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February 25, 2010




Comptroller DiNapoli Announces Results of G.O. Bond Sale

$449 Million Includes State’s First Series of G.O. Build America Bonds

State Comptroller Thomas P. DiNapoli awarded through competitive bid three series of New York State General Obligation Bonds totaling $449,095,000; specifically, $181,255,000 Series 2010A Tax-Exempt Bonds, $50,980,000 Series 2010B Taxable Bonds and $216,860,000 Series 2010C Taxable Build America Bonds.

The true interest costs (TIC) of the winning bids were 3.238 percent, 3.437 percent and 5.269 percent, respectively. The TIC of the 2010C Build America Bonds is effectively reduced to 3.449 percent after accounting for the 35% subsidy that the State anticipates receiving from the Federal Government. The Build America Bonds were authorized to be issued pursuant to the American Recovery and Reinvestment of 2009. The State anticipates lower debt service costs over the life of the bonds through receipt of the federal subsidy.

The Series 2010A Tax-Exempt Bonds were awarded to Citigroup Global Markets, Inc., the Series 2010B Taxable Bonds to TD Securities, and 2010C Taxable Build America Bonds to Morgan Stanley & Co Inc.

A summary of bids received for each series is follows:

Series 2010A

Series 2010B

Series 2010C

Bidder

TIC

Bidder

TIC

Bidder

TIC

Citigroup Global Markets,
  Inc.

3.237750

TD Securities

3.436580

Morgan Stanley
  & Co Inc.

5.268966

Banc of America
  Merrill Lynch

3.250848

Morgan Keegan & Co.,
  Inc.

3.549250

Citigroup Global
   Markets, Inc.

5.2854.13

Barclays Capital, Inc.

3.315557

Citigroup Global Markets,
  Inc.

3.576111

Wachovia Bank,
  National Association

5.296785

J. P. Morgan Securities
  Inc.

3.334031

Morgan Stanley & Co Inc.

3.630452

J. P. Morgan
  Securities Inc.

5.311721

Wachovia Bank,
  National Association

3.356346

J. P. Morgan Securities
  Inc.

3.638347

Barclays Capital, Inc.

5.376234

Morgan Stanley & Co Inc.

3.478614

Barclays Capital, Inc.

3.643775

Banc of America
  Merrill Lynch

5.376815

 

Wachovia Bank,
  National Association

3.687269

Goldman, Sachs
  & Co.

5.396967

Banc of America
  Merrill Lynch

3.700564

 

BMO Capital Markets

3.706988

Piper Jaffray

3.715790

Janney Montgomery
Scott, Inc.

3.979352

The bond proceeds will be used to finance projects authorized through the following voter-approved bond acts: Environmental Quality 1972, Environmental Quality 1986, Clean Water/Clean Air, Pure Water, and Rebuild and Renew New York Transportation.

The bonds are scheduled to be delivered on March 10, 2010.

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