NYC Bonds

News

The City Of New York Announces Sale of $1.5 Billion General Obligation Refunding Bonds

February 14, 2020

The City of New York (“the City”) announced today the sale of approximately $1.5 billion of General Obligation Bonds, comprised of approximately $1.1 billion of tax-exempt fixed rate bonds and $423 million of taxable fixed rate bonds. Proceeds from the sale will be used to refund outstanding bonds.

During a two-day retail order period for the tax-exempt bonds, the City received $302 million of orders from individual investors, all of which was usable.

The transaction was underwritten by a syndicate led by book-running lead manager Citigroup, with BofA Securities, Goldman Sachs & Co. LLC, Jefferies, J.P. Morgan, Loop Capital Markets, Ramirez & Co., Inc., RBC Capital Markets and Siebert Williams Shank & Co., L.L.C. serving as co-senior managers.

Final stated yields ranged from 0.95% in 2020 to 1.73% in 2036 for a 5% coupon bond.

The City also sold $423 million of taxable fixed rate bonds, comprised of two subseries, via competitive bid.  The first subseries of approximately $134 million of bonds maturing in 2021 and 2022 attracted ten bidders, with J.P. Morgan winning at a true interest cost of 1.586%. The second subseries of approximately $290 million of bonds, which mature in 2031 through 2035 and are also callable at par in 2030, attracted nine bidders, with Morgan Stanley winning at a true interest cost of 2.500%.

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