In one of its most innovative financings to date, New York City plans to sell $1.21 billion of refunding bonds tomorrow to defease some of its outstanding insured bonds, freeing up enhancements capacity for future deals and reducing debt services costs.

After months of negotiations and number crunching, the city plans to unveil the deal devised by one of its co-managers, J.P. Morgan Securities Inc., in a negotiated offering. For its efforts, J.P. Morgan was promoted to serve as bookrunner and senior manager for the offering.

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