NYC Bonds

Marj Henning Starts as Deputy Comptroller

Marjorie Henning began her tenure as the head of Public Finance at the New York City Comptroller’s Office on September 17. Marj is a three-decade veteran of the municipal market and spent five years at Citigroup as a Director in the Municipal Securities Division where she covered Northeast issuers.

Prior to joining Citigroup, she was General Counsel to the New York City Office of Management and Budget (OMB), where she participated in the creation and structuring of the NYC Samurai Funding Corp., the NYC Transitional Finance Authority, TSASC, Inc., Hudson Yards Infrastructure Corporation, and other special-purpose financing vehicles. Marj also managed the City’s and its related issuers’ $13 billion in outstanding variable rate demand obligations and the associated bank facilities at OMB.

In her new role as Deputy Comptroller for Public Finance, she leads bond issuance and debt management for the Comptroller’s Office. Read the press release.

Marjorie Henning, Deputy Comptroller for Public Finance

$1.68 Billion TFA Bond Sale

The New York City Transitional Finance Authority sold $902 million of tax-exempt and $500 million of taxable fixed rate Future Tax Secured subordinate bonds on September 6.  Loop Capital Markets served as senior book-running manager. Individual investors and professionally-managed accounts purchased about half of the tax-exempt bonds. Strong demand of over four times the amount of bonds offered to institutional investors allowed the TFA to reduce yields by up to five basis points. Morgan Stanley and Jefferies each won one of the two tranches of competitively offered taxable bonds. In conjunction with the fixed rate bond sale, the TFA also sold $275 million of variable rate tax-exempt bonds on September 24, with J.P. Morgan and US Bancorp serving as underwriters.

New York Water Sells $100 Million of Bonds

The New York City Municipal Water Finance Authority sold $100 million of variable rate revenue bonds on September 12. Jefferies served as remarketing agent for the bonds, with Industrial and Commercial Bank of China serving as liquidity provider. It is the first time the City and its related issuers have utilized ICBC as a liquidity provider.

NYC Bond Fact – 1,300 Miles per Year

The Department of Transportation plans to resurface 1,300 lane miles of streets annually in 2018 and 2019. Under the current Ten-Year Capital Strategy, which covers Fiscal Years 2018-2027, total road and bridge work makes up 15% – about $14 billion – of the City’s $96 billion in planned capital spending. Capital investments are paid almost entirely with General Obligation, Transitional Finance Authority, and New York Water bonds. Only 7% of the City’s capital funding comes from federal, state, or other non-City sources.

Atlantic Avenue, Brooklyn

Looking Ahead

The New York City Transitional Finance Authority plans to offer $1.2 billion of tax-exempt fixed rate Building Aid Revenue Bonds to individual investors on October 15 and 16. Final pricing is scheduled for October 17, during which TFA also plans to competitively offer $230 million of taxable fixed rate bonds. Read the full press release and sign up to receive notices of upcoming sales here.

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

Marj Henning
Deputy Comptroller for Public Finance