- Associated Press - Thursday, June 12, 2014

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.

The yield on the 2033 maturity was 3.62 percent, compared to a 3.87 percent in the March New York City bonds, which were issued before the UFT labor settlement.

Critics had warned that the mayor’s deal with the teacher’s union would scare investors away from city debt.

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