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NYC Municipal Water Finance Authority



Water and Sewer Sys Second General Resolution Rev Bonds, Fiscal 2024 Series BB

March 5, 2024


Image by Sam Mgrdichian

Siebert served as senior manager for the successful sale of a $1.36 billion transaction for the New York City Municipal Water Finance Authority.

The Authority had printed a POS with a size of $750 million but had combined refunding and new money needs well in excess of this amount and was interested in taking advantage of upsize opportunities if pricing concessions were not required. In light of this desire by the issuer Siebert posted a structure wire for a size of $882 million and then entered the market on Monday with a retail order period for a size of $882 million with various refunding maturities in 2028-2047 and a new money term in 2054.

We had an excellent retail response, receiving a total of $834 million in total retail orders. The strength of the retail order book allowed us to upsize the refunding component by $350 million for a total size of $1.233 billion for the opening of the institutional order period while still tightening spreads in 4 separate maturities.

Excellent institutional follow-through throughout the maturity curve during the institutional order period then allowed for an additional $130 million size increase on the refunding component at verbal award, while also tightening spreads in all maturities but one, all on a day where there was no change in MMD.

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