NYC Bonds

News

Public Finance Wrap-Up: July 2019

August 6, 2019

General Obligation Bond Sale Accelerates

New York City sold just over $1.5 billion of tax-exempt and taxable fixed rate bonds on July 23. Following solid retail investor response, we moved final pricing forward one day. Institutional investors submitted over $1 billion of orders to round out the deal. Yields on the bonds ranged from 1.12% for bonds maturing in 2021 to 2.48% for bonds maturing in 2045. Ramirez & Co. served as book-running lead manager with The Williams Capital Group serving as joint lead manager. Two tranches of taxable bonds were offered by competitive bid, with one bid won by BofA Merrill Lynch and the other by Morgan Stanley. Read the full press release here.

NYC Bond History

Bond counsel provides an opinion on the validity of municipal bonds when the bonds are issued. The letter above, written in 1897 on the eve of Brooklyn’s incorporation into New York City, advises potential investors against buying Brooklyn Bonds. It notes that a pending court case could invalidate the bonds or affect their price.

A drawing of 1897 Brooklyn published in the Brooklyn Daily Eagle.
(Image from the Library of Congress Geography and Map Division)

Looking Ahead

  • The City plans to convert its $225 million Fiscal 2014 Series D-3 General Obligation Bonds from a daily variable rate to a fixed rate step coupon, with pricing scheduled for August 7th.
  • The New York City Transitional Finance Authority is offering $1.35 billion of fixed rate Future Tax Secured Subordinate Revenue bonds today, via competitive sales.
  • The City of New York plans to offer $1.55 billion of fixed and variable rate General Obligation bonds the week of September 9, via negotiated and competitive sales.

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

Marj Henning
Deputy Comptroller for Public Finance

Postcard from New York
The Collector’s Room in the Alexander Hamilton U.S. Custom House features ornate woodwork.
(Photo by Marjorie Zien, CC BY-SA 4.0)

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.

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$242 billion
Aug
2022