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The City of New York Announces Successful Sale of $1.57 Billion of General Obligation Bond

April 9, 2025

The City of New York (the “City”) announced the successful sale of approximately $1.57 billion of
tax-exempt, fixed rate General Obligation bonds. Proceeds of the bond sale will be used to fund capital
projects and convert certain outstanding variable rate bonds to fixed rate bonds.

The City received nearly $140 million of orders during the retail order period and $4.2 billion of priority
orders during the institutional order period, which in total represents approximately 2.8x the bonds
offered for sale.

Final yields ranged from 3.10% in 2027 to 4.87% in 2053.

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

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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.

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$285 billion
Feb
2025