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The City of New York Announces Successful Sale of $870 Million of General Obligation Bonds

August 8, 2018

The City of New York (“the City”) announced today the successful sale of approximately $870 million of General Obligation Bonds, comprised of $810 million of tax-exempt fixed rate bonds and $60 million of taxable fixed rate bonds.

During a two-day retail order period for the tax-exempt bonds, the City received $551 million of retail orders, of which approximately $479 million was usable.

During the institutional order period, the City received a total of $572 million of priority and member orders, including $140 million of priority orders. A second institutional order period resulted in an additional $50 million of priority orders. During the institutional repricing, yields were increased by  2 basis points for maturities in 2019 through 2022, and by 1 basis point in 2023.

Final stated yields ranged from 1.55% in 2019 to 2.76% in 2029 for a 5.00% coupon bond.

The tax-exempt bonds were sold via negotiated sale by the City’s underwriting syndicate, led by book-running senior manager RBC Capital Markets, with BofA Merrill Lynch, Citigroup, Goldman Sachs & Co. LLC, J.P. Morgan, Jefferies, Loop Capital Markets, Ramirez & Co., Inc. and Siebert Cisneros Shank & Co., L.L.C. serving as co-senior managers.

The City also sold $60 million of taxable fixed rate bonds via competitive bid. The taxable bonds, which mature in 2018 through 2027, attracted eleven bidders, with RBC Capital Markets winning at a true interest cost of 3.390%.

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