The New York City Transitional Finance Authority intends to sell $850 million of future tax secured subordinated bonds on Jan. 16.
A two-day retail order period will begin Jan. 14 for the $800 million of tax-exempt bonds, according to a spokesman for city Comptroller Scott Stringer. The TFA will also sell $50 million of taxable bonds by competitive bid.
The sale will include $775 million of tax-exempt fixed-rate new money bonds, $25 million of tax-exempt fixed-rate bonds that will be converted from variable-rate demand bonds and $50 million in taxable fixed-rate new money bonds.
The TFA will sell the tax-exempt bonds through negotiation through its underwriting syndicate, led by book-running senior manager JPMorgan. Barclays, Bank of America Merrill Lynch, Goldman Sachs & Co., Loop Capital Markets LLC, Morgan Stanley, and Wells Fargo are the co-senior managers.
New York State created the TFA in 1997 to extend the city's bonding capacity. Moody's Investors Service rates the bonds Aaa, while Fitch Ratings and Standard & Poor's assign equivalent AAA ratings.
