Published on 9/26/2013 in the Prospect News Municipals Daily.
New Issue: New York City brings to market $717.76 million general obligation bonds
By Sheri Kasprzak
New York, Sept. 26 - The City of New York priced $717,755,000 of series 2014 general obligation bonds, according to a pricing sheet.
The deal included $300 million of series 2014D bonds, $368,805,000 of series 2014E bonds and $48.95 million of series 2014F bonds.
The 2014D bonds are due 2015 to 2033 with 3% to 5% coupons. The 2014E bonds are due 2014 to 2033 with coupons from 5% to 5.5%. The 2014F bonds are due 2014 to 2032 with coupons from 2% to 5%.
The bonds (Aa2//AA) were sold through Siebert Brandford Shank & Co. LLC.
Proceeds will be used to finance capital expenditures within the city.
| Issuer: | City of New York
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $717,755,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), BofA Merrill Lynch, Jefferies & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Morgan Stanley & 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, 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)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 16
|
|
|
| $300 million series 2014D tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,165,000 | 2015 | Serial | 5% | 108.259
|
| $1 million | 2016 | Serial | 3% | 106.118
|
| $945,000 | 2017 | Serial | 3% | 106.843
|
| $1,275,000 | 2018 | Serial | 3% | 106.526
|
| $1 million | 2019 | Serial | 3% | 105.553
|
| $1 million | 2020 | Serial | 3% | 104.44
|
| $1,875,000 | 2021 | Serial | 4% | 109.813
|
| $9.49 million | 2021 | Serial | 5% | 116.825
|
| $440,000 | 2022 | Serial | 4% | 109.046
|
| $10,945,000 | 2022 | Serial | 5% | 116.781
|
| $5.74 million | 2023 | Serial | 4% | 108.25
|
| $4,655,000 | 2023 | Serial | 5% | 116.671
|
| $7.75 million | 2024 | Serial | 3% | 98.273
|
| $14.8 million | 2024 | Serial | 5% | 115.114
|
| $6.26 million | 2025 | Serial | 3.25% | 98.933
|
| $17.26 million | 2025 | Serial | 5% | 113.582
|
| $24,585,000 | 2026 | Serial | 5% | 112.163
|
| $25.82 million | 2027 | Serial | 5% | 111.025
|
| $15,005,000 | 2028 | Serial | 4% | 100
|
| $12.21 million | 2028 | Serial | 5% | 109.901
|
| $28,315,000 | 2029 | Serial | 5% | 108.876
|
| $29,735,000 | 2030 | Serial | 5% | 108.114
|
| $31.22 million | 2031 | Serial | 5% | 107.61
|
| $15.03 million | 2032 | Serial | 4.25% | 99.609
|
| $16.48 million | 2033 | Serial | 5% | 106.693
|
|
|
| $368,805,000 series 2014E G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $24,915,000 | 2015 | Serial | 5% | 108.259
|
| $23.4 million | 2016 | Serial | 5% | 111.629
|
| $27.57 million | 2017 | Serial | 5% | 114.242
|
| $34,985,000 | 2018 | Serial | 5% | 115.72
|
| $34,985,000 | 2019 | Serial | 5% | 116.445
|
| $23,355,000 | 2020 | Serial | 5% | 116.952
|
| $34,915,000 | 2021 | Serial | 5% | 116.825
|
| $34,635,000 | 2022 | Serial | 5.25% | 118.714
|
| $34,915,000 | 2023 | Serial | 5% | 116.671
|
| $18.03 million | 2024 | Serial | 5% | 115.114
|
| $16.88 million | 2025 | Serial | 5.5% | 118.366
|
| $8,325,000 | 2026 | Serial | 5% | 112.163
|
| $8.19 million | 2027 | Serial | 5% | 111.025
|
| $7.65 million | 2028 | Serial | 5% | 109.901
|
| $7,535,000 | 2029 | Serial | 5% | 108.876
|
| $8.6 million | 2030 | Serial | 5% | 108.114
|
| $8,455,000 | 2031 | Serial | 5% | 107.61
|
| $9,825,000 | 2032 | Serial | 5% | 107.025
|
| $1.64 million | 2033 | Serial | 5% | 106.693
|
|
|
| $48.95 million series 2014F G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.27 million | 2014 | Serial | 2% | 101.439
|
| $8,875,000 | 2015 | Serial | 5% | 108.259
|
| $3,055,000 | 2016 | Serial | 3% | 106.118
|
| $3.84 million | 2017 | Serial | 3% | 106.843
|
| $4,565,000 | 2018 | Serial | 3% | 106.526
|
| $1.63 million | 2019 | Serial | 3% | 105.553
|
| $1.37 million | 2020 | Serial | 3% | 104.44
|
| $1.99 million | 2021 | Serial | 5% | 116.825
|
| $2,035,000 | 2022 | Serial | 5% | 116.781
|
| $2,025,000 | 2023 | Serial | 5% | 116.671
|
| $905,000 | 2024 | Serial | 5% | 115.114
|
| $905,000 | 2025 | Serial | 5% | 113.582
|
| $1,355,000 | 2026 | Serial | 5% | 112.163
|
| $1,355,000 | 2027 | Serial | 5% | 111.025
|
| $1,355,000 | 2028 | Serial | 4% | 100
|
| $1,355,000 | 2029 | Serial | 4% | 98.84
|
| $1,355,000 | 2030 | Serial | 4% | 97.72
|
| $1,355,000 | 2031 | Serial | 4.125% | 98.568
|
| $1,355,000 | 2032 | Serial | 4.25% | 99.609
|
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