Water Sale Hits the Spot

The New York City Municipal Water Finance Authority priced $400 million of second-resolution, fixed-rate tax-exempt bonds through negotiated sale Tuesday.

Ramirez & Co. was the book-running senior manager on last week’s new-money bond sale. Barclays Capital, Jefferies & Co., Morgan Keegan and M.R. Beal & Co. were co-senior managers.

The MWFA received $106 million of retail orders during the one-day retail order period. Yields at final pricing ranged from 1.22% in the 2018 maturity to 3.94% in the 2045 maturity.

Fitch Ratings and Standard & Poor’s rated the bonds AA-plus.

Moody’s Investors Service assigned a Aa2.

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