NORFOLK – The City of Norfolk sold $51.5 million of Water Revenue Bonds using Grant Street Group’s MuniAuction platform. The sale provides crucial funds to upgrade Norfolk’s water infrastructure, including water treatment plants, pipelines, resource and delivery systems, and water storage tanks.
Fourteen underwriters competing for the bonds submitted 86 bids and extended the sale eight times. Morgan Stanley placed the winning bid with a True Interest Cost (TIC) of 4.28 percent.
“We are pleased to have hosted this auction for the City of Norfolk,” said John McCarthy, Executive Director of Sales at Grant Street Group. “This was a textbook MuniAuction sale. Norfolk clearly benefited from the open auction process; Morgan Stanley won the bonds on their 11th bid.”
MuniAuction’s open auction platform displays real-time bid rankings, allowing underwriters to improve their bids instantly. For the City of Norfolk and other bond issuers, MuniAuction increases competition and hosts sales that are efficient and secure.
To learn more about MuniAuction or host a competitive bond or note sale, contact John McCarthy at (412) 246-1321.