The New York City Municipal Water Finance Authority is expected to come to market with $400 million1 in Water and Sewer Revenue Bonds, Fiscal 2020 Series EE (The Bonds).
The proceeds of the $400 million New York City Municipal Water Finance Authority Revenue Bonds will be used to i) refund certain outstanding bonds and ii) pay certain costs of issuance. See the Preliminary Official Statement for further details.
The Bonds are special obligations of the Authority, payable solely from and secured by a pledge of and subordinate lien on the gross revenues of the System. The Authority has no taxing power. The Bonds are not a debt of nor a liability of the State of New York, The City of New York or the New York City Water Board.
The bonds are subject to special and mandatory sinking fund redemption prior to maturity as described in the Preliminary Official Statement. The Bonds are rated "Aa1" by Moody's, "AA+" by S&P, and "AA+" by Fitch.2
The bond sale offers attractive benefits to individual investors, including: prices and yields that match those available to institutional investors; the potential for stable income through the call dates; and, for New York residents, federal and state tax exemption on the bond coupon payments.
How to place an order
The offering is expected to price the week of March 9, 2020, although market conditions and/or the discretion of the issuer may alter the anticipated timeline. Individual investors can place orders online or by calling a Fidelity representative at 800-544-5372. To stay up-to-date on pricing, credit rating changes, and more, please sign up for Fidelity Alerts or visit our New Issue Municipal Bond offerings page.