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April 2, 2012

 

DiNapoli Releases Bond Calendar for Second Quarter

Tentative Schedule Includes $3.8 Billion of Debt Sales in Second Quarter of 2012


New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned public sale of obligations for the state, New York City, and their major public authorities during the second quarter of 2012.

The proposed new issuances total $3.8 billion, including $1.9 billion scheduled for this month, $623 million scheduled for May, and $1.3 billion scheduled for June. The second quarter of anticipated new issuances compares to past planned new issuances of $3.4 billion during the first quarter of 2012, and $4.2 billion during the second quarter of 2011.

The State Comptroller’s office chairs the Securities Coordinating Committee which was created by Gubernatorial Executive Order primarily to coordinate the borrowing activities of the state, New York City and their respective public authorities. All borrowings are scheduled at the request of the issuer and done pursuant to its borrowing programs.

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

  • Dormitory Authority of the State of New York – a bond sale of up to $85 million in tax-exempt fixed rate bonds in April, bond sales totaling up to $133 million in tax-exempt fixed rate bonds in May and bond sales totaling up to $29 million in tax-exempt fixed rate bonds in June.
  • Housing Finance Agency – bond sales totaling up to $370 million in tax-exempt variable rate bonds in April.
  • Metropolitan Transportation Authority – a bond sale of up to $560 million in tax-exempt fixed rate bonds in April.
  • New York City - a bond sale of up to $200 million in tax-exempt fixed rate bonds in May.
  • New York City Municipal Water Finance Authority - a bond sale of up to $500 million in tax-exempt fixed rate bonds in June.
  • New York City Transitional Finance Authority – a bond sale of up to $900 million in tax-exempt and taxable fixed rate bonds in April and a bond sale of up to $800 million in tax exempt fixed rate bonds in June.
  • New York State Environmental Facilities Corporation –a bond sale of up to $40 million in tax-exempt and/or taxable fixed rate bonds in May.
  • Port Authority of New York & New Jersey – a bond sale of up to $5.5 million in tax-exempt fixed rate bonds in April.
  • Triborough Bridge and Tunnel Authority – a bond sale of up to $250 million in tax-exempt fixed rate bonds in May.

Refundings or reofferings are currently being contemplated by the Dormitory Authority of the State of New York, Metropolitan Transportation Authority, New York City, New York Local Government Assistance Corporation, New York State Environmental Facilities Corporation, and the Port Authority of New York & 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.

The full forward calendar can be obtained at: www.osc.state.ny.us/pension/scccalendar.pdf.


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