By Sheri Kasprzak
New York, April 7 - The city of New York completed its pricing of $883 million in series 2009I general obligation bonds (Aa3/AA/AA-), including its remarketing of series2005C-3 bonds.
The sale included $800 million inseries2009I-1 bonds, $33 million in series 2009I-2 bonds and $50 million in series 2005C-3 remarketed bonds.
The 2009I-1 bonds are due 2011 to 2029 with term bonds due 2031, 2031, 2035 and 2036. The serials have coupons from 2.25% to 5.625% and yields from 1.9% to 5.45%. The 2031 bonds have a 5.45% coupon to yield 5.48%, the 2031 bonds have a 5.25% coupon to yield 5.48%, the 2035 bonds have a 5.55% coupon to yield 5.58% and the 2036 bonds have a 5.5% coupon to yield 5.58%.
The 2009I-2 bonds are due 2016 and 2017 with 2.75% coupons. The 2016 bonds are priced at a spread of Treasuries plus 310 basis points and the 2017 bonds at Treasuries plus 320 basis points.
The series 2005C-3 bonds are due 2028, 2028, 2029 and 2029. The first 2028 bonds have a 5.125% coupon to yield 5.17% and the second 2028 bonds have a 5.5% coupon to yield 5.17%. The 2029 bonds have a 5.125% coupon to yield 5.23% and the 2029 bonds have a 5.5% coupon to yield 5.23%.
Morgan Stanley & Co. was 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.
The proceeds will be used for capital expenditures.
Issuer: | New York City
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Issue: | Series 2009I general obligation bonds and series 2005C-3 remarketing bonds
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Amount: | $883 million
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Type: | Negotiated
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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)
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Ratings: | Moody's: Aa3
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| Standard & Poor's: AA
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| Fitch: AA-
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Pricing date: | April 7
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Settlement date: | April 16
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Series 2009I-1
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Maturity | Type | Coupon | Yield | Price
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2011 | Serial | 2.25% | 1.90% | 100.669
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2012 | Serial | 2.5% | 2.18% | 100.911
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2013 | Serial | 3% | 2.69% | 101.155
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2014 | Serial | 3.5% | 3.18% | 101.456
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2014 | Serial | 5% | 3.18% | 108.286
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2015 | Serial | 3.5% | 3.52% | 99.892
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2015 | Serial | 5% | 3.52% | 107.891
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2017 | Serial | 4% | 4.00% | 100.000
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2018 | Serial | 4.25% | 4.30% | 99.629
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2018 | Serial | 5% | 4.30% | 105.156
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2019 | Serial | 4.5% | 4.51% | 99.918
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2019 | Serial | 5% | 4.51% | 103.894
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2020 | Serial | 4.625% | 4.70% | 99.361
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2020 | Serial | 5% | 4.70% | 102.361
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2021 | Serial | 5.5% | 4.80% | 105.487
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2022 | Serial | 4.875% | 4.90% | 99.760
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2022 | Serial | 5.5% | 4.90% | 104.681
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2023 | Serial | 5% | 5.00% | 100.000
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2024 | Serial | 5% | 5.10% | 98.959
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2025 | Serial | 5.125% | 5.20% | 99.190
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2026 | Serial | 5.25% | 5.28% | 99.663
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2026 | Serial | 5.5% | 5.28% | 101.684
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2027 | Serial | 5.3% | 5.36% | 99.310
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2027 | Serial | 5.25% | 5.36% | 98.738
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2028 | Serial | 5.25% | 5.42% | 97.998
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2029 | Serial | 5.625% | 5.45% | 101.328
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2031 | Term | 5.45% | 5.48% | 99.616
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2031 | Term | 5.25% | 5.48% | 97.080
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2035 | Term | 5.55% | 5.58% | 99.588
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2036 | Term | 5.5% | 5.58% | 98.888
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Series 2009I-2
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Maturity | Type | Coupon | Yield
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2016 | Term | 2.75% | Treasuries plus 310 bps
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2017 | Term | 2.75% | Treasuries plus 320 bps
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Series 2005C-3 remarketing
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Maturity | Type | Coupon | Yield
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2028 | Term | 5.125% | 5.17%
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2028 | Term | 5.5% | 5.17%
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2029 | Term | 5.125% | 5.23%
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2029 | Term | 5.5% | 5.23%
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