NYC Bonds

News

The City of New York Announces Successful Sale of $688 Million of General Obligation Bonds

February 23, 2023

The City of New York (“the City”) announced the sale of $688 million of tax-exempt fixed rate General Obligation bonds. Proceeds of the bond sale will be used to refund certain outstanding bonds for savings.  The refunding achieves approximately $37 million in total debt service savings, which are spread approximately evenly across Fiscal Years 2024 through 2027.

During the retail order period for the bonds, the City received over $587 million of orders from retail investors, of which nearly $490 million was usable.

Final yields ranged from 2.83% to 3.36%.

The bonds were underwritten through a syndicate led by book-running lead manager Siebert Williams Shank, with BofA Securities and RBC Capital Markets serving as co-senior managers.

This marks the first transaction since Fitch Ratings (“Fitch”) upgraded the City’s General Obligation bond rating to AA from AA- on February 17, 2023.  A link to Fitch’s Rating Action Commentary can be found here.

###

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