News
Public Finance Wrap-Up: June 2020
Financings in June
The New York City Municipal Water Finance Authority (NYW) entered the market with $630 million of tax-exempt fixed rate bonds on June 1st for retail orders and June 2nd for institutional orders. Proceeds from the sale are to be used to fund capital projects and refund specific outstanding bonds for significant savings. Bonds were sold through a negotiated sale via an underwriting syndicate led by Siebert Williams Shank & Co., LLC, which served as book-running lead manager. Barclays and Raymond James served as co-senior managers on the transaction.
The financing drew interest from both retail and institutional investors, with over $440 million of retail orders. With strong demand on both days, the transaction upsized the amount of bonds offered by almost $80 million and finished pricing having sold $708 million of bonds.
Upcoming Financings
At the moment, the Comptroller’s office has no immediate plans for financings. However, we urge you to stay abreast of our upcoming financings and relevant news by frequenting our website here.
City Economic Updates
During these challenging times, the Comptroller’s Office’s Budget Bureau continues to publish periodic fiscal and economic updates for New York City which may be of interest to our readers. Please view the 3Q20 Quarterly Cash Report and the June 2020 Cash Projection from the Bureau of Budget. The Quarterly Cash Report provides a retrospective look at the major cash events during the third quarter of FY 2020 (January 2020 – March 2020). The Cash Projection details the cash balance projection for the City through September 30, 2020. Additionally, the Comptroller’s New York by the Numbers – Weekly Economic and Fiscal Outlook is an informative report that provides a weekly economic and fiscal outlook.
Looking Ahead
The Comptroller’s Office continues to actively monitor markets and the various federal actions taken to stabilize the economy. With the adoption of the Fiscal 2021 budget, the Comptroller’s Office and the Mayor’s Office of Management and Budget will continue to work to ensure that the City’s financing programs provide adequate capital funding.
As the City slowly reopens in phases, we remain proud of our citizens who continue to take care of each other, and exercise all precautions to keep our City healthy.
Marj Henning
Deputy Comptroller for Public Finance