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Monthly Public Finance Wrap-Up: August 2016

September 9, 2016

To Our Investor Community:

During the month of August, the City completed and closed its $1 billion GO new money bond sale referenced in our July investor letter.  There were no other bond sales during the month.  In other City related news, the Comptroller’s office released its Quarterly Economic Update which examines a broad range of indicators that reflect the City’s current conditions in the national economic environment.

NYC Quarterly Economic Update

On August 10th, Comptroller Stringer released NYC’s Quarterly Economic Update.  The report highlights that the City’s economy slowed during the second quarter of 2016, adding 13,400 private-sector jobs, which is the second smallest increase in six years.  In addition, the report found that the City’s economy, while continuing to outpace the nation’s, grew an estimated 1.7 percent between April and June of this year – the slowest rate since the end of 2013.  For additional information on the City’s overall economic growth, including private-sector job growth as well as other information, please download the report in its entirety.

Looking Ahead

September is shaping up to be a busy month for NYC bond sales.  The New York City Transitional Finance Authority has announced details of its upcoming $1.05 billion new money bond sale.

There will be a two day retail order period that will begin on Monday, September 12th continuing through Tuesday, September 13th.  During these two days, individual investors will have priority to purchase the bonds. The New York City Municipal Water Finance Authority will enter the market later in September with a competitively bid fixed rate bond sale. You can subscribe to receive sale announcements and other City publications and reports. The New York State Comptroller also maintains a website with a preliminary forward calendar for major State and City issuers.

As always, we appreciate your interest in New York City bonds. Please contact us if you have any questions or suggestions as to how we can improve our investor communications.

Carol S. Kostik
Deputy Comptroller for Public Finance

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