NYC to tap bond market for $1 bln with three offerings in July

NEW YORK, July 7 Mon Jul 7, 2014 3:29pm EDT

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NEW YORK, July 7 (Reuters) - New York City is planning to tap the municipal bond market for $1 billion in new money with three offerings in July, the city's Transitional Finance Authority (TFA) said on Monday.

The TFA is planning to sell $675 million of tax-exempt fixed-rate new money bonds on July 16, with a two-day retail period beginning on the preceding Monday. The bonds are being sold through a negotiated sale led by Morgan Stanley.

BofA Merrill Lynch, Barclays Capital, Goldman Sachs & Co, J.P. Morgan, Loop Capital Markets, and Wells Fargo Securities are serving as co-senior managers on the transaction.

Also on July 16, TFA plans to sell $125 million of taxable fixed-rate new money bonds via competitive bid.

Additionally, The TFA intends to sell $200 million of tax-exempt new money variable-rate demand bonds on July 31. (Reporting by Edward Krudy; Editing by Nick Zieminski)