The City of New York will bring $900 million of tax-exempt fixed-rate general obligation refunding bonds, the largest deal in the negotiated market scheduled for next week.
The deal will enter the market in two parts as a $700 million series and a $200 million series. There will be a two-day order period beginning on Monday with institutional pricing expected on Wednesday.
According to the press release, the transaction will refinance high interest rate bonds for economic savings.
The bonds will mature from 2015 to 2034. Bank of America is the lead underwriter on the deal. The deal's credit ratings were unavailable.
Citigroup Global Market is expected to will a bulk of next week's large deals starting with a twofold deal totaling $833.8 million of New York and New Jersey Port Authority revenue bonds. The bonds mature from 2015 to 2034.
Citigroup will bring $350 million of San Diego Regional Transportation Commission revenue bonds. The bonds mature from 2015 to 2048 and are rated AAA by both Standard & Poor's and Fitch Ratings.
Citigroup will issue $266.4 million of Michigan Truck Line Fund Refunding bonds.
In the competitive market, Minnesota will auction $904 million of general obligation bonds in the competitive market, the largest deal of the week.
Of that amount $54.5 million will be taxable. All of the bonds will mature from 2015 to 2034.
The deal is rated Aa1 by Moody's Investors Service and AA-plus by both Standard & Poor's and Fitch Ratings.
Another large deal in the competitive market next week will come from the Alabama University Board of Trustees for $243.9 million of revenue bonds in a two-part deal. The bonds mature from 2015 to 2021 and are rated Aa2 by Moody's and AA-minus by S&P.
