Amid a volatile market and a spate of negative economic news, New York plans to make its annual general obligation bonds offering Thursday with the competitive sale of about $269 million of tax-exempt and taxable general obligation bonds.
New York sells the vast majority of its debt through public authorities rather than as GOs. The state tends to bring GO deals to market once a year and this will be the only one in the current fiscal year 2008. The state plans to sell the bonds in two series of serial bonds. Series 2008A will be sold as tax-exempt bonds with a par of $257.7 million and maturities out to 30 years. Series 2008B will be sold as taxable bonds with a par of $11.3 million and maturities out to 10 years.