August 20, 2020 – In a press release released by the Mayor’s Office of Management and Budget, Comptroller Scott Stringer and the New York City Transitional Finance Authority (TFA) today, the TFA sold $1.6 billion in tax-exempt and taxable refunding bonds.<\/p>\n\n\n\n
The transaction saw strong retail participation, with over $500 million of retail orders received over a two day retail order period. Yields were reduced as much as 11 basis points during the institutional “re-price” yesterday afternoon. BAML served as book-running lead underwriter, with Citi and Ramirez acting as co-senior underwriters.<\/p>\n\n\n\n
The city agencies also noted the transaction achieved $374 million in savings, with nearly all to be recognized in fiscal years 2021 and 2022. As a percentage of refunded par, the blended savings on a present value basis was 18%, which according to a dealer BuyMuni spoke with, was impressive given the overall size of the refinancing.<\/p>\n\n\n\n
The TFA is New York City’s premier credit, with AAA ratings by S&P and Fitch. Interest and principal are repaid from the city’s personal tax revenues retained by the state and remitted directly to bond holders’ trustee. <\/p>\n\n\n\n
Contact Jumanne Johnson at JJohnson@buymuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
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