News
The City Of New York Announces Successful Sale Of $1.075 Billion Of General Obligation Bonds
The City of New York (“the City”) announced the sale of $1.075 billion of General Obligation Bonds, comprised of $950 million of tax-exempt fixed rate bonds and $125 million of taxable fixed rate bonds. Proceeds of the bond sale will be used to fund capital projects.
During the retail order period for the tax-exempt bonds, the City received just over $312 million of orders from retail investors, of which over $269 million was usable.
Final yields ranged from 2.10% in 2024 to 4.20% for a 4% bond in 2046.
The tax-exempt fixed rate bonds were underwritten through a syndicate led by book-running lead manager Jefferies, with BofA Securities, Citigroup, J.P. Morgan Securities, Loop Capital Markets, Ramirez & Co., RBC Capital Markets, Siebert Williams Shank, and Wells Fargo Securities serving as co-senior managers.
The City also sold $125 million of taxable fixed rate bonds via competitive bid. The bid attracted 11 bidders, with Citigroup winning at a true interest cost of 4.148 %.