New York City intends to sell about $1.3 billion of general obligation bonds in June, representatives of the Mayor's Office of Management and Budget and city Comptroller Scott Stringer announced.
A June 2 negotiated sale will include $300 million of tax-exempt, fixed-rate new money bonds and about $315 million of tax-exempt bonds the city will convert from variable-rate demand bonds to fixed-rate bonds. A two-day retail order period will begin on May 29.
Book-running senior manager JPMorgan will lead the sale, with Bank of America Merrill Lynch, Citi, Jefferies & Co., Morgan Stanley and Siebert Brandford Shank & Co. LLC as co-senior managers.
Also that day, the city plans to sell $300 million of taxable fixed-rate bonds through competitive bid.
Additionally, it plans to convert $50 million of VRDBs to floating rate notes. JPMorgan will lead the sale for these bonds, which will also price June 2, after a retail order period the preceding day.
Lastly, the city intends to price $350 million of tax-exempt VRDBs on June 17.
