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October 3, 2011

DiNapoli Releases Bond Calendar For Fourth Quarter

Tentative Schedule Includes $5.7 Billion of New Debt Sales During
the 4th Quarter of 2011

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 2011.

The proposed new issuances total approximately $5.7 billion, including approximately $2.5 billion scheduled for this month, $1.4 billion scheduled for November, and $1.8 billion scheduled for December. The fourth quarter of anticipated new issuances compares to past planned new issuances of approximately $5 billion during the third quarter of calendar year 2011, and approximately $8.8 billion during the fourth 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, the City and their respective 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:

  • Dormitory Authority of the State of New York – three bond sales totaling up to $626 million in tax-exempt fixed rate bonds in October, and a bond sale totaling up to $500 million in tax-exempt fixed rate bonds in November.
  • Empire State Development Corporation – a bond sale of up to $975 million in tax-exempt and/or taxable fixed rate bonds in December.
  • Hudson Yards Infrastructure Corporation – a bond sale of up to $1 billion in tax-exempt fixed rate bonds in October.
  • Metropolitan Transportation Authority – a bond sale of up to $500 million in tax-exempt fixed rate bonds in October.
  • New York City Municipal Water Finance Authority – a bond sale of up to $450 million in tax-exempt fixed bonds in November.
  • New York City Transitional Finance Authority – a bond sale of up to $775 million in tax-exempt fixed rate bonds in December.
  • New York State Housing Finance Agency – three bond sales totaling up to $155 million in tax-exempt and/or taxable fixed and variable rate bonds in October.
  • Port Authority of New York and New Jersey – a bond sale of up to $247 million in tax-exempt fixed rate bonds in October.
  • State of New York – a bond sale of up to $460 million in tax-exempt and/or taxable fixed rate bonds in November.

Refundings are currently being contemplated by: the Dormitory Authority, the Port Authority of New York and New Jersey, 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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