New York City and Pennsylvania came to market yesterday with over $1.6 billion of general obligation debt against a backdrop of another slightly firmer session in the municipal market.
Merrill Lynch & Co. priced $799.9 million of tax-exempt GOs for New York City in two series. Bonds from the $600 million Series J mature from 2011 through 2031, with term bonds in 2033 and 2036. Yields range from 1.62% with a 3% coupon in 2011 to 4.97% with a 5% coupon in 2036. The bonds are callable at par in 2019.