New York City Authority’s Largest Sale Since 2007: Muni Credit
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New York City, the biggest municipal borrower after California, plans to sell more than $1 billion of tax-exempts this week, as yields of top-grade issues hover close to 12-month highs.
The city’s Transitional Finance Authority plans to offer $875 million of income-tax backed bonds, its largest tax-exempt sale since February, 2007. In 2010 the authority sold about $3 billion of Build America Bonds, whose interest is subject to federal tax, and about $1 billion exempt from federal, state and city income tax, according to data compiled by Bloomberg.