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July 5, 2012

 

DiNapoli Releases Bond Calendar For Third Quarter

Tentative Schedule Includes $4.9 Billion of Debt Sales in Third 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, New York City, and their major public authorities during the third quarter of 2012.

The proposed new issuances total $4.9 billion, including $2.7 billion scheduled for this month, $850 million scheduled for August, and $1.3 billion scheduled for September. The third quarter of anticipated new issuances compares to past planned new issuances of $3.8 billion during the second quarter of 2012, and $5 billion during the third quarter of 2011.

The Comptroller’s office chairs the Securities Coordinating Committee which was created 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 its 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 $1.21 billion in tax-exempt fixed rate bonds in July and a bond sale of up to $22 million in tax-exempt fixed rate bonds in September.
  • Housing Finance Agency – bond sales totaling up to $123 million in tax-exempt and taxable 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 $850 million in tax-exempt fixed rate bonds in September.
  • New York City Housing Development Corporation – a bond sale of up to $50 million in 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 rate bonds in September.
  • New York City Transitional Finance Authority – a bond sale of up to $850 million in tax-exempt fixed rate bonds in July and a bond sale of up to $850 million in tax exempt fixed rate bonds in August.

Refundings or reofferings are currently being contemplated by: the Dormitory Authority of the State of New York, New York City Housing Development Corporation, State of New York Mortgage Agency, 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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