New York City sold $470 million of new-money general obligation bonds by competitive sale last week, including $100 million of taxables and $370 million of tax-exempts.
The city received nine bids for the taxable bonds with maturities ranging from 2014 to 2020. JPMorgan submitted the winning bid with a true interest cost of 1.99%.
Wells Fargo Securities submitted the winning bid for the tax-exempt bonds, beating out eight rivals with 3.29%.
Maturities ranged from 2014 to 2029, with yields ranging from 0.55% to 3.4%.
The city will also price $760 million in variable-rate demand bonds the first week in April, according to Comptroller John Liu.
Standard & Poor’s and Fitch Ratings assign a double-A rating to the city’s general obligation bonds, while Moody’s Investors Service rates them Aa2.
