Published on 10/3/2012 in the Prospect News Municipals Daily.
New Issue: New York City sells $1.13 billion of G.O. bonds in upsized deal
By Sheri Kasprzak
New York, Oct. 3 - The City of New York priced $1,125,000,000 of series 2013 general obligation bonds, according to a pricing sheet. The deal was upsized from $825 million.
The deal included $525 million of series 2013A-1 tax-exempt bonds, $457.99 million of series 2013B tax-exempt bonds and $142.01 million of series 2013C tax-exempt bonds.
The bonds were sold through J.P. Morgan Securities LLC. The co-managers were Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Siebert Brandford Shank & Co. LLC, Barclays, Fidelity Capital Markets, Loop Capital Markets LLC, Roosevelt & Cross Inc., Goldman, Sachs & Co., Ramirez & Co. Inc., Southwest Securities Inc., M.R. Beal & Co. Inc., Jefferies & Co. Inc., Rice Financial Products Co., Wells Fargo Securities LLC, Cabrera Capital Markets LLC, Lebenthal & Co. LLC, RBC Capital Markets LLC, Jackson Securities Inc., MFR Securities Inc., Janney Montgomery Scott LLC, Raymond James/Morgan Keegan and TD Securities (USA) Inc.
The 2013A-1 bonds are due 2014 to 2035 with 3% to 5% coupons. The 2013B bonds are due 2014 to 2032 with coupons from 3% to 5%. The 2013C bonds are due 2013 to 2033 with 2% to 5% coupons.
Proceeds will be used to finance some of the city's capital needs under its 2012 to 2016 financial plan.
| Issuer: | City of New York
|
| Issue: | Series 2013 general obligation
|
| Amount: | $1,125,000,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Siebert Brandford Shank & Co. LLC, Barclays, Fidelity Capital Markets, Loop Capital Markets LLC, Roosevelt & Cross Inc., Goldman, Sachs & Co., Ramirez & Co. Inc., Southwest Securities Inc., M.R. Beal & Co. Inc., Jefferies & Co. Inc., Rice Financial Products Co., Wells Fargo Securities LLC, Cabrera Capital Markets LLC, Lebenthal & Co. LLC, RBC Capital Markets LLC, Jackson Securities Inc., MFR Securities Inc., Janney Montgomery Scott LLC, Raymond James/Morgan Keegan and TD Securities (USA) Inc. (co-managers)
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 23
|
|
|
| $525 million series 2013A-1 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,455,000 | 2014 | Serial | 3% | NRO
|
| $13,075,000 | 2015 | Serial | 5% | 112.923
|
| $15,605,000 | 2016 | Serial | 5% | 116.634
|
| $16,385,000 | 2017 | Serial | 5% | 119.708
|
| $17,205,000 | 2018 | Serial | 5% | 122.168
|
| $18,065,000 | 2019 | Serial | 5% | 123.64
|
| $18.97 million | 2020 | Serial | 5% | 124.493
|
| $13,645,000 | 2021 | Serial | 4% | 116.74
|
| $6.27 million | 2021 | Serial | 5% | 124.907
|
| $20,855,000 | 2022 | Serial | 5% | 125.584
|
| $21.89 million | 2023 | Serial | 5% | 124.267
|
| $22,985,000 | 2024 | Serial | 5% | 123.265
|
| $24,135,000 | 2025 | Serial | 5% | 122.47
|
| $25,345,000 | 2026 | Serial | 5% | 121.682
|
| $26.61 million | 2027 | Serial | 5% | 120.997
|
| $27.94 million | 2028 | Serial | 5% | 120.414
|
| $15 million | 2029 | Serial | 4% | 109.347
|
| $14,335,000 | 2029 | Serial | 5% | 119.833
|
| $15 million | 2030 | Serial | 5% | 108.896
|
| $15,805,000 | 2030 | Serial | 5% | 119.545
|
| $32,345,000 | 2031 | Serial | 5% | 118.969
|
| $33.96 million | 2032 | Serial | 5% | 118.398
|
| $15.66 million | 2033 | Serial | 3.125% | 98.26
|
| $20 million | 2033 | Serial | 5% | 118.113
|
| $17.44 million | 2034 | Serial | 4% | 106.499
|
| $20 million | 2034 | Serial | 5% | 117.735
|
| $24.02 million | 2035 | Serial | 3.25% | 97.622
|
|
|
| $457.99 million series 2013B tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $20,315,000 | 2014 | Serial | 3% | NRO
|
| $5,775,000 | 2015 | Serial | 3% | 106.702
|
| $15,665,000 | 2015 | Serial | 5% | 112.195
|
| $2,105,000 | 2016 | Serial | 3% | 108.508
|
| $26,115,000 | 2016 | Serial | 5% | 115.939
|
| $4.6 million | 2017 | Serial | 4% | 114.397
|
| $15,715,000 | 2017 | Serial | 5% | 119.056
|
| $8,815,000 | 2018 | Serial | 4% | 115.992
|
| $11.5 million | 2018 | Serial | 5% | 121.564
|
| $22.48 million | 2019 | Serial | 4% | 116.67
|
| $7,765,000 | 2019 | Serial | 5% | 123.107
|
| $20,315,000 | 2020 | Serial | 4% | 116.756
|
| $14,385,000 | 2021 | Serial | 4% | 116.453
|
| $15,865,000 | 2021 | Serial | 5% | 124.479
|
| $15,045,000 | 2022 | Serial | 4% | 116.416
|
| $15,205,000 | 2022 | Serial | 5% | 125.196
|
| $2,985,000 | 2023 | Serial | 4% | 115.177
|
| $27,265,000 | 2023 | Serial | 5% | 123.901
|
| $30,245,000 | 2024 | Serial | 5% | 122.916
|
| $27.33 million | 2025 | Serial | 5% | 122.134
|
| $20,315,000 | 2026 | Serial | 5% | 121.359
|
| $20,315,000 | 2027 | Serial | 5% | 120.685
|
| $30.25 million | 2028 | Serial | 5% | 120.111
|
| $14.2 million | 2029 | Serial | 5% | 119.54
|
| $21.14 million | 2030 | Serial | 5% | 119.256
|
| $21.14 million | 2031 | Serial | 3% | 97.883
|
| $21.14 million | 2032 | Serial | 3.125% | 99.194
|
|
|
| $142.01 million series 2013C tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,185,000 | 2013 | Serial | 2% | NRO
|
| $5,185,000 | 2014 | Serial | 3% | NRO
|
| $1,845,000 | 2015 | Serial | 2% | 103.955
|
| $5.88 million | 2015 | Serial | 5% | 112.195
|
| $295,000 | 2016 | Serial | 2% | 104.792
|
| $7,425,000 | 2016 | Serial | 4% | 112.223
|
| $1,555,000 | 2017 | Serial | 3% | 109.737
|
| $2.74 million | 2017 | Serial | 4% | 114.397
|
| $895,000 | 2017 | Serial | 5% | 119.056
|
| $320,000 | 2018 | Serial | 3% | 110.42
|
| $4,865,000 | 2018 | Serial | 4% | 115.992
|
| $255,000 | 2019 | Serial | 3% | 110.234
|
| $7,465,000 | 2019 | Serial | 5% | 123.107
|
| $5.56 million | 2020 | Serial | 3% | 109.502
|
| $1.78 million | 2020 | Serial | 5% | 124.01
|
| $535,000 | 2021 | Serial | 3% | 108.426
|
| $7,185,000 | 2021 | Serial | 5% | 124.479
|
| $1,335,000 | 2022 | Serial | 3% | 107.636
|
| $6,385,000 | 2022 | Serial | 5% | 125.196
|
| $2,375,000 | 2023 | Serial | 3% | 106.453
|
| $5,345,000 | 2023 | Serial | 5% | 123.901
|
| $735,000 | 2024 | Serial | 4% | 113.767
|
| $6.99 million | 2024 | Serial | 5% | 122.916
|
| $275,000 | 2025 | Serial | 4% | 112.561
|
| $6.59 million | 2025 | Serial | 5% | 122.134
|
| $150,000 | 2026 | Serial | 4% | 111.37
|
| $5,035,000 | 2026 | Serial | 5% | 121.359
|
| $60,000 | 2027 | Serial | 4% | 110.734
|
| $5.13 million | 2027 | Serial | 5% | 120.685
|
| $660,000 | 2028 | Serial | 4% | 109.745
|
| $7.06 million | 2028 | Serial | 5% | 120.111
|
| $680,000 | 2029 | Serial | 4% | 109.209
|
| $4,505,000 | 2029 | Serial | 5% | 119.54
|
| $6.57 million | 2030 | Serial | 5% | 119.256
|
| $330,000 | 2031 | Serial | 4% | 108.412
|
| $7.39 million | 2031 | Serial | 5% | 118.69
|
| $7.72 million | 2032 | Serial | 3.125% | 99.194
|
| $7.72 million | 2033 | Serial | 3.125% | 98.268
|
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