The New York City Transitional Finance Authority has sold $1.05 billion of future tax-secured, fixed-rate conversion and refunding subordinate-lien bonds.

The TFA sold $450 million of tax-exempt refunding bonds, $424 million of tax-exempt conversion bonds, and $172 million of taxable conversion bonds Wednesday.

It also intends to sell an additional $74.6 million of tax-exempt bonds. They will be converted from variable-rate demand bonds to floating-rate index bonds. According to a spokesman, the initial floating-rate pricing is expected to occur on Aug. 22, one day before the closing of all four bond series.

Standard & Poor’s and Fitch Ratings rate the subordinate-lien bonds AAA. Moody’s Investors Service rates them Aa1.

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