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April 1, 2009

 

DiNapoli Announces Bond Sale Schedule

Issuers Plan About $3.6 Billion of New Sales for Second Quarter 2009

State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned public sale of obligations for the State, its major public authorities, the City of New York and the City’s major public authorities during the second quarter of calendar year 2009.

The total proposed new issuances are approximately $3.6 billion, including approximately $1 billion scheduled for April, approximately $1.2 billion scheduled for May, and approximately $1.4 billion scheduled for June. The second quarter of anticipated new issuances compare to past planned new issuances of: approximately $7 billion during the first quarter of calendar year 2009, and approximately $4.8 billion during the second quarter of calendar year 2008.

The Office of the State Comptroller chairs the Securities Coordinating Committee which was created by Executive Order primarily to coordinate the borrowing activities of the State, the City and public authorities. All borrowings are scheduled at the request of the issuer and done pursuant to their borrowing programs.

The second quarter new money borrowings are expected to include the following:

  • City of New York – bond sales totaling up to $433 million in tax-exempt and taxable fixed rate bonds in April, a bond sale of up to $400 million in tax-exempt fixed rate bonds in May, and a bond sale of up to $400 million in tax-exempt fixed rate bonds in June.
  • Dormitory Authority of the State of New York – bond sales totaling up to $417 million in tax-exempt fixed rate bonds in April, bond sales totaling up to $144 million in tax-exempt fixed and variable rate bonds in May, and bond sales totaling up to $605 million in tax-exempt fixed and variable rate bonds as well as taxable fixed rate bonds in June.
  • New York City Municipal Water Finance Authority – a bond sale of up to $400 million in tax-exempt fixed rate bonds in June.
  • New York City Transitional Finance Authority – a bond sale of up to $400 million in tax-exempt fixed rate bonds in May.
  • New York State Housing Finance Agency – bond sales totaling up to $149.9 million in tax-exempt fixed and variable rate bonds in April, and a bond sale of up to $190 million in tax-exempt and taxable fixed rate bonds in May.
  • Port Authority of New York and New Jersey – a bond sale of up to $100 million in tax-exempt fixed rate bonds in May.

Refundings or conversions are currently being contemplated during the second quarter by the City of New York, Dormitory Authority of the State of New York, the New York State Housing Finance Agency, the Nassau Interim Finance Authority, and the Port Authority of New York and New Jersey.

The schedule will be modified and updated in response to changes in program needs and market conditions. It is also contingent upon execution of all project approvals required by law. The schedule is released by the Committee to assist participants in the municipal bond market. A new schedule is released every quarter and updated as necessary. The collection and release of this information by the Office of the State Comptroller is not intended as an endorsement of the proposed issuances it contains, many of which will be subject to approval by the Office of the State Comptroller.

Click here for the full forward calendar.


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