Strong demand, lower yields for NYC bonds

NEW YORK (AP) — New York City was able to borrow more at lower rates in its first bond sale since Mayor Bill de Blasio’s labor accord with the teachers union.

Amy Spitalnick, a spokeswoman for the Mayor’s Office of Management and Budget, said the bond sale, which finished Wednesday, increased the size of the deal to over $1 billion from a planned $850 million offering. She said demand was strong from retail “mom and pop” investors as well as a broad array of big institutional investors.