NYC Bonds

News

The City of New York Announces Successful Sale of $1.1 Billion General Obligation Bonds

October 7, 2020

The City of New York (“the City”) announced the sale of approximately $1.1 billion of General Obligation tax-exempt, fixed rate bonds. Proceeds from the sale will be used to fund capital projects and convert certain issues of floating rate debt to fixed rate debt.

During the retail order period, the City received $570 million of orders from individual investors, out of which approximately $466 million was usable. During the institutional order period, the City received approximately $3.2 billion of priority orders, representing 4.8x the bonds offered for sale to institutional investors.

Given the strong investor demand, yields were reduced by 7 basis points for the 2026 maturities, 4 – 5 basis points for maturities in 2027 through 2038 and 5 – 6 basis points for maturities in 2039 through 2043. Final yields ranged from 0.41% in 2022 to 2.40% for the 5% bond maturing in 2043 and 2.88% for the 2.75% bond maturing in 2044.

The bonds were underwritten through a syndicate led by book-running lead manager Siebert Williams Shank, with BofA Securities, Citigroup, J.P. Morgan, Jefferies, Loop Capital Markets, Ramirez & Co., RBC Capital Markets and Wells Fargo Securities serving as co-senior managers.

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