New York City completed its sale of $800 million of fixed-rate general obligation bonds. Wednesday’s offering included $715 million of tax-exempt new money and refunding bonds, and $85 million of new-money taxable bonds.
The $800 million is the fixed-rate component of $975 million in total financing, which will include $175 million in new-money variable rate demand bonds, to be priced just before the closing date of the entire bond financing, expected around Aug. 9.
According to a spokesman for the Mayor’s Office of Management and Budget, the city received about $180 million of orders for the fixed-rate, tax-exempts during a two-day retail order period.
New York City has double-A ratings from all three major credit agencies.
