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Public Finance Wrap-Up: May 2020

May 29, 2020

Financings in May

After over a month without a City General Obligation bond or New York City Transitional Finance Authority (“TFA”) bond sale, the TFA entered the market with its Future Tax Secured Bonds with a retail order period on May 12th followed by the institutional pricing on May 13th.  TFA sold approximately $1.08 billion of Future Tax Secured Subordinate Bonds, comprised of $850 million of tax-exempt fixed rate bonds and $226 million of taxable fixed rate bonds. The financing drew strong interest from both retail and institutional investors, with over $500 million of retail orders and an oversubscription of 11x the bonds offered for sale during the institutional order period, and resulting in a reduction of three to fifteen  basis points across various maturities. Proceeds from the bond sale will be used to fund City capital projects. To learn more, read the Press Release.

Upcoming Financings

The New York City Municipal Water Finance Authority (NYCMWFA) plans to offer approximately $635 million tax-exempt, fixed rate bonds in June. Proceeds from the bond sale will be used to fund capital projects and refund certain outstanding bonds for savings. Subject to market conditions, the institutional pricing will take place on Tuesday, June 2, 2020. Individual investors will have priority in placing orders during the retail order period on Monday, June 1, 2020. Learn more about this transaction here.

City Economic Updates

In these uncertain times, the Comptroller’s Office’s Budget Bureau has been publishing periodic fiscal and economic updates for New York City which may be of interest to our readers. Visit New York by the Numbers – Weekly Economic and Fiscal Outlook for more information.

Fort Tyron Park, Hudson Height

Looking Ahead

As we await adoption of the City’s Fiscal Year 2021 Budget in June, we will continue to actively monitor markets and the various federal actions taken to stabilize the economy. Together, the Comptroller’s Office and the Mayor’s Office of Management and Budget continue to work to ensure that the City’s financing programs provide adequate capital funding.

We remain proud of our citizens and the kindness and camaraderie displayed during these times, knowing that on the other side of this, we will all be as resilient and strong as ever.

Marj Henning
Deputy Comptroller for Public Finance

Postcard from New York

Discover New York – Fort Tyron Park

Nestled on the edge of Hudson Heights in upper Manhattan, and overlooking the Hudson River, Fort Tyron Park is a 67-acre landmark. Sitting at 200 feet above sea level, one of New York City’s highest points, the park not only offers extraordinary views of the Hudson, but an impressive list of offerings for individuals of all ages. From fitness classes to exploration of its expansive gardens to medieval festivals and more. Now celebrating its 85th Anniversary, Fort Tyron Park is also home to The Met Cloisters – an extension of the Metropolitan Museum, the Met Cloisters specializes in European Medieval Architecture.

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