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NEW YORK CITY-The Metropolitan Transportation Authority has sold its first catastrophe bond totaling $200 million to help protect its assets against future storm surges like those of Superstorm Sandy that caused extensive damage to its infrastructure in the New York metro region last year.

Due to difficulties in obtaining insurance coverage for storm-related damage, the MTA turned to the public markets for financing and other transportation agencies here and elsewhere are studying such a funding option, according to the Wall Street Journal.

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