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January 8, 2013

 

DiNapoli Releases Bond Calendar for First Quarter

Tentative Schedule Includes $4.1 Billion of New Debt Sales

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 2013.

The proposed new issuances total approximately $4.1 billion, including $660 million scheduled for this month, $2.1 billion scheduled for February, and $1.3 billion scheduled for March. The first quarter of anticipated new issuances compares to past planned new issuances of approximately $6.1 billion during the fourth quarter of calendar year 2012, and approximately $3.4 billion during the same quarter a year earlier.

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 – bond sales of up to $45.4 million in tax-exempt fixed rate bonds in February.
  • Empire State Development - a bond sale of up to $770 million in tax-exempt and taxable fixed rate bonds in February.
  • Metropolitan Transportation Authority – a bond sale of up to $500 million in tax-exempt fixed rate bonds in January.
  • New York City – a bond sale of up to $850 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 February.
  • New York City Transitional Finance Authority – a bond sale of up to $850 million in tax-exempt fixed rate bonds in March.
  • New York State - a bond sale of up to $450 million in tax-exempt and taxable fixed rate bonds in March.
  • Port Authority of New York and New Jersey – a bond sale of up to $159.8 million in tax-exempt fixed rate bonds in January.
Refundings are currently being contemplated by: the Dormitory Authority of the State of New York, Empire State Development, New York City Health & Hospitals Corp, New York City Municipal Water Finance Authority, Port Authority of New York and New Jersey, 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 Comptroller’s Office.

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


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