| Issuer: | Utility Debt Securitization Authority (New York)
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| Size/structure: | $1,999,644,000 series 2013 restructuring bonds
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| Pricing date: | Dec. 12
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| Managers: | Goldman Sachs & Co. and Morgan Stanley & Co. LLC
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| Tranche details: | $1,517,925,000 series 2013E tax-exempt bonds due 2016 to 2035 with term bonds due 2041 with 5% serial coupons, 2041 bonds at 5% priced at 104.643; $481,719,000 series 2013T taxable restructuring bonds due 2021, 2022, 2023 and 2025 with 2.042% to 3.435% coupons and 2.04% to 3.432% yields
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| • Significant because proceeds from the offering will retire outstanding debt from the Long Island Power Authority, lowering debt service costs to help reduce customer costs. LIPA's debt, which reportedly makes up 10% of ratepayers' bills, has not declined since the 1990s.
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| TOBACCO SETTLEMENT FINANCING CORP.
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| Issuer: | Tobacco Settlement Financing Corp. (New York)
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| Size/structure: | $1,230,620,000 series 2013 asset-backed revenue bonds
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| Pricing date: | Dec. 5
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| Managers: | Citigroup Global Markets Inc., Barclays and Ramirez & Co.
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| Tranche details: | $662,545,000 series 2013A bonds due 2018 to 2022 with 5% coupons and 0.55% to 2.03% yields; $568,075,000 series 2013B bonds due 2019 to 2022 with 5% coupons and 0.70% to 2.03% yields
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| • Significant because the bonds are the highest-rated tobacco settlement bonds, due in part to the fact that the state's tobacco settlement revenue-secured offerings have a state appropriation pledge as a backup in the event the corporation is unable to pay debt service.
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| FOOTHILL/EASTERN TRANSPORTATION CORRIDOR DISTRICT
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| Issuer: | Foothill/Eastern Transportation Corridor District (California)
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| Size/structure: | $2,494,160,000 series 2013 toll road revenue refunding bonds
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| Pricing date: | Dec. 13
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| Managers: | Barclays and Goldman Sachs & Co.
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| Tranche details: | $1,374,440,000 series 2013A current interest refunding bonds due 2042, 2046, 2049 and 2053 with 5% to 6% coupons and 5.75% to 6.4% yields; $546.67 million series 2013A capital appreciation bonds due 2020 to 2024 and 2036 to 2039 with term bond due 2042 and 0% coupons with 3.75% to 6.4% yields, 2042 bonds have 0% coupon and 7.125% yield; $125 million series 2013B-1 current interest bonds due Jan. 15, 2053 with 5% coupon to yield 2.7%; $125 million series 2013B-2 current interest bonds due Jan. 15, 2053 with 5% coupon to yield 3.875%; $125 million series 2013B-3 current interest bonds due Jan. 15, 2053 with 5.5% coupon to yield 4.875%; and $198.05 million series 2013C junior lien current interest bonds due 2033 and 2043 with 6.25% to 6.5% coupons and 6.35% to 6.6% yields
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| • Significant because the offering will extend the toll for the highways in the corridor to 2053 from 2040 and potentially add revenue and ridership to offset steadily increasing debt service
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| STATE OF ILLINOIS
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| Issuer: | State of Illinois
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| Size/structure: | $350 million series of December 2013 taxable general obligation bonds
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| Pricing date: | Dec. 13
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| Managers: | Competitive sale
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| Tranche details: | Bonds due 2014 to 2020 with term bond due in 2038 with 1% to 4% coupons and 0.75% to 4% yields and 2038 bond with a 5.65% coupon priced at par
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| • Significant because the state sold the debt just weeks after the state legislature passed sweeping pension reforms that would lift the retirement age for some state employees under the age of 45 and reduce annual cost-of-living increases for state retirees, among other changes. Additionally, the state reduced the costs of the offering by 29%, or $20 million over the life of the bonds
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| CATHOLIC HEALTH INITIATIVES
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| Issuer: | Catholic Health Initiatives
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| Size/structure: | $600.6 million series 2013A revenue bonds
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| Pricing date: | Oct. 24
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| Managers: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC
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| Tranche details: | $254,765,000 series 2013A Colorado Health Facilities Authority bonds; $205.09 million series 2013A Chattanooga Health, Educational and Housing Facility Board bonds; $78,535,000 series 2013A Kentucky Economic Development Finance Authority bonds; and $62.21 million series 2013A Washington Health Care Facilities Authority bonds
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| • Significant because the offering was offered through multiple agencies in four different states to finance Catholic Health facilities
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