New York Water Fiscal 2017 Series EE

New York City Municipal Water Finance Authority
$392,090,000
Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series EE

Siebert Cisneros Shank serves New York City Municipal Water Finance Authority as senior manager on $392.1 million current refunding

On February 28, 2017 Siebert Cisneros Shank (“SCS”) served the New York City Municipal Water Finance Authority as senior manager on its $392.1 million current refunding transaction. SCS was one of three book-running senior managers for the Authority. The transaction received approximately $75 million in retail orders during the one-day retail order period reflecting an effective marketing strategy developed by SCS, which offered retail-friendly 3%, 4% par-ish bonds as well as 5% coupons in select maturities. The diversity of couponing options resulted in a successful retail offering period during which nearly 20% the transaction was subscribed for. Despite recent market volatility, the transaction garnered a strong level of subscription and  SCS was able to reduce yields by 2 to 4 bps on most maturities to levels that were inside of the original retail scale. SCS effectively priced the Authority’s transaction in a favorable market, just ahead of a notable correction later in the week. Following the transaction, the 20-Year AAA MMD yield rose by 13 basis points from 2.95% on February 28th to 3.08% on March 3rd after speeches by President Trump and Chairwoman Yellen.