NYC Bonds

News

THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE OF $900 MILLION OF TAX-EXEMPT GENERAL OBLIGATION REFUNDING BONDS

February 7, 2017

The City of New York (“the City”) announced the successful sale of approximately $900 million of General Obligation Refunding Bonds.
During a two-day retail order period for the bonds, the City received $621 million of retail orders – the most received in recent history – of which nearly $600 million was usable.
Given the strong retail demand, the refunding was upsized by approximately $100 million, from the original transaction size of $800 million to approximately $900 million.
During the institutional order period, the City received $785 million of priority orders, representing 2.6x the bonds offered for sale to institutional investors. Yields were reduced by 1 basis point for the 2024, 2025, 2026, 2027 and 2028 maturities. Final stated yields ranged from 0.72% in 2017 to 3.00% in 2029 for a 3% coupon bond.

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