Published on 10/12/2012 in the Prospect News Municipals Daily.
New Issue: Dasny brings $878.86 million of state personal income tax revenue bonds
By Sheri Kasprzak
New York, Oct. 12 - The Dormitory Authority of the State of New York sold $878.86 million of series 2012 state personal income tax revenue bonds, according to a pricing sheet.
The bonds (/AAA/AA) were sold through senior managers Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC.
The deal included $763.6 million of series 2012D bonds, $54,655,000 of series 2012E bonds and $60,605,000 of series 2012F taxable bonds.
The 2012D bonds are due 2013 to 2034 with term bonds due in 2037, 2040 and 2042. The serial coupons range from 1.5% to 5%. The 2037 bonds have a 3.5% coupon priced at par and a 5% coupon priced to yield 3.13%. The 2040 bonds have a 5% coupon to yield 3.18%, and the 2042 bonds have a 5% coupon to yield 3.2%.
The 2012E bonds are due 2014 to 2034 with a term bond due in 2037. The serial coupons range from 2.5% to 5%. The 2037 bonds have a 5% coupon to yield 3.28%.
The 2012F bonds are due 2014 to 2022 with coupons from 0.57% to 2.592% priced at par.
Proceeds will be used to finance capital projects for the State University of New York.
| Issuer: | Dormitory Authority of the State of New York
|
| Issue: | Series 2012 state personal income tax revenue bonds
|
| Amount: | $878.86 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (lead); Barclays, BB&T Capital Markets, Blaylock Robert Van LLC, Citigroup Global Markets Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, Goldman, Sachs & Co., Guggenheim Securities Inc., Janney Montgomery Scott LLC, Jefferies & Co. Inc., Lebenthal & Co. Inc., Loop Capital Markets LLC, M.R. Beal & Co. Inc., M&T Securities Inc., Mesirow Financial Inc., Morgan Stanley & Co. LLC, Oppenheimer & Co., Piper Jaffray & Co., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Southwest Securities Inc., Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC, The William Capital Group LP, US Bancorp Inc. and Wells Fargo Securities LLC
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AA
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 18
|
|
|
| $763.6 million series 2012D bonds
|
| Amount | Maturity | Type | Coupon | Price/Yield
|
| $43,015,000 | 2013 | Serial | 2.5% | NRO
|
| $3.24 million | 2014 | Serial | 2% | 102.232
|
| $15.85 million | 2014 | Serial | 5% | 106.196
|
| $685,000 | 2015 | Serial | 3% | 105.938
|
| $6.84 million | 2015 | Serial | 5% | 110.56
|
| $1 million | 2016 | Serial | 1.5% | 103.092
|
| $6.54 million | 2016 | Serial | 5% | 114.605
|
| $2,305,000 | 2017 | Serial | 2% | 105.396
|
| $5.74 million | 2017 | Serial | 5% | 118.145
|
| $1.25 million | 2018 | Serial | 3% | 110.674
|
| $14.62 million | 2018 | Serial | 5% | 121.037
|
| $25.44 million | 2019 | Serial | 4% | 117.137
|
| $2.56 million | 2020 | Serial | 2% | 103.737
|
| $23.43 million | 2020 | Serial | 5% | 124.505
|
| $14.31 million | 2021 | Serial | 3% | 109.805
|
| $17.54 million | 2021 | Serial | 5% | 125.536
|
| $13,025,000 | 2021 | Serial | 5% | 125.249
|
| $2.04 million | 2022 | Serial | 2% | 100.253
|
| $9.09 million | 2022 | Serial | 5% | 126.127
|
| $13.17 million | 2022 | Serial | 5% | 125.693
|
| $24,355,000 | 2023 | Serial | 5% | 2.14%
|
| $23,645,000 | 2024 | Serial | 5% | 2.24%
|
| $25.28 million | 2025 | Serial | 5% | 2.32%
|
| $26,415,000 | 2026 | Serial | 5% | 2.42%
|
| $29.88 million | 2027 | Serial | 5% | 2.49%
|
| $33,435,000 | 2028 | Serial | 5% | 2.59%
|
| $8,595,000 | 2028 | Serial | 5% | 2.59%
|
| $5.72 million | 2029 | Serial | 3% | 100
|
| $21.56 million | 2029 | Serial | 5% | 2.65%
|
| $25.38 million | 2030 | Serial | 5% | 2.71%
|
| $26.43 million | 2031 | Serial | 5% | 2.77%
|
| $465,000 | 2031 | Serial | 5% | 2.77%
|
| $24.19 million | 2032 | Serial | 5% | 2.81%
|
| $21.86 million | 2033 | Serial | 5% | 2.88%
|
| $22.95 million | 2034 | Serial | 5% | 2.95%
|
| $25.67 million | 2037 | Term | 3.5% | 100
|
| $49.93 million | 2037 | Term | 5% | 3.13%
|
| $83.38 million | 2040 | Term | 5% | 3.18%
|
| $62.77 million | 2042 | Term | 5% | 3.2%
|
|
|
| $54,655,000 series 2012E bonds
|
| Amount | Maturity | Type | Coupon | Price/Yield
|
| $540,000 | 2014 | Serial | 2.5% | 102.825
|
| $1.4 million | 2015 | Serial | 3% | 105.819
|
| $1.44 million | 2016 | Serial | 5% | 114.249
|
| $1.51 million | 2017 | Serial | 5% | 117.445
|
| $1,585,000 | 2018 | Serial | 2% | 104.694
|
| $1.62 million | 2019 | Serial | 4% | 116.012
|
| $1,685,000 | 2020 | Serial | 5% | 122.944
|
| $1.77 million | 2021 | Serial | 5% | 123.763
|
| $1,855,000 | 2022 | Serial | 3% | 107.408
|
| $1.91 million | 2023 | Serial | 5% | 2.27%
|
| $2,005,000 | 2024 | Serial | 5% | 2.37%
|
| $2,105,000 | 2025 | Serial | 5% | 2.45%
|
| $2,215,000 | 2026 | Serial | 5% | 2.55%
|
| $2,325,000 | 2027 | Serial | 5% | 2.62%
|
| $2.44 million | 2028 | Serial | 5% | 2.72%
|
| $2.56 million | 2029 | Serial | 5% | 2.79%
|
| $2.69 million | 2030 | Serial | 5% | 2.85%
|
| $2,825,000 | 2031 | Serial | 5% | 2.91%
|
| $2,965,000 | 2032 | Serial | 5% | 2.98%
|
| $3,115,000 | 2033 | Serial | 5% | 3.05%
|
| $3.27 million | 2034 | Serial | 5% | 3.13%
|
| $10,825,000 | 2037 | Term | 5% | 3.28%
|
|
|
| $60,605,000 series 2012F taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.4 million | 2014 | Serial | 0.57% | 100
|
| $7.99 million | 2015 | Serial | 0.705% | 100
|
| $8,035,000 | 2016 | Serial | 1.003% | 100
|
| $8,115,000 | 2017 | Serial | 1.273% | 100
|
| $8,215,000 | 2018 | Serial | 1.55% | 100
|
| $5.47 million | 2019 | Serial | 1.9% | 100
|
| $5,895,000 | 2020 | Serial | 2.192% | 100
|
| $5.93 million | 2021 | Serial | 2.392% | 100
|
| $8,555,000 | 2022 | Serial | 2.592% | 100
|
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