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Monthly Public Finance Wrap-Up: November 2017

December 1, 2017
Postcard from New York

Updated City Financial Information

In the past month, the Comptroller’s Office released the City’s 2017 Comprehensive Annual Financial Report and its user-friendly companion, the 2017 Popular Annual Financial Report. The Mayor released his update to the City’s Financial Plan on November 21. Data from these documents are reflected in the Preliminary Official Statement (POS), published November 28 in connection with the upcoming General Obligation bond sale (below). The POS summarizes recent financial developments that include the Financial Plan update as well as relevant federal and state developments. The POS should be read in its entirety.

General Obligation Bond Sale

New York City expects to sell approximately $850 million of tax-exempt General Obligation refunding bonds via negotiated sale, with an order period for individual investors on December 4 and 5 and final pricing on December 6. The City expects to offer bonds in every year from 2018 to 2035. Read the press release.

$400 Million NYC Municipal Water Finance Authority Bond Sale

The New York City Municipal Water Finance Authority sold approximately $400 million of Second General Resolution Revenue Bonds via negotiated sale on November 14. Approximately $340 million was issued as fixed rate bonds providing new capital for the City’s water and sewer system, and about $60 million was issued as Refundable Principal Installment bonds (RPIs) to redeem RPIs callable on December 15, 2017. RPIs allow the Water Authority to access the shorter end of the yield curve for a lower cost of borrowing. Barclays served as book-running lead manager for the bonds, with The Williams Capital Group, L.P. serving as joint lead manager.

TSASC, Inc.

Standard and Poor’s (S&P) released a report on November 16 on all bonds it rates that are backed by New York State Tobacco Settlement Payments. The report, coming after all such bonds were placed on negative credit watch in May, affected TSASC, Inc. bonds with both downgrades and upgrades on a maturity-by-maturity basis. The Fiscal 2017 Series B Subordinate Bonds maturing June 1, 2048 remain unrated. Read the report.

New York City Bond Fact

The Comptroller and the Mayor are jointly responsible, under city and state law, for New York City’s debt. Scott Stringer is the 44th person to serve as the City’s Comptroller and Bill de Blasio is its 109th Mayor.

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

Carol S. Kostik
Deputy Comptroller for Public Finance

Postcard from New York
Gantry Plaza State Park in Long Island City, Queens. These gantries were used to transfer rail cars between rail car floats (barges) and the Long Island Rail Road tracks that previously ran through the area. The 12-acre park opened in 1998 and expanded in 2009.

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2022