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July 2, 2013

 

DiNapoli Releases Bond Calendar for Third Quarter

Tentative Schedule Includes $3.21 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, New York City, and their major public authorities during the third quarter of 2013.

The proposed new issuances total approximately $3.21 billion, including $1.79 billion scheduled for this month and $344 million and $1.08 billion scheduled for August and September, respectively. The third quarter of anticipated new issuances compares to past planned new issuances of approximately $1.8 billion during the second quarter of 2013, and $4.9 billion during the third quarter of 2012.

The State Comptroller’s office 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 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 of up to $711.2 million for the month of July, $700 million of which will be taxable and/or tax-exempt fixed rate bonds, while the remaining $11.2 million will be tax-exempt variable rate bonds; bond sales of up to $344 million and $31 million in tax-exempt fixed rate bonds in August and September, respectively.
  • Metropolitan Transportation Authority – a bond sale of up to $332.8 million in tax-exempt fixed rate bonds in July.
  • New York City –bond sales of up to $500 million and $400 million of tax-exempt fixed rate bonds in July and September, respectively.
  • New York City Municipal Water Finance Authority – a bond sale of up to $650 million in tax-exempt variable rate bonds in September.
  • New York State Energy Research and Development Authority – a bond sale of up to $24.3 million in taxable fixed rate qualified energy conservation bonds in July.
  • New York State Environmental Facilities Corporation – a bond sale of up to $140 million in tax-exempt fixed rate bonds in July.
  • State of New York Mortgage Agency – a bond sale of up to $79.3 million in tax-exempt fixed rate bonds in July.

Refundings or reofferings are currently being contemplated by: the Dormitory Authority of the State of New York, New York City, New York State Environmental Facilities Corporation, New York State Energy Research and Development Authority, Metropolitan Transportation Authority and the State of New York Mortgage Agency.

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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