The New York City Transitional Finance Authority plans to sell $1 billion in future tax secured subordinate bonds in July.
The authority intends to sell roughly $675 million of tax-exempt, fixed-rate new money bonds on July 16 after a two-day retail order period. It will sell the bonds by negotiated sale through its underwriting syndicate, led by book-running senior manager Morgan Stanley.
Bank of America Merrill Lynch, Barclays Capital, Goldman Sachs & Co., JPMorgan, Loop Capital Markets LLC and Wells Fargo Securities are co-senior managers, according to a spokesman for city Comptroller Scott Stringer.
Also that day, the authority will sell $125 million of taxable fixed-rate new money bonds by competitive bid.
Additionally, the authority intends to price $200 million of tax-exempt new money variable-rate demand bonds on July 31.
The state legislature created the TFA in 1997 to enable the city to get around general obligation debt limits.
