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July 05, 2011

 

DiNapoli Releases Bond Calendar for Third Quarter

Tentative Schedule Includes $5 Billion of New Debt Sales During the 3rd Quarter of 2011

The proposed new issuances total approximately $5 billion, including approximately $2.7 billion scheduled for this month, approximately $1.1 billion scheduled for August, and approximately $1.2 billion scheduled for September.  The third quarter of anticipated new issuances compares to past planned new issuances of approximately $4.2 billion during the second quarter of calendar year 2011, and approximately $4.9 billion during the third quarter of calendar year 2010.

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

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

Dormitory Authority of the State of New York – bond sales totaling up to $1.1 billion in tax-exempt and/or taxable fixed rate and variable rate bonds in July, bond sales totaling up to $176 million in tax-exempt and/or taxable fixed rate bonds in August, and a bond sale of up to $765 million in tax-exempt fixed rate bonds in September.
Erie County Fiscal Stability Authority – a bond sale of up to $130 million in tax-exempt fixed rate bonds in July.
Long Island Power Authority – a bond sale of up to $250 million in tax-exempt fixed rate bonds in July.
Metropolitan Transportation Authority – a bond sale of up to $500 million in tax-exempt fixed rate bonds in July.
New York City – a bond sale of up to $775 million in tax-exempt and taxable fixed rate bonds in July.
New York City Municipal Water Finance Authority - a bond sale of up to $450 million in tax-exempt fixed and variable rate bonds in September.
New York City Transitional Finance Authority – a bond sale of up to $480 million in tax-exempt fixed rate bonds in August.
New York State Housing Finance Agency – a bond sale of up to $27 million in tax-exempt fixed rate bonds in July.
New York State Thruway Authority – a bond sale of up to $440 million in tax-exempt fixed rate bonds in August.

Refundings are currently being contemplated by: the Dormitory Authority of the State of New York and the Erie County Fiscal Stability 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: http://www.osc.state.ny.us/pension/scccalendar.pdf.

 

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