NYC Bonds

News

Public Finance Wrap-Up: April 2019

May 2, 2019

NYW Completes Successful Sale

The New York City Municipal Water Finance Authority (NYW) sold $500 million of fixed rate Second General Resolution Revenue Bonds via negotiated sale on April 8th.   The bonds were issued for both new money and refunding purposes, with the refunding portion generating about $90 million of net present value savings.

 Competitive General Obligation Bond Sale Attracts Many Bidders

The City of New York sold $120 million of fixed rate General Obligation Bonds maturing in 2028 through 2032 via competitive sale on April 11th. The sale drew 10 bidders, with Morgan Stanley winning the bonds at a true interest cost of 2.418%.  This was a reoffering and conversion to fixed interest rates of bonds originally issued in FY 2008 as variable rate bonds.

 NYC Bond Fact – Long Dated Bonds

New York City currently issues bonds that typically do not mature later than 30 years from issuance.  This wasn’t the case in 1873, as bonds were sold with a 274-year final maturity.  These bonds were issued in the last of six transactions to fund the construction of a road to one of the nation’s first racetracks.  That road is now known as Jerome Avenue and the racetrack is now the site of Jerome Park Reservoir.  New York City assumed the debt upon annexing the two communities that issued the bonds and has been paying interest on them all these years.  The bonds bear a 7 percent interest rate with maturities ranging from 2001 to 2147.

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

Marj Henning
Deputy Comptroller for Public Finance

Postcard from New York
The Verrazzano-Narrows Bridge connecting Staten Island to Brooklyn will have a typo in its name corrected as its signage is replaced. The existing signs are missing a “z”.

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