Published on 10/7/2010 in the Prospect News Municipals Daily.
New Issue: New York City sells upsized $1.43 billion general obligation bonds
By Sheri Kasprzak
New York, Oct. 7 - The City of New York priced $1,426,385,000 in series 2011 general obligation bonds, according to a pricing sheet. The offering was upsized from $1.3 billion.
The sale included $925 million in series 2011C-1 Build America Bonds, $31.385 million in series 2011D tax-exempt bonds and $470 million in series 2011E tax-exempt bonds. The sale initially included a competitive offering of series 2011C-2 taxable bonds, but that portion was cut.
The 2011C-1 bonds are due 2012 to 2021 with term bonds due 2024, 2025, 2031 and 2037. Serial coupons range from 1.16% to 4.297%, all priced at par. The 2024 bonds have a 5.047% coupon priced at par, and the 2025 bonds have a 5.147% coupon, also priced at par. The 2031 bonds have a 5.817% coupon priced at par, and the 2037 bonds have a 5.517% coupon, priced at par.
The 2011D bonds are due 2011 to 2028 with 2% to 5% coupons.
The 2011E bonds are due 2012 to 2028 with 2% to 5% coupons.
The senior manager was Bank of America Merrill Lynch.
The co-managers were Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Siebert Brandford Shank & Co. LLC, Barclays Capital Inc., M.R. Beal & Co. Inc., Fidelity Capital Markets LLC, Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc., Southwest Securities Inc., Wells Fargo Bank, NA, Cabrera Capital Markets LLC, Lebenthal & Co. LLC, Raymond James & Associates Inc., Jackson Securities, MFR Securities Inc., RBC Capital Markets Corp., Janney Montgomery Scott LLC, Morgan Keegan & Co. Inc. and TD Securities.
Proceeds will be used to for capital purposes.
| Issuer: | City of New York
|
| Issue: | Series 2011 general obligation bonds
|
| Amount: | $1,426,385,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Siebert Brandford Shank & Co. LLC, Barclays Capital Inc., M.R. Beal & Co. Inc., Fidelity Capital Markets LLC, Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc., Southwest Securities Inc., Wells Fargo Bank, NA, Cabrera Capital Markets LLC, Lebenthal & Co. LLC, Raymond James & Associates Inc., Jackson Securities, MFR Securities Inc., RBC Capital Markets Corp., Janney Montgomery Scott LLC, Morgan Keegan & Co. Inc. and TD Securities (co-managers)
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 20
|
|
|
| $925 million series 2011C-1
|
| Amount | Maturity | Type | Coupon | Price
|
| $19.095 million | 2012 | Serial | 1.16% | NRO
|
| $19.325 million | 2013 | Serial | 1.72% | NRO
|
| $22.68 million | 2014 | Serial | 2.23% | NRO
|
| $23.135 million | 2015 | Serial | 2.53% | NRO
|
| $22.575 million | 2016 | Serial | 2.84% | 100
|
| $21.25 million | 2017 | Serial | 3.14% | 100
|
| $21.94 million | 2018 | Serial | 3.48% | 100
|
| $25.79 million | 2019 | Serial | 3.947% | 100
|
| $26.765 million | 2020 | Serial | 4.047% | 100
|
| $27.805 million | 2021 | Serial | 4.297% | 100
|
| $91.21 million | 2024 | Term | 5.047% | 100
|
| $33.43 million | 2025 | Term | 5.147% | 100
|
| $225 million | 2031 | Term | 5.817% | 100
|
| $345 million | 2037 | Term | 5.517% | 100
|
|
|
| $31.385 million series 2011D
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.445 million | 2011 | Serial | 2% | 101.245
|
| $1.395 million | 2012 | Serial | 2% | 102.242
|
| $1.395 million | 2013 | Serial | 2% | 102.651
|
| $1.395 million | 2014 | Serial | 2% | 102.349
|
| $1.395 million | 2015 | Serial | 2.25% | 102.513
|
| $1.395 million | 2016 | Serial | 2.5% | 102.439
|
| $2.085 million | 2017 | Serial | 2.75% | 102.491
|
| $1.395 million | 2018 | Serial | 3% | 102.514
|
| $1.395 million | 2019 | Serial | 3% | 101
|
| $1.395 million | 2020 | Serial | 3.25% | 101.677
|
| $1.395 million | 2021 | Serial | 3% | 98.006
|
| $2.085 million | 2022 | Serial | 3.25% | 99.318
|
| $2.085 million | 2023 | Serial | 3.25% | 98.554
|
| $2.085 million | 2024 | Serial | 3.375% | 98.962
|
| $675,000 | 2025 | Serial | 3.375% | 97.997
|
| $720,000 | 2025 | Serial | 5% | 116.559
|
| $645,000 | 2026 | Serial | 3.5% | 98.444
|
| $1.44 million | 2026 | Serial | 5% | 116.342
|
| $85,000 | 2027 | Serial | 3.625% | 98.941
|
| $2 million | 2027 | Serial | 5% | 116.001
|
| $2.085 million | 2028 | Serial | 3.625% | 97.875
|
|
|
| $470 million series 2011E
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 102.242
|
| 2012 | Serial | 3% | 104.007
|
| 2012 | Serial | 4% | 105.773
|
| 2013 | Serial | 4% | 108.119
|
| 2013 | Serial | 5% | 110.853
|
| 2014 | Serial | 2% | 102.349
|
| 2014 | Serial | 3% | 106.022
|
| 2014 | Serial | 5% | 113.367
|
| 2015 | Serial | 2.25% | 102.513
|
| 2015 | Serial | 4% | 110.515
|
| 2015 | Serial | 5% | 115.087
|
| 2016 | Serial | 4% | 110.576
|
| 2016 | Serial | 5% | 116
|
| 2017 | Serial | 3.5% | 107.166
|
| 2017 | Serial | 5% | 116.517
|
| 2018 | Serial | 4% | 109.505
|
| 2018 | Serial | 5% | 116.497
|
| 2019 | Serial | 4% | 108.712
|
| 2019 | Serial | 5% | 116.424
|
| 2020 | Serial | 3.25% | 101.677
|
| 2020 | Serial | 4% | 107.977
|
| 2020 | Serial | 5% | 116.378
|
| 2021 | Serial | 3% | 98.006
|
| 2021 | Serial | 4% | 107.053
|
| 2021 | Serial | 5% | 116.099
|
| 2022 | Serial | 5% | 116.264
|
| 2023 | Serial | 5% | 116.581
|
| 2024 | Serial | 5% | 116.641
|
| 2025 | Serial | 5% | 116.559
|
| 2026 | Serial | 4% | 104.41
|
| 2026 | Serial | 5% | 116.342
|
| 2027 | Serial | 5% | 116.001
|
| 2028 | Serial | 3.625% | 97.875
|
| 2028 | Serial | 4% | 102.694
|
| 2028 | Serial | 5% | 115.543
|
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