Norfolk Auctions Bonds Saving Taxpayers Millions of Dollars

On Wednesday, January 23, 2019, the City of Norfolk, Virginia, sold $133,695,000 in General Obligation (G.O.) Capital Improvement Bonds on a competitive basis using Grant Street’s MuniAuction online open auction platform. Bank of America Merrill Lynch won the bonds submitting the bid with the lowest True Interest Cost (“TIC”) of 3.51%. As a result, the City’s total interest cost decreased by $4.35 million.

This financial victory can be attributed to our most recent post noting the strength of the City’s underlying credit ratings, which are Aa2, AA (positive outlook), AA from Moody’s Investors Service, Standard & Poor’s, and Fitch Ratings, respectively.

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