Published on 7/31/2015 in the Prospect News Municipals Daily.
New Issue: New York City prices $750.48 million general obligation bonds
By Sheri Kasprzak
New York, July 31 – The City of New York offered $750,475,000 of series 2016 general obligation bonds, according to a pricing sheet. The offering was upsized from $750 million.
The deal included $645,765,000 of series 2016A bonds and $104.71 million of series 2016B bonds.
The 2016A bonds are due 2017 to 2030 with 2.25% to 5% coupons with yields from 0.57% to 3.12%. The 2016B bonds are due 2016 to 2035 with coupons from 3% to 5% and yields from 0.14% to 3.56%.
The bonds (Aa2/AA) were sold through Siebert Brandford Shank & Co. LLC.
Proceeds will be used to redeem outstanding bonds.
| Issuer: | City of New York
|
| Issue: | Series 2016 general obligation bonds
|
| Amount: | $750,475,000
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Jefferies & Co. and Morgan Stanley & Co. LLC (co-senior managers), Barclays, Janney Montgomery Scott LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Southwest Securities Inc., Fidelity Capital Markets, Lebenthal & Co. LLC, Ramirez & Co. Inc., Rice Financial Products Co., Goldman, Sachs & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Wells Fargo Securities LLC, Blaylock Beal Van LLC, Cabrera Capital Markets LLC, TD Securities (USA) LLC and Drexel Hamilton LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 13
|
|
|
| $645,765,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $42,155,000 | 2017 | Serial | 5% | 108.651 | 0.57%
|
| $5,295,000 | 2018 | Serial | 3% | 105.771 | 1.02%
|
| $37.33 million | 2018 | Serial | 5% | 111.6 | 1.02%
|
| $1,455,000 | 2019 | Serial | 3% | 106.511 | 1.31%
|
| $41.28 million | 2019 | Serial | 5% | 114.217 | 1.31%
|
| $1,985,000 | 2020 | Serial | 3% | 106.707 | 1.59%
|
| $40.16 million | 2020 | Serial | 5% | 116.222 | 1.59%
|
| $980,000 | 2021 | Serial | 3% | 106.176 | 1.90%
|
| $44.46 million | 2021 | Serial | 5% | 117.408 | 1.90%
|
| $1,715,000 | 2022 | Serial | 3% | 105.074 | 2.21%
|
| $52.11 million | 2022 | Serial | 5% | 117.922 | 2.21%
|
| $5,475,000 | 2023 | Serial | 2.25% | 98.774 | 2.42%
|
| $57,535,000 | 2023 | Serial | 5% | 118.591 | 2.42%
|
| $905,000 | 2024 | Serial | 3% | 103.423 | 2.57%
|
| $62,105,000 | 2024 | Serial | 5% | 119.349 | 2.57%
|
| $3.03 million | 2025 | Serial | 2.5% | 98.262 | 2.70%
|
| $59.98 million | 2025 | Serial | 5% | 119.979 | 2.70%
|
| $63.01 million | 2026 | Serial | 5% | 118.634 | 2.84%
|
| $63.01 million | 2027 | Serial | 5% | 117.873 | 2.92%
|
| $44.53 million | 2028 | Serial | 5% | 117.212 | 2.99%
|
| $8,165,000 | 2029 | Serial | 5% | 116.649 | 3.05%
|
| $9,095,000 | 2030 | Serial | 5% | 115.996 | 3.12%
|
|
|
| $104.71 million series 2016B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.37 million | 2016 | Serial | 5% | 104.693 | 0.14%
|
| $4.36 million | 2017 | Serial | 5% | 108.61 | 0.59%
|
| $590,000 | 2018 | Serial | 4% | 108.686 | 1.02%
|
| $3.91 million | 2018 | Serial | 5% | 111.6 | 1.02%
|
| $6,515,000 | 2019 | Serial | 5% | 114.217 | 1.31%
|
| $1.86 million | 2020 | Serial | 4% | 111.465 | 1.59%
|
| $2,505,000 | 2020 | Serial | 5% | 116.222 | 1.59%
|
| $625,000 | 2021 | Serial | 4% | 111.792 | 1.90%
|
| $5.89 million | 2021 | Serial | 5% | 117.408 | 1.90%
|
| $6,515,000 | 2022 | Serial | 5% | 117.922 | 2.21%
|
| $145,000 | 2023 | Serial | 4% | 111.385 | 2.42%
|
| $6.37 million | 2023 | Serial | 5% | 118.591 | 2.42%
|
| $6,515,000 | 2024 | Serial | 5% | 119.349 | 2.57%
|
| $735,000 | 2025 | Serial | 4% | 111.292 | 2.70%
|
| $5.78 million | 2025 | Serial | 5% | 119.979 | 2.70%
|
| $250,000 | 2026 | Serial | 4% | 110.006 | 2.84%
|
| $260,000 | 2026 | Serial | 3% | 101.379 | 2.84%
|
| $6,005,000 | 2026 | Serial | 5% | 118.634 | 2.84%
|
| $150,000 | 2027 | Serial | 3% | 100.686 | 2.92%
|
| $310,000 | 2027 | Serial | 4% | 109.28 | 2.92%
|
| $6,055,000 | 2027 | Serial | 5% | 117.873 | 2.92%
|
| $6,515,000 | 2028 | Serial | 3% | 99.361 | 3.06%
|
| $4,755,000 | 2029 | Serial | 3.125% | 99.048 | 3.21%
|
| $3.52 million | 2030 | Serial | 3.25% | 99.062 | 3.33%
|
| $1.59 million | 2031 | Serial | 3.3% | 98.896 | 3.39%
|
| $2,495,000 | 2031 | Serial | 5% | 115.44 | 3.18%
|
| $4,075,000 | 2032 | Serial | 3.4% | 99.488 | 3.44%
|
| $4.23 million | 2033 | Serial | 3.4% | 98.937 | 3.48%
|
| $5,265,000 | 2034 | Serial | 3.5% | 99.724 | 3.52%
|
| $2.55 million | 2035 | Serial | 3.5% | 99.146 | 3.56%
|
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