A subsidiary of Bermudian-based Assured Guaranty Ltd has, for a second time, insured $800 million of senior Special Facilities Revenue Bonds issued by the New York Transportation Development Corporation on behalf of JFK New Terminal One, a consortium comprising Ferrovial Airports, JLC Infrastructure, Ullico Infrastructure Fund and Carlyle Group.

Following a successful, similar bond issuance last December, the insured bonds were issued today as part of a $2.55 billion Series 2024 issue of fixed-rate bonds.

This increases Assured Guaranty Municipal Corp-insured bonds to an aggregate of $1.6 billion out of the $4.55 billion of bonds issued to date by JFK NTO.

Lorne Potash, managing director, Infrastructure Finance, Americas, said: “For the second time in less than seven months, Assured Guaranty’s bond insurance on $800 million of bonds once again helped the issuer achieve a highly successful execution.

“The 2023 and 2024 insured issues together represent the largest commitment Assured Guaranty has to a single public-private partnership credit. We are the only bond insurer with the experience, scale and financial strength to provide meaningful cost savings for issues of this size and complexity.”

Sam Nakhleh, director, Infrastructure Finance, Americas, added: “JFK NTO is the largest public-private partnership transportation project in the United States, and we are pleased to be a part of the team that brought this investment-grade and highly essential project to its second successful bond execution.”