News
Monthly Public Finance Wrap-Up: October 2017
Investors have access to additional market information, thanks to the Municipal Securities Rulemaking Board, and the New York City Transitional Finance Authority successful sold nearly $1 billion of new money bonds.
New Free Tools for Investors
The Municipal Securities Rulemaking Board added the Bloomberg BVAL Municipal AAA Curve to its Electronic Municipal Market Access website. The new yield curve joins several other tools that are freely available to investors and are intended to help make municipal market information more transparent and accessible. The organization also published a primer on the role of municipal bonds in financing U.S. infrastructure.
$990 Million NYC Transitional Finance Authority Bond Sale
The New York City Transitional Finance Authority sold $990 million of new money Future Tax Secured Subordinate bonds via negotiated and competitive sales on October 18. Proceeds from the sales will fund capital projects throughout New York City. Goldman Sachs & Co. served as book-running senior manager for the negotiated bonds. J.P. Morgan won the competitive sale for taxable fixed rate bonds, which drew seven bidders. Read the full summary
Federal Infrastructure Proposals
Infrastructure has taken a back seat on the federal agenda as tax reform consumes most of Congress’ attention. According to news reports, bills being developed for tax reform may include legislation around healthcare and other areas. Though infrastructure bills are not expected to join this package, we continue to watch closely for new developments.
New York City Bond Fact
New York City issued the United States’ first recorded municipal bond in 1812. The proceeds from the general obligation bond sale reportedly paid for the construction of a canal.
Looking Ahead
In November, both the New York City Municipal Water Finance Authority and the New York State Environmental Facilities Corporation expect to offer bonds. Please stay tuned for additional information.
As always, we appreciate your interest in New York City bonds.
Carol S. Kostik
Deputy Comptroller for Public Finance