The New York City Municipal Water Finance Authority sold $397 million of second resolution, fixed-rate, tax-exempt new money bonds on Tuesday.

M.R. Beal & Co. served as book-running senior manager on the negotiated sale. Two coupons with a 2046 maturity were offered to investors.

According to a spokesman for New York City Comptroller John Liu, strong investor demand made it possible to reduce yields by one basis point to 4.75% in the 5% coupon. Barclays Capital, Citi, Ramirez & Co. and Raymond James were co-senior managers.

Fitch Ratings and Standard & Poor’s assigned AA-plus ratings to the bonds, while Moody’s Investors Service rated them an equivalent Aa2.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.