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NYC Paid $49 Million in Bond Fees to Minority and Women-Run Firms

  • Comptroller report reveals underwriting data since fiscal 2018
  • Lander says NYC still has a ‘long way to go’ on representation

New York City paid minority- and women-owned bond firms about a third of the $152 million spent to underwrite new debt sales over the past four fiscal years, a sign of rising inclusion in one of the biggest municipal issuers in the nation.

Investment banks run by women or minorities served as book-running senior manager for more than $13.8 billion of the general obligation and Transitional Finance Authority bonds issued between fiscal years 2018 and 2022, according to a Tuesday report from city Comptroller Brad Lander. They earned $48.7 million in takedown over the period.