Market Favors Sexton Vision With NYU Best Since ‘10: Muni Credit
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New York University’s $1.9 billion plan to expand its campus has alienated faculty, angered residents and prompted lawsuits. Municipal bondholders remain unfazed, rewarding the school with the lowest borrowing costs since 2010.
The school, whose alumni range from former Federal Reserve Chairman Alan Greenspan to film director Spike Lee, is selling about $160 million of tax-free and taxable munis this week to pay for renovating and constructing buildings near its Greenwich Village campus. Some university bonds are trading with the smallest amount of extra yield over benchmark debt in almost three years.