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January 7, 2010



DiNapoli Releases Bond Calendar For First Quarter

Tentative Schedule Includes $4.8 Billion of Debt Sales
During the 1st Quarter of 2010

New York 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 first quarter of 2010.

The proposed new issuances total approximately $4.8 billion, including approximately $749 million scheduled for this month, approximately $2.5 billion scheduled for February, and approximately $1.5 billion scheduled for March. The first quarter of anticipated new issuances compare to past planned new issuances of: approximately $6.3 billion during the fourth quarter of 2009, and approximately $7 billion during the first quarter of 2009.

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 their respective public authorities. All borrowings are scheduled at the request of the issuer and done pursuant to their borrowing programs.

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

  • Dormitory Authority of the State of New York – bond sales totaling up to $13.5 million in tax-exempt fixed rate and variable rate bonds in January, bond sales totaling up to $724.2 million in tax-exempt and/or taxable fixed and/or variable rate bonds in February, and a bond sale of up to $285 million in tax-exempt fixed rate bonds in March.
  • Environmental Facilities Corporation – a bond sale of up to $335 million in tax-exempt and taxable fixed rate bonds (including Build America Bonds or “BABs”) in January.
  • New York City – a bond sale of up to $850 million in tax-exempt and taxable fixed rate bonds (including BABs) in March.
  • New York City Municipal Water Finance Authority – a bond sale of up to $400 million in tax-exempt and taxable fixed rate bonds (including BABs) in January, and a bond sale of up to $400 million in tax-exempt and taxable fixed rate bonds (including BABs) in March.
  • New York City Transitional Finance Authority – a bond sale of up to $850 million in tax-exempt and taxable fixed rate bonds (including BABs) in February.
  • State of New York – a bond sale of up to $450 million in tax-exempt and taxable fixed rate bonds in February.
  • Thruway Authority – a bond sale of up to $525 million in tax-exempt and taxable fixed rate bonds (including BABs) in February.

The Dormitory Authority of the State of New York and the New York City Transitional Finance Authority are currently contemplating refunding transactions during the first quarter.

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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