Strong Demand in 1st NYC Bond Sale Since UFT Pact

NEW YORK -

New York City was able to borrow more at lower rates in its first bond sale, which finished Wednesday, since Mayor Bill de Blasio’s labor accord with the teachers union, The Associated Press reported. More than $1 billion, up from a planned $850 million offering, was purchased, with the yield on the 2033 maturity at 3.62 percent, compared to a 3.87 percent in March. Critics had warned that the mayor’s deal with the teacher’s union would scare investors away.