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Public Finance Wrap-Up: June 2020

June 30, 2020
The Little Red Lighthouse | Hudson River | Photo Credit: Wikipedia

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

Postcard from New York
The Morris–Jumel Mansion, also known as the Morris House is the oldest house in New York City. Now a museum, the house was built in 1765 and served as a headquarters for both sides in the American Revolution. Named after its builder, Roger Morris, and the terrace on which it sits, the Jumel Terrace in Roger Morris Park, the home and ground were declared a National Historic Landmark in 1961. Nestled in the northern part of Manhattan, the museum boasts eight beautifully-appointed 18th- and 19th-century period rooms, including the former bedroom and war office of George Washington.

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