NYC Bonds

News

Monthly Public Finance Wrap-Up: July 2017

August 1, 2017

To Our Investor Community:

In July the New York City Transitional Finance Authority sold approximately $1 billion of tax-exempt refunding bonds and New York City sold approximately $960 million of tax-exempt and taxable General Obligation refunding bonds. Investors now have access to a free online course on investing in municipal securities, along with a free municipal market yield curve and several indices.

$1 Billion Transitional Finance Authority Bond Sale

The New York City Transitional Finance Authority (“TFA”) sold $1 billion of Building Aid Revenue Bonds (“BARBs”) that resulted in $184 million in budget savings from retiring higher-coupon bonds.

The bonds were sold via negotiated sale, led by book-running senior manager BofA Merrill Lynch, and ranged in maturity from 2018 to 2036. Individual investors placed $710 million of orders during the first day of the sale. In response to such a strong retail order period, TFA accelerated the transaction and began institutional pricing a day earlier than planned. The TFA BARBs are rated AA by Standard & Poor’s, AA by Fitch Ratings and Aa2 by Moody’s Investors Service.

$960 Million New York City General Obligation Bond Sale

New York City (“the City”) issued $960 million of tax-exempt refunding bonds and $60 million of taxable refunding General Obligation (“GO”) bonds. The sale created $164 million in budget savings, most of which will be realized in fiscal years 2018-2021.

The bonds were sold via negotiated sale, led by book-running senior manager BofA Merrill Lynch, and ranged in maturity from 2018 to 2028. Individual investors accounted for $422 million of the sale. The GO bonds are rated AA by Standard & Poor’s, AA by Fitch Ratings and Aa2 by Moody’s Investors Service.

MSRB Offers Free Course, Yield Curve, and Indices

The Municipal Securities Rulemaking Board (“MSRB”) added a free course to its online offerings, targeting individual investors. “Exploring Municipal Bonds” offers investors an opportunity to, “understand the key concepts and basic characteristics of investing in municipal bonds, distinguish between the types of municipal bonds… and practice assessing the common types of risks involved with investing in municipal bonds.”

The MSRB also made available a free municipal market yield curve and several third-party indices.

Looking Ahead

The New York City Transitional Finance Authority plans to sell approximately $1.35 billion of tax-exempt and taxable new money bonds via competitive sale next week. Additional information is available via the links below.

As always, we appreciate your interest in New York City bonds.

Carol S. Kostik
Deputy Comptroller for Public Finance

Notice and Disclaimer

Under no circumstances shall the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an official statement.

The information contained on this website has been included for general informational purposes only and no person should make any investment decision in reliance upon the information contained herein.

Bonds may not be sold, nor may an offer to buy be accepted, prior to the time an Official Statement is delivered in final form. A definitive Official Statement with respect to any bonds will be made available concurrently with their sale. A Preliminary Official Statement for any bonds may be obtained from the firms listed on the cover of the Preliminary Official Statement and on this website.

Any Preliminary Official Statement relating to bonds included on the Upcoming Transactions page is provided only as a matter of convenience.

For investment advice on bonds, please contact your investment advisor.

No statement found on this website is incorporated by reference in any Official Statement for the bonds and no statement on this website is part of any Official Statement.

By choosing to continue and view the information on this website you are acknowledging that you have read and understood and accept the terms of this Notice and Disclaimer.

$242 billion
Aug
2022