New York City upsized its general obligation bond sale to $800 million, with a spokesman for city Comptroller John Liu citing strong investor demand for the $100 million increase.
The city on Dec. 10 sold fixed-rate, tax-exempt refunding bonds by negotiated sale through its GO syndicate led by book-running senior manager Jefferies. Bank of America Merrill Lynch, Citi, JPMorgan, Morgan Stanley and Siebert Brandford Shank & Co. LLC were co-senior managers.
According to the Liu spokesman, the city received about $186 million of retail orders for the tax-exempt bonds during the retail order period of Dec. 6 and Dec. 9. During institutional pricing, its received more than $1 billion of priority orders.
The city reduced yields in five maturities by two to four basis points. Yields in one maturity increased by three basis points. Final stated yields ranged from 0.16% in 2014 to 4.45% in 2033.
Moody’s Investors Service rated the bonds Aa2, while Fitch Ratings and Standard & Poor’s assigned AA ratings.