New York City outlined plans to sell roughly $1 billion of general obligation bonds within the next month.
According to a spokesman for city Comptroller John Liu, the city plans to price $300 million of tax-exempt, fixed-rate new money bonds and convert about $200 million of tax-exempt bonds variable-rate demand bonds to fixed-rate bonds.
The pricing through negotiated sale is scheduled for Sept. 25 after a two-day retail order period. Book-running senior manager Siebert Brandford Shank & Co. LLC will lead the transaction. Bank of America Merrill Lynch, Citi, JPMorgan, Jefferies and Morgan Stanley are co-senior managers.
The city that day also intends to sell $125 million in taxable, fixed-rate new money bonds through competitive sale.
Additionally, the city expects to price $400 million of tax-exempt variable rate demand bonds around Oct. 15.
Moody's Investors Service rates the city's GO bonds Aa2, while Fitch Ratings and Standard & Poor's assign AA ratings.