Bonds for biggest US beltway road priced cheaper

The US$2.6 billion, 30-year municipal bonds issued to pay for the longest traffic beltway in America are reported to be priced cheaper at around $97, with a higher yield of 5.15%. Bloomberg claims the bonds for the Grand Parkway in Houston – a 290km (180 miles) road circling the city - could have been sold by the Texas Department of Transportation during a much healthier market period from as early as April this year. Also known as Texas State Highway 99, the Grand Parkway opened its first section in 1994.
July 22, 2013 Read time: 1 min
The US$2.6 billion, 30-year municipal bonds issued to pay for the longest traffic beltway in America are reported to be priced cheaper at around $97, with a higher yield of 5.15%.

Bloomberg claims the bonds for the Grand Parkway in Houston – a 290km (180 miles) road circling the city - could have been sold by the 3499 Texas Department of Transportation during a much healthier market period from as early as April this year.

Also known as Texas State Highway 99, the Grand Parkway opened its first section in 1994. When completed, it will be the longest beltway in the US, and the third loop within the Houston–The Woodlands-Sugar Land metropolitan area, with Interstate 610 being the inner loop, and Beltway 8 (Sam Houston Tollway) being the middle loop.
Finance & Funding Road Structures

For more information on companies in this article

Related Content

  • Work underway on Texas highway upgrades
    August 25, 2020
    Work is well underway on key Texas highway upgrade projects.
    Read More
  • CEMEX supplying materials for highway project in Houston, TX
    April 12, 2021
    CEMEX is supplying materials for a major highway project in Houston, TX.
    Read More
  • New international trade crossing linking Canada and US
    June 9, 2015
    The Detroit River is short, only 45km, and narrow in places, less than 1km. Around a quarter of the annual $658 billion Canada-US trade crosses over the river. That’s $160 billion worth of goods trucked each year between Detroit in the US state of Michigan and the Canadian city of Windsor in the province of Ontario - the Windsor-Detroit Corridor. There are several types of crossings, but the vast majority of commercial traffic must use the 2.3km Ambassador Bridge (see box). A new bridge was initially prop
    Read More
  • East End Crossing Project—Availability payment P3 in action
    July 14, 2017
    Indiana exercised its authority to use a P3 contract when it partnered with Kentucky for new bridges across the Ohio River. Barney Allison and John Smolen* explain the groundbreaking availability payment deal. Earlier this year, traffic began rolling over the new tolled Lewis and Clark Bridge spanning the Ohio River from northern Kentucky to southern Indiana. The cable-stayed bridge is part of the award-winning Ohio Bridges Project to untangle traffic within the greater metropolitan area of Louisville, Kent
    Read More

Highlighted Content