The New York City Municipal Water Finance Authority sold $548 million of second resolution, fixed-rate, tax-exempt refunding bonds, an increase of $68 million from the expected $480 million.
Barclays Capital was bookrunning senior manager for the March 25 negotiated sale. Citi, Ramirez & Co. and Raymond James were co-senior managers.
New York Water received $168 million in orders for the bonds during the March 24 retail order period, according to a spokesman for City Comptroller Scott Stringer. During the institutional pricing, New York Water was able to reduce yields in four maturities by one to three basis points as well as upsize the deal.
Final stated yields varied by coupon and maturity, ranging from 2.55% in 2022 to 4.34% in 2039.
Fitch Ratings and Standard & Poor's rated the bonds AA-plus, while Moody's Investors Service rated them Aa2.
