The New York City Municipal Water Finance Authority kicked off this week with a retail pricing Monday that looked expensive in the midst of an overall softer market.

Ramirez & Co. priced for retail $519.6 million of the NYC water and sewer system second general resolution revenue bonds, rated Aa2 by Moody's Investors Service and AA-plus by Standard & Poor's and Fitch Ratings. Institutional pricing is expected Tuesday.

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