New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned bond sales for the state, New York City and their major public authorities during the third quarter of 2020.
The planned sales of $5.06 billion include $3.48 billion of new money and $1.58 billion of refundings as follows:
- $4.71 billion scheduled for July, of which $3.48 billion is for new money and $1.32 billion for refunding purposes;
- $350 million scheduled for August, all of which is for refunding purposes; and
- No planned issuances scheduled for September at this time.
The anticipated sales in the third quarter compare to past planned sales of $3.68 billion during the second quarter of 2020, and $7.68 billion during the third quarter of 2019.
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 their borrowing programs.
A new schedule is released every quarter and updated as necessary. The schedule is released by the committee to assist participants in the municipal bond market. It is contingent upon execution of all project approvals required by law. 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 prospective third quarter calendar includes anticipated bond sales by the following issuers: the Dormitory Authority of the State of New York, Empire State Development, the New York State Housing Finance Agency, the Metropolitan Transportation Authority, and the Port Authority of New York & New Jersey.
The detailed forward issuance calendar can be obtained at: https://www.osc.state.ny.us/sites/default/files/other/documents/pdf/2020-05/debt-scc-calendar.pdf.
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