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NYW Press Release
Date: June 19, 2001

New York City Municipal Water Finance Authority Sells $204 Million In New Money Bonds Through The NYS Environmental Facilities Corporation State Revolving Fund After Two Ratings Upgrades To Triple-A

The New York City Municipal Water Finance Authority ("NYW") today announced the successful sale of $204 million of tax-exempt fixed-rate Fiscal 2002 Series 1 Bonds through the New York State Environmental Facilities Corporation ("EFC") State Revolving Fund ("SRF"). Prior to the sale, Moody's Investors Service raised the rating on the EFC bonds for NYW from Aa1 to Aaa, and Fitch Inc. also raised the rating on NYW EFC bonds from AA+ to AAA. Relative yields (interest rates) on individual maturities in today's sale were the lowest ever for a NYW sale through EFC. The yields today ranged from 8 basis points below the MMD Triple-A Scale to 10 basis points above the MMD Triple-A Scale in various maturities.

The structure of the bond sale included serial bonds from 2002 through 2023, additional serial bonds in 2026, and term bonds maturing in 2027 and 2031. Yields-to-maturity ranged from 2.57 percent in 2002 to 5.27 percent in 2031, with premium bonds in maturities 2014 through 2017. The Authority received approximately $158 million in priority orders from institutional investors and over $454 million in total orders. There was a two-day retail order period which began on Friday, June 15 and ended on Monday, June 18, 2001. NYW received over $81 million in retail orders during this period, which represents a high 40% of the bonds offered.

Goldman, Sachs was the book-running senior manager in today's sale, with UBS PaineWebber serving as co-senior manager on today's transaction. NYW will use the proceeds of today's sale to defease outstanding commercial paper.

Moody's Investors Service rates NYW EFC bonds at Aaa, Standard & Poor's rates NYW EFC bonds at AA+, and Fitch, Inc. rates NYW EFC bonds at AAA. Moody's Investors Service rates NYW at Aa2, Standard & Poor's rates NYW at AA, and Fitch, Inc. rates NYW at AA. The bonds which NYW places with EFC as an element of the security for its bonds are unrated Second Resolution bonds of NYW.

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