NYC Bonds

News

NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $1.0 BILLION BUILDING AID REVENUE BONDS

July 11, 2017

The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $1.0 billion Building Aid Revenue Bonds. Proceeds will be used to refund outstanding Building Aid Revenue Bonds.

During a one-day retail order period for the bonds, TFA received $710 million of retail orders – the most received in recent history – of which approximately $404 million was usable.

During the institutional order period, TFA received $1.6 billion of priority orders, representing over 3.0x the bonds offered for sale to institutional investors. Given the strong investor demand, TFA reduced yields further during the institutional re-pricing, reducing yields on bonds maturing after  2027 by up to 4 basis points. Final stated yields varied by coupon and maturity, ranging from 0.91% for the 2018 maturity to 3.33% for the 4% coupon bond maturing in 2036 and 3.03% for the 5% coupon maturing in 2036.

The bonds were sold via negotiated sale through TFA’s underwriting syndicate for Building Aid Revenue Bonds, led by book-running senior manager BofA Merrill Lynch, with Jefferies and Ramirez & Co., Inc. serving as co-senior managers.

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