This $1 billion bond issue has no credit rating and no public financial statements despite the developer supposedly having investment over $500 million of its own funds. Very strange.
This $1.068 billion shopping mall development in the New Jersey meadowlands was started in 2017 and reached it’s opening date just as the Covid-19 pandemic hit. It then had to invade the debt reserve to make its August 1, 2020 interest payment. This initially caused the bonds to drop to a price of 87, but a strong municipal market combined with the 7% coupon rate on these bonds drove prices back to 111 at last count. As further encouragement, the developer has arranged for a tour of the facility for current and potential investors on September 11,2021.
