New York City finance officials are planning two major refundings of outstanding debt in an effort to capitalize on the low yields generated by the municipal bond market's recent rally, city officials and other sources have confirmed.

Officials from the New York City Municipal Water Finance Authority yesterday announced they will refund close to $1 billion of outstanding water and sewer system revenue bonds next week. City officials have termed the sale the largest refunding of debt in the authority's six-year existence.

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