New Jersey selected J.P. Morgan to be sole manager for an upcoming $2.6 billion bond sale following a highly 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 October 30 and arranged a negotiated sale as Sandy approached the East Coast and municipal markets became susceptible to storm-related volatility and headline risk. J.P. 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,” said Matt Zames, co-Chief Operating Officer of JPMorgan Chase. “J.P. 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."
J.P. Morgan is the top-ranked underwriter in U.S. municipal finance, including short-term municipal notes.About J.P. Morgan’s Corporate & Investment Bank J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
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