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October 4, 2010

 

DiNapoli Releases Bond Calendar for Fourth Quarter

Tentative Schedule Includes $8.8 Billion of Debt Sales Through the End of 2010



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 fourth quarter of 2010.

The proposed new issuances total approximately $8.8 billion, including approximately $4.2 billion scheduled for this month, approximately $3.7 billion scheduled for November, and approximately $938 million scheduled for December.  The fourth quarter of anticipated new issuances compare to past planned new issuances of: approximately $4.9 billion during the third quarter of 2010, and approximately $6.3 billion during the fourth quarter of 2009.

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 public authorities.  All borrowings are scheduled at the request of the issuer and done pursuant to their borrowing programs.

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

  • City of New York – bond sales totaling up to $800 million in taxable fixed-rate bonds (including Build America Bonds – “BABs”) in October, and a bond sale of up to $750 million in tax-exempt and taxable BAB fixed-rate bonds in December.
  • Dormitory Authority of the State of New York – bond sales totaling up to $1.34 billion in tax-exempt and taxable fixed-rate bonds (including BABs) in October, bond sales totaling up to $391 million in tax-exempt fixed-rate bonds in November, and a bond sale of up to $22 million in tax-exempt fixed-rate bonds in December.
  • Empire State Development Corporation – a bond sale of up to $1.3 billion in tax-exempt and taxable fixed-rate bonds (including BABs) in November.
  • Metropolitan Transportation Authority – a bond sale of up to $765 million in tax-exempt fixed-rate bonds in November.
  • Municipal Bond Bank Authority – a bond sale of up to $100 million in tax-exempt and taxable BAB fixed-rate bonds in November.
  • New York City Municipal Water Finance Authority – a bond sale of up to $500 million in taxable BAB fixed-rate bonds in November.
  • New York City Transitional Finance Authority a bond sale of up to $750 million in tax-exempt and taxable fixed-rate bonds (including BABs) in October, and a bond sale of up to $350 million in tax-exempt and taxable BAB fixed-rate bonds in November.
  • New York State Housing Finance Agency – a bond sale of up to $80 million in tax-exempt fixed-rate bonds in October, bond sales totaling up to $160 million in tax-exempt variable rate bonds in November, and bond sales totaling up to $166 million in tax-exempt fixed-rate bonds in December.
  • Port Authority of New York and New Jersey – a bond sale of up to $850 million in taxable fixed-rate bonds in October.
  • State of New York Mortgage Authority – a bond sale of up to $100 million in tax-exempt fixed-rate bonds in November.
  • Triborough Bridge and Tunnel Authority - a bond sale of up to $350 million in tax-exempt and taxable BAB fixed-rate bonds in October.
 
Refundings or conversions are currently being contemplated by: the City of New York, Dormitory Authority of the State of New York, the New York Local Government Assistance Corporation, the New York Power Authority and the New York State Housing Finance 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 found here.



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