The New York City Municipal Water Finance Authority upsized its sale of second resolution, fixed-rate, tax-exempt refunding bonds to $300 million from $225 million.
Rice Financial Products Co. was book-running senior manager on the transaction. Barclays Capital, Citi, Ramirez & Co. and Raymond James were co-senior managers
New York Water received about $105 million in orders for the bonds during the Sept. 15 retail period, according to a spokesman for city Comptroller Scott Stringer. During institutional pricing the following day, investor demand enabled the authority to reduce yields in all maturities by two to five basis points as well as upsize the deal by roughly $75 million.
Final stated yields varied by coupon and maturity, ranging from 2.91% in 2028 to 3.72% in 2036.
