New York City's sale of $1 billion of tax-exempt refunding general obligation bonds on Tuesday represented an increase of $150 million, or 18%, from the expected $850 million par amount.

Despite the increase in the amount of bonds sold, strong investor demand made it possible to reduce yields in one maturity by one basis point. Ten maturities had yields increase by one to three basis points, well below increases in yields in the general markets. Yields ranged from 0.19% in 2013 to 3.00% in 2033.

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