By Sheri Kasprzak
New York, April 6 - The city of New York wrapped up the two-day retail order period on its series 2009I general obligation bonds, said Raymond Orlando, spokesman for the city's Office of Budget Management.
The city sold $683 million in the bonds (Aa3/AA/AA), including $50 million in a remarketing of series 2005C-3 bonds.
The city also issued $600 million in series 2009I-1 bonds and $33million in series 2009I-2 bonds.
The 2009I-1 bonds are due 2011 to 2027 with term bonds due 2031 and 2035. The 2009I-1 bonds have coupons from 2.25% to 5.3% with yields from 1.9% to 5.36%. The 2031 bonds have a 5.5% coupon, priced at par, and the 2035 bonds have a 5.6% coupon, also priced at par.
The 2009I-2 bonds are due 2016 and 2017. Both are 2.75% bonds. The 2016 bonds are priced at 310 basis points over Treasuries and the 2017 bonds are priced at 320 basis points over Treasuries.
The 2005C-3 bonds are due 2028 and 2029. The 2028 bonds have a 5.125% coupon, priced at par, and the 2029 bonds have a 5.125% coupon, priced at 99.058 to yield 5.2%.
Morgan Stanley & Co. is the lead manager. The co-managers are Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Merrill Lynch & Co. Inc.; Banc of America Securities LLC; Barclays Capital Corp.; M.R. Beal & Co.; Depfa First Albany Securities LLC; Goldman, Sachs & Co.; Loop Capital Markets LLC; Prager, Sealy & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Wachovia Bank; Cabrera Capital Markets Inc.; Jackson Securities Inc.; and Janney Montgomery Scott LLC are the co-managers.
Proceeds will be used for capital expenditures.
| Issuer: | New York City
|
| Issue: | Series 2009I general obligation bonds and remarketing of series 2005C-3 bonds
|
| Amount: | $683 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. (lead); Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Merrill Lynch & Co. Inc.; Banc of America Securities LLC; Barclays Capital Corp.; M.R. Beal & Co.; Depfa First Albany Securities LLC; Goldman, Sachs & Co.; Loop Capital Markets LLC; Prager, Sealy & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Wachovia Bank; Cabrera Capital Markets Inc.; Jackson Securities Inc.; and Janney Montgomery Scott LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 6 (with institutional order period open April 7)
|
|
|
| Series 2009I-1 bonds
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2.25% | 1.90%
|
| 2012 | Serial | 2.5% | 2.18%
|
| 2013 | Serial | 3% | 2.69%
|
| 2014 | Serial | 3.5% | 3.18%
|
| 2014 | Serial | 5% | 3.18%
|
| 2015 | Serial | 3.5% | 3.52%
|
| 2015 | Serial | 5% | 3.52%
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| 2017 | Serial | 4% | 4.00%
|
| 2018 | Serial | 4.25% | 4.30%
|
| 2018 | Serial | 5% | 4.30%
|
| 2019 | Serial | 4.5% | 4.51%
|
| 2019 | Serial | 5% | 4.51%
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| 2020 | Serial | 4.625% | 4.70%
|
| 2020 | Serial | 5% | 4.70%
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| 2022 | Serial | 4.875% | 4.90%
|
| 2023 | Serial | 5% | 5.00%
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| 2024 | Serial | 5% | 5.10%
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| 2025 | Serial | 5.125% | 5.20%
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| 2026 | Serial | 5.25% | 5.28%
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| 2027 | Serial | 5.3% | 5.36%
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| 2031 | Term | 5.5% | 5.50%
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| 2035 | Term | 5.6% | 5.60%
|
|
|
| Series 2009I-2 bonds
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| Maturity | Type | Coupon | Yield
|
| 2016 | Serial | 2.75% | Treasuries plus 310 bps
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| 2017 | Serial | 2.75% | Treasuries plus 320 bps
|
|
|
| Series 2005C-3 remarketing
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| Maturity | Type | Coupon | Yield
|
| 2028 | Serial | 5.125% | 5.125%
|
| 2029 | Serial | 5.125% | 5.20%
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