DiNapoli Announces $349.3 Million Of G.O. Bonds Awarded
J.P. Morgan Securities Outbids Seven Others to Win Competitive Sale
New York State Comptroller Thomas P. DiNapoli today awarded $349.3 million of New York State Series 2009C Tax-Exempt General Obligation Bonds to J.P. Morgan Securities Inc., which submitted the lowest cost offer in the competitive bid sale. The true interest cost of the winning bid was 2.929204 percent.
The other bids were submitted by: Merrill Lynch & Co.; Citigroup Global Markets Inc; Wachovia Bank, N.A.; Barclays Capital, Inc.; Jefferies & Company, Inc.; Morgan Stanley & Co. and Goldman, Sachs & Co.; at true interest costs of 2.965633 percent, 2.995163 percent, 3.020396 percent, 3.054794 percent, 3.141432 percent, 3.180205 percent and 3.379125 percent, respectively.
The net proceeds of the Series 2009C Tax-Exempt Bonds will be used to refund certain of the outstanding General Obligation Variable Rate Bonds of the State currently in Short-Term Intermediate Rate and Flexible Rate modes.