By Sheri Kasprzak
New York, March 18 - The City of New York priced $750 million in series 2010G general obligation bonds (Aa3/AA/AA-) in four tranches on Thursday, according to a pricing sheet.
The sale included series 2010G1-G4 bonds, and were brought to market through lead manager Siebert Brandford Shank & Co. LLC. The co-managers were Bank of America Merrill Lynch; Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Morgan Stanley & Co. Inc.; Barclays Capital Inc.; M.R. Beal & Co.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Southwest Securities Inc.; Wachovia Bank, N.A.; Cabrera Capital Markets LLC; Lebenthal & Co. LLC; Raymond James & Associates Inc.; Jackson Securities Inc.; MFR Securities Inc.; RBC Capital Markets Corp.; Janney Montgomery Scott LLC; Morgan Keegan & Co. Inc.; and TD Securities.
The series 2010G-1 Build America Bonds are due 2018 to 2028 with term bonds due in 2031 and 2036. The coupons range from 4.524% to 6.268%, all priced at par.
The 2010G-2 bonds are due 2012 to 2016 with coupons from 1.65% to 3.5%, all priced at par.
The 2010G-3 bonds are due 2016 to 2017 with 5% coupons.
The 2010G-4 bonds are due 2039, and are variable-rate bonds
Proceeds will be used to fund capital expenditures.
| Issuer: | City of New York
|
| Issue: | Series 2010G general obligation bonds
|
| Amount: | $750 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead); Bank of America Merrill Lynch; Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Morgan Stanley & Co. Inc.; Barclays Capital Inc.; M.R. Beal & Co.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Southwest Securities Inc.; Wachovia Bank, N.A.; Cabrera Capital Markets LLC; Lebenthal & Co. LLC; Raymond James & Associates Inc.; Jackson Securities Inc.; MFR Securities Inc.; RBC Capital Markets Corp.; Janney Montgomery Scott LLC; Morgan Keegan & Co. Inc.; and TD Securities (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | March 18
|
|
|
| Series 2010G-1
|
| Maturity | Type | Coupon | Price
|
| 2018 | Serial | 4.524% | 100
|
| 2019 | Serial | 4.674% | 100
|
| 2020 | Serial | 4.774% | 100
|
| 2021 | Serial | 4.874% | 100
|
| 2022 | Serial | 5.024% | 100
|
| 2023 | Serial | 5.174% | 100
|
| 2024 | Serial | 5.324% | 100
|
| 2025 | Serial | 5.424% | 100
|
| 2026 | Serial | 5.598% | 100
|
| 2027 | Serial | 5.698% | 100
|
| 2028 | Serial | 5.798% | 100
|
| 2031 | Term | 6.268% | 100
|
| 2036 | Term | 5.968% | 100
|
|
|
| Series 2010G-2
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 1.65% | 100
|
| 2013 | Serial | 2.25% | 100
|
| 2014 | Serial | 2.6% | 100
|
| 2015 | Serial | 3.1% | 100
|
| 2016 | Serial | 3.5% | 100
|
|
|
| Series 2010G-3
|
| Maturity | Type | Coupon
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
|
|
| Series 2010G-4
|
| Maturity | Type | Coupon
|
| 2039 | Serial | Variable
|
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