New York City sold $739 million of taxable and tax-exempt new money and reoffered general obligation bonds last week.
Tuesday’s issue included $529 million of tax-exempt new money bonds, the reoffering of $145 million of variable-rate demand bonds, and $65 million of new-money taxable fixed-rate bonds.
The city also expects to price $127 million of tax-exempt VRDBs around Oct. 12.
The fixed-rate new money tax-exempts and the reoffered bonds were offered by negotiated sale through the city’s GO syndicate, led by book-running senior manager Siebert Brandford Shank & Co. with Bank of America Merrill Lynch, Citi, JPMorgan and Morgan Stanley co-managers.
According to a spokesman for Comptroller John Liu, New York City received about $64 million of retail orders for the fixed-rate tax-exempt bonds during the two-day retail period.
Yields on the new money bonds ranged from 1.67% in 2017 to 4.125% in 2036. Yields on the reoffered bonds ranged from 0.47% in 2013 to 3.04% in 2023.
Citi won the competitive bid for the new-money taxable fixed-rate bonds at a true interest cost of 1.49%.