NYC Bonds

News

NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $1.08 BILLION SALE OF BUILDING AID REVENUE BONDS

March 14, 2018

The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of approximately $1.08 billion of tax-exempt and taxable Building Aid Revenue Bonds. Proceeds from the bond sale will be used to fund education capital projects and refund outstanding bonds.

During the retail order period for the tax-exempt bonds, TFA received approximately $846 million of retail orders – one of the highest participation levels by retail investors in recent history – of which approximately $471 million was usable.

During the institutional order period, TFA received $1.8 billion of priority orders, representing 3.5x the bonds offered for sale to institutional investors. During the institutional repricing, TFA reduced yields by 1-5 basis points for maturities in 2030 through 2046. Final stated yields on the tax-exempt bonds varied by coupon and maturity, ranging from 1.25% for the 2018 maturity to 3.32% for the 5% coupon maturing in 2043, 3.24% for the 5.25% coupon bond maturing in 2045, 3.72% for the 4.00% coupon bond maturing in 2046 and 3.75% for the 3.625% coupon maturing in 2047.

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

TFA also sold approximately $75 million of taxable fixed rate bonds via competitive bid. The taxable bonds maturing in 2018 through 2022 attracted eight bidders, with BofA Merrill Lynch winning at a true interest cost of 2.560%.

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