The New York City Municipal Water Finance Authority’s $344 million sale of second resolution debt included $145 million of retail orders, according to a spokesman for city Comptroller John Liu.
New York Water sold $293 million of new-money and $51 million of refunding bonds, both fixed-rate and tax exempt.
The spokesman said investor demand at the June 18 institutional pricing -- one day after the retail sale -- helped reduce yields in the 2035 maturity by three basis points. Final yields-to-call varied by coupon and maturity, ranging from 3.38% in 2028 to 4.25% in 2047.
New York Water’s financing syndicate led the negotiated sale. Citi was book-running senior manager. Barclays, M.R. Beal & Co., Ramirez & Co. and Raymond James were co-senior managers.
Fitch Ratings and Standard & Poor’s both rate the bonds AA-plus, while Moody’s Investors Service rates them Aa2.