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<a href="http://www.accessmylibrary.com/coms2/summary_0286-14081842_ITM" title="Facts and information about Planning--the key to a successful interest rate swap strategy: with careful planning and written policies, the New York Metropolitan Transportation Authority has used interest rate swaps to successfully modernize its bond indentures, regain financial flexibility, and better match its debt to financed assets.(Best Practices)">Planning--the key to a successful interest rate swap strategy: with careful planning and written policies, the New York Metropolitan Transportation Authority has used interest rate swaps to successfully modernize its bond indentures, regain financial flexibility, and better match its debt to financed assets.(Best Practices)</a>
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Planning--the key to a successful interest rate swap strategy: with careful planning and written policies, the New York Metropolitan Transportation Authority has used interest rate swaps to successfully modernize its bond indentures, regain financial flexibility, and better match its debt to financed assets.(Best Practices)
etween 2000 and 2002, the New York Metropolitan Transportation Authority embarked on the largest municipal debt-restructuring program in American history. Interest rate swaps played a critical role in the program's success. While the successful use of swaps requires financial and legal expertise, a number of management and policy steps also must be taken before the first swap is executed. In this article we discuss the TA's strategy in developing its swap program and the benefits it received by using swaps in its debt portfolio.
The MTA's use of swaps in its debt restructuring program is consistent with a 2003 GFOA recommended practice, "Use of Debt-Related ...
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