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January 06, 2012

 

DiNapoli Releases Bond Calendar for First Quarter

Tentative Schedule Includes $3.4 Billion of New Debt Sales During the 1st 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, its major public authorities, the City of New York, and the city’s major public authorities during the first quarter of 2012.

The proposed new issuances total approximately $3.4 billion, including $901 million scheduled for this month, approximately $1 billion scheduled for February, and approximately $1.5 billion scheduled for March.  The first quarter of anticipated new issuances compares to past planned new issuances of approximately $5.7 billion during the fourth quarter of calendar year 2011, and approximately $5.1 billion during the first quarter of calendar year 2011.

The Office of the State Comptroller chairs the Securities Coordinating Committee which was created by Gubernatorial 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 – a bond sale of up to $51 million in tax-exempt fixed rate bonds in January, bond sales totaling up to $224.5 million in tax-exempt fixed rate bonds in February, and bond sales totaling up to $29 million in tax-exempt fixed rate bonds in March.
  • Metropolitan Transportation Authority – a bond sale of up to $500 million in tax-exempt fixed rate bonds in March.
  • New York City – a bond sale of up to $775 million in tax-exempt fixed rate bonds in February.
  • New York City Municipal Water Finance Authority – a bond sale of up to $450 million in tax-exempt fixed rate bonds in January, and a bond sale of up to $400 million in tax-exempt fixed rate bonds in March.
  • New York City Transitional Finance Authority – a bond sale of up to $600 million in tax-exempt fixed rate bonds in March.
  • Port Authority of New York and New Jersey – a bond sale of up to $400 million in tax-exempt fixed rate bonds in January.
Refundings and reofferings are currently being contemplated by: the Dormitory Authority, the Metropolitan Transportation Authority, and the Triborough Bridge and Tunnel Authority.

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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