The City of New York is in the market with a $59 million deal backed by tax liens. JPMorgan Securities is leading the offering.
Preliminary details on the transaction are available via the link below from the ASR Scorecard database.
The transaction's pool includes roughly 2.4 million square feet of office space, or 94.6% of the total, on the first through 60th floors.
American Banker's 2026 Predictions report finds that nonbank entities and check fraud are major threats to local banks in the coming months.
The deal features a full turbo amortization structure, where all collections will be applied to amortize the bond principal. No cash will be paid to the sponsor until the bonds are paid in full.
The transaction is the fourth of its type the company has done this year through the partnership it has had with Crosscountry Mortgage since late 2022.
Tax liens have so-called super priority in repayments, even placing ahead of a previously filed mortgage.