Shortened Holiday Week Highlighted by $650 Million N.Y.C. Deal

Albano, Christine
June 2003
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p7
Trade Publication
As investors greet the start of the third quarter of 2003, they will be eager to see how quarter-point interest rate cut in the week ending June 21, 2003 by the Federal Reserve Board will affect the pricing of the largest deal of the week ending June 28, 2003 — a $650 million New York City general obligation offering. The market anticipated a half-point cut and, therefore, had already built that adjustment into the pricing of many new deals leading up to the announcement. Two separate revenue refunding issues from Broward County, Florida, are also on tap. The county will sell $98.4 million of water and sewer revenue bonds today insured by Ambac Assurance Corp. and maturing serially from 2004 to 2018, as well as a $91 million airport revenue offering tomorrow on behalf of the Broward County Airport insured by Financial Guaranty Insurance Corp. and maturing from 2004 to 2009.


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