Published on 2/28/2013 in the Prospect News Municipals Daily.
New Issue: New York City prices $850 million of G.O. bonds
By Sheri Kasprzak
New York, Feb. 28 - The City of New York priced $850 million of series 2013 general obligation bonds, according to a pricing sheet.
The deal included $500 million of series 2013F-1 tax-exempt bonds, $100 million of series 2013F-2 taxable bonds, $20 million of series 2013G tax-exempt bonds and $230 million of series 2013H tax-exempt bonds.
The bonds were sold through Morgan Stanley & Co. LLC.
The 2013F-1 bonds are due 2015 to 2033 with term bonds due in 2037 and 2038. The serial coupons range from 3% to 5%. The 2037 bonds have a 5% coupon priced at 117.093. The 2038 bonds have a split maturity with a 3.5% coupon priced at 99 and a 4% coupon priced at 104.597.
The 2013F-2 bonds are due 2018 to 2023 with coupons from 1.05% to 2.46%.
The 2013G bonds are due 2013 to 2022 with 2% to 5% coupons.
The 2013H bonds are due 2014 to 2034 with coupons from 2% to 5%.
Proceeds will be used to finance capital projects for the city.
| Issuer: | New York City
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $850 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Siebert Brandford Shank & Co. LLC, Barclays, Goldman Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan, Roosevelt & Cross Inc., M.R. Beal & Co., Janney Montgomery Scott LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Southwest Securities Inc., Fidelity Capital Markets Inc., Lebenthal & Co. LLC, Ramirez & Co. Inc., Rice Financial Products Co., Wells Fargo Securities LLC, Blaylock Robert Van LLC, Cabrera Capital Markets LLC, TD Securities (USA) LLC and Drexel Hamilton LLC (co-managers)
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 19
|
|
|
| $500 million series 2013F-1 tax-exempt bonds
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 3% | 105.145
|
| 2016 | Serial | 5% | 112.877
|
| 2017 | Serial | 5% | 116.382
|
| 2018 | Serial | 5% | 119.217
|
| 2023 | Serial | 4% | 115.715
|
| 2024 | Serial | 5% | 123.089
|
| 2025 | Serial | 5% | 121.999
|
| 2026 | Serial | 5% | 120.92
|
| 2027 | Serial | 5% | 120.046
|
| 2028 | Serial | 3% | 98.809
|
| 2028 | Serial | 5% | 119.276
|
| 2029 | Serial | 5% | 118.702
|
| 2030 | Serial | 5% | 118.226
|
| 2031 | Serial | 5% | 117.752
|
| 2032 | Serial | 5% | 117.469
|
| 2033 | Serial | 5% | 117.093
|
| 2037 | Term | 5% | 115.787
|
| 2038 | Term | 3.5% | 99
|
| 2038 | Term | 4% | 104.597
|
|
|
| $100 million series 2013F-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,185,000 | 2018 | Serial | 1.05% | 99.472
|
| $18,725,000 | 2019 | Serial | 1.45% | 99.659
|
| $19.08 million | 2020 | Serial | 1.60% | 99.281
|
| $19.49 million | 2021 | Serial | 1.95% | 99.56
|
| $19,985,000 | 2022 | Serial | 2.26% | 100
|
| $19,535,000 | 2023 | Serial | 2.46% | 100
|
|
|
| $20 million series 2013G tax-exempt bonds
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 2% | 100.674
|
| 2014 | Serial | 2.5% | 103.095
|
| 2015 | Serial | 2% | 103.692
|
| 2016 | Serial | 3% | 107.951
|
| 2017 | Serial | 4% | 113.612
|
| 2018 | Serial | 4% | 115.184
|
| 2019 | Serial | 4% | 116.179
|
| 2020 | Serial | 5% | 123.614
|
| 2021 | Serial | 5% | 124.398
|
| 2022 | Serial | 5% | 125.215
|
|
|
| $230 million series 2013H tax-exempt bonds
|
| Maturity | Type | Coupon | Price
|
| 2014 | Serial | 2.5% | 103.095
|
| 2015 | Serial | 2% | 103.692
|
| 2016 | Serial | 3% | 107.951
|
| 2017 | Serial | 4% | 113.612
|
| 2018 | Serial | 4% | 115.184
|
| 2019 | Serial | 4% | 116.179
|
| 2020 | Serial | 3% | 109.764
|
| 2020 | Serial | 5% | 123.614
|
| 2021 | Serial | 4% | 116.677
|
| 2021 | Serial | 5% | 124.398
|
| 2022 | Serial | 4% | 116.725
|
| 2022 | Serial | 5% | 125.215
|
| 2023 | Serial | 4% | 116.199
|
| 2023 | Serial | 5% | 125.403
|
| 2024 | Serial | 5% | 123.733
|
| 2025 | Serial | 5% | 122.6
|
| 2026 | Serial | 5% | 121.581
|
| 2027 | Serial | 5% | 120.773
|
| 2028 | Serial | 3% | 98.782
|
| 2029 | Serial | 4% | 108.571
|
| 2029 | Serial | 5% | 119.375
|
| 2030 | Serial | 4% | 108.293
|
| 2030 | Serial | 5% | 118.88
|
| 2031 | Serial | 4% | 107.924
|
| 2031 | Serial | 5% | 118.387
|
| 2032 | Serial | 4% | 107.556
|
| 2032 | Serial | 5% | 118.093
|
| 2033 | Serial | 4% | 107.19
|
| 2033 | Serial | 5% | 117.702
|
| 2034 | Serial | 3.375% | 99.75
|
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