The New York City Transitional Finance Authority sold $914.8 million of subordinate fixed-rate bonds on Thursday.
Of that amount, $100 million were tax-exempt new money bonds, for which RBC Capital Markets submitted the winning bid at a true interest cost of 2.27%; $552.8 million were tax-exempt refunding bonds, for which Bank of America Merrill Lynch won with a TIC of 2.27%; and $32 million were tax-exempt bonds converted from variable-rate to fixed-rate bonds, for which Goldman, Sachs & Co. won with a TIC of 0.75%.
Additionally, the TFA sold $100 million of taxable new money qualified school construction bonds, which Citigroup Global Markets Inc. won with a TIC of about 3.60%, and $130 million of taxable new money bonds, which Wells Fargo Bank won with a TIC of 2.07%.
Standard & Poor’s and Fitch Ratings rate the bonds AAA, while Moody’s Investors Service rates them Aa1.
The TFA, which issues debt to fund a portion of New York City’s capital plan, intends to price $248 million of tax-exempt, new money VRDBs around Dec. 3.
