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| Thompson
Announces Successful $1.5 Billion General Obligation Bond Sale
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| Comptroller
William C. Thompson, Jr. today announced the successful sale of $1.5
billion in General Obligation Bonds. The offering contained a $500,000,000
fixed-rate, tax-exempt new money component and a $1 billion refunding,
also tax-exempt and fixed rate. The bonds were sold on a negotiated
basis, with Salomon Smith Barney serving as book-running senior manager.
Morgan Stanley, UBS PaineWebber and Bear, Stearns, Inc. were the co-senior
managers. This was the first sale conducted by the new underwriting
team selected by the City.
The sale was well received in the market, with over $931 million in priority institutional orders and $283 million in retail orders placed during the two-day retail order period, which was held May 17 and May 20. Total orders were over $2 billion. Yields ranged from 2.68% in the 2004 maturity to 5.54% for the 2032 term bond. The 2012 - SeriesG maturity was insured by XL Capital, while a portion of the 2010 - Series G maturity was insured by FGIC. The bonds are rated A by Standard & Poor's, A+ by Fitch, and A2 by Moody's Investors Service. "I am pleased with our performance in the market today, particularly given the size of this offering and the volume of New York paper available. It indicates a strong belief in New York City," said Comptroller Thompson. # # # |
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