Refunding Package Pushes N.Y.C. Sale to $1.25B

McDonald, Michael
October 2004
Bond Buyer;10/28/2004, Vol. 350 Issue 31999, p6
Trade Publication
The article presents information that the New York City yesterday added a refunding component to a deal it is planning for next week, bringing the combined bond sale to a total of $1.25 billion. The city rated A-plus by Fitch Ratings, A2 by Moody's Investors Service Inc., and A by Standard & Poor Corp.'s, is also planning to competitively sell $100 million in taxable GOs next Wednesday, bringing the combined deal to $1.25 billion. Fred Yosca, head trader at BNY Capital Markets, said the $1.8 billion tax-exempt tranche of the deal appeared to be structured to appeal to institutions, with 4% and 5% coupons, which would make sense in light of recent poor retail demand in the municipal market.


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