000 employees and 10 million customers in the tri-State area. This storm hit home for all of us,” says Matt Zames, co-chief operating officer of JPMorgan Chase. “JP Morgan wants to be part of the rebuilding process that restores New Jersey’s communities and the Jersey Shore. We think investors will want to be there, too."
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