Philadelphia presents $2 billion road show.

Philadelphia officials took to the road yesterday to convince investors to buy the approximately $2 billion in bond and note sales planned by the city and its agencies over the next three months.

Trading compliments over who is most responsible for the city's apparent recovery from near bankuptcy, the mayor, city council president, and other Philadelphia officials outlined a schedule of planned issues for investors and analysts gathered at the Manhattan headquarters of J.P. Morgan Securities, one of the underwriters on the upcoming deals.

Kathryn J. Engebretson, the city treasurer, said the first of the deals is planned for next Tuesday by the Philadelphia Municipal Authority and will likely total about $176 million. That includes about $131 million of lease revenue refunding bonds expected to carry insurance from Financial Guaranty Insurance Co. The other $45 million will come unenhanced.

Following a $14 million issue of parking revenue refunding bonds from the Philadelphia Authority for Industrial Development, the city will sell its annual tax and revenue anticipation note deal, likely to amount to about $350 million, Engebretson said. That deal is slated for June 30.

The city's oversight board, the Pennsylvania Intergovernmental Cooperation Authority, plans to use its superior credit rating and ability to secure insurance to issue about $200 million in new capital for the city in July. PICA also may refund some of its own bonds then, with about $130 million under review. But Engebretson said the market does not appear to be favorable for such a refunding.

The city was planning a $190 million general obligation refunding on its own next week, but has decided instead that PICA will likely handle a portion of the deal. To coordinate all PICA borrowings, the GO deal will be pushed into July around the time of PICA's other borrowing.

The biggest deal of all will come last - a $ 1.1 billion to $1.2 billion water and sewer revenue bond refunding issue on tap for August. Engebretson said the city is considering issuing a portion of the deal as vartable-rate debt. To avoid federal arbitrage complications, that portion must be separated from the fixed-rate issue by 30 days, so it would come in September, Engebretson said.

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