NYC TFA sets $850M bond sale

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The New York City Transitional Finance Authority said it plans to sell $850 million of tax-exempt fixed-rate future tax secured subordinate bonds on Wednesday, Oct. 18. There will be a two-day retail order period starting on Monday, Oct. 16, New York City Comptroller Scott Stringer announced on Thursday.

Proceeds of the sale will be used to fund capital projects.
The bonds are being sold through negotiation by TFA’s underwriting syndicate, led by book-running senior manager Goldman Sachs, with Bank of America Merrill Lynch, Citigroup, Jefferies, JPMorgan Securities, Loop Capital Markets, Ramirez & Co., RBC Capital Markets and Siebert Cisneros Shank & Co. serving as co-senior managers.

The TFA also said it intends to competitively sell taxable fixed rate bonds via competitive bid.

TFA said its sale of Building Aid Revenue Bonds, which had been scheduled for the week of Oct. 16, will now take place at a future date.

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Primary bond market New York City Transitional Finance Authority City of New York, NY