NYC picks financial, swap advisors

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The New York City Mayor’s Office of Management and Budget and the city Comptroller’s Office announced Friday the selection of financial and swap advisors.

The selection includes Acacia Financial Group and Frasca & Associates, each of which is certified as a women-owned business enterprise and Mohanty Gargiulo, a certified minority- and women-owned business enterprise.
The co-financial advisors for the general obligation bonds will be Public Resources Advisory Group and Acacia Financial Group, Inc. The swap advisor for the GO bonds will be Mohanty Gargiulo.

The co-financial advisors for the Transitional Finance Authority will be Public Resources Advisory Group and Frasca & Associates. The swap advisor for TFA will be Mohanty Gargiulo.

The financial advisors for Municipal Water Finance Authority will be Lamont Financial Services Corp. and Frasca & Associates. These two firms are expected to serve as financial advisor on NYW bond issues on a rotation basis. The swap adviser for NYW will be Mohanty Gargiulo.

The financial advisor for Hudson Yards Infrastructure Corp. will be Public Resources Advisory Group. The financial advisor for Sales Tax Asset Receivable Corp. will be Acacia Financial Group.

The city is one of the largest issuers of municipal debt in the U.S. As of March 31, the city had nearly $38 billion of general obligation (Aa1/A/A) debt outstanding. That's not counting the various city authorities which issue debt.

The NYC Transitional Finance Authority has around $37 billion of debt outstanding while the NYC Municipal Water Finance Authority has about $30 billion. The TFA’s debt consists of future tax secured senior bonds (Aaa/AAA/AAA), future tax-secured subordinate bonds (Aa1/AAA/AAA) and building aid revenue bonds (Aa2/AA/AA). The MWFA’s debt consists of general resolution bonds (A1/AAA/AA+) and second general resolution bonds (Aa1/AA+/AA+).

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Primary bond market City of New York, NY New York City Transitional Finance Authority New York City Municipal Water Finance Authority Hudson Yards Infrastructure Corporation New York