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Public Finance Wrap-Up: March 2019

April 1, 2019

New York City Completes Successful Sale

The City of New York sold $986 million of General Obligation refunding bonds at the beginning of March, comprised of $914 million of tax-exempt bonds and $72 million of taxable bonds. A strong order period for retail investors positioned the City well for the institutional pricing. Read full press release.

TFA Sale Draws Investor Attention

The New York City Transitional Finance Authority sold approximately $1.45 billion of future tax secured subordinate bonds, comprised of $850 million of tax-exempt fixed rate bonds and $600 million of taxable fixed rate bonds. During a two-day order period for retail investors, TFA received $294 million of orders for the tax-exempt bonds. During the institutional order period for the tax-exempt bonds, TFA received $1.2 billion of priority orders, representing 1.9x the bonds offered for sale to institutional investors.  At the repricing following the institutional order period, yields were decreased by 1 – 2 basis points for maturities in 2036—2038 and by 1 basis point for the 2042 maturity. Goldman Sachs & Co. LLC served as book-running senior manager for the transaction. TFA also sold $600 million of taxable fixed rate bonds via competitive bid in two $300 million tranches, with JP Morgan and RBC Capital Markets each winning a tranche. Read full press release.

New York City IDA Completes Successful Competitive Sale

The New York City Industrial Development Agency sold approximately $32 million of Special Revenue refunding bonds for funding of the New York Stock Exchange Project.  The bonds were sold in a single competitive bid, with Mesirow Financial, Inc. winning the bonds over 11 other bidders.

Looking Ahead

The New York City Municipal Water Finance Authority plans to offer $450 million of fixed rate Second General Resolution Revenue Bonds via negotiated sale the week of April 8. Sign up to receive notices of upcoming sales here.

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

Marj Henning
Deputy Comptroller for Public Finance

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