New York City's sale of general obligation bonds this week included $327 million of retail orders during a two-day period that preceded the institutional sale, according to a spokesman for Comptroller John Liu.
On Wednesday, the city sold $634 million of GO fixed-rate bonds, including $375 million of tax-exempt and $125 million of taxable bonds, and $134 million of tax-exempt fixed-rate bonds which will be converted from variable-rate demand bonds to fixed-rate bonds.
Final stated yields at the institutional pricing varied by coupon and maturity, ranging from 0.19% in 2014 to 4.88% in 2039. The $509 million in tax-exempt bonds were sold via negotiated sale through the city's GO syndicate, led by book-running senior manager JP Morgan with Bank of America Merrill Lynch, Citi, Jefferies, Morgan Stanley and Siebert Brandford Shank & Co. LLC serving as co-senior managers.
The $125 million in taxable fixed-rate new money bonds were sold through competitive bid. The winning bidder was JPMorgan at a true interest cost of 2.94%.
Moody's Investors Service rates the city's GO bonds Aa2, while Standard & Poor's and Fitch Ratings each rate them AA.