NYC Transitional Authority Selling $1.5 Billion Tax Secured Bonds

By Stephen Nakrosis

The New York City Transitional Finance Authority is offering $1.5 billion of future tax secured tax-exempt subordinate bonds, Fiscal 2025 Series E.

Proceeds from the offering are slated to finance general city capital expenditures and to pay issuance expenses, according to offering documents on MuniOS.

The bonds will be secured by tax revenues, including personal income tax and sales tax revenues. The offering hasn't been rated yet, but the Authority said its outstanding future tax secured subordinate bonds are rated AAA by S&P Global Ratings and by Fitch Ratings, and Aa1 by Moody's Ratings.

Rates and yields for the bonds haven't been set.

The retail order period for the bonds will begin Dec. 16, and the institutional pricing period starts Dec. 17. The offering will close Jan. 7, 2025.

The New York City said some $26.7 billion in tax revenues was collected in 2023, with expectations of $30.9 billion in collections by 2028.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

12-09-24 1718ET