By Sheri Kasprzak
New York, April 7 - The city of New York completed its pricing of $883 million in series 2009I general obligation bonds (Aa3/AA/AA-), including its remarketing of series2005C-3 bonds.
The sale included $800 million inseries2009I-1 bonds, $33 million in series 2009I-2 bonds and $50 million in series 2005C-3 remarketed bonds.
The 2009I-1 bonds are due 2011 to 2029 with term bonds due 2031, 2031, 2035 and 2036. The serials have coupons from 2.25% to 5.625% and yields from 1.9% to 5.45%. The 2031 bonds have a 5.45% coupon to yield 5.48%, the 2031 bonds have a 5.25% coupon to yield 5.48%, the 2035 bonds have a 5.55% coupon to yield 5.58% and the 2036 bonds have a 5.5% coupon to yield 5.58%.
The 2009I-2 bonds are due 2016 and 2017 with 2.75% coupons. The 2016 bonds are priced at a spread of Treasuries plus 310 basis points and the 2017 bonds at Treasuries plus 320 basis points.
The series 2005C-3 bonds are due 2028, 2028, 2029 and 2029. The first 2028 bonds have a 5.125% coupon to yield 5.17% and the second 2028 bonds have a 5.5% coupon to yield 5.17%. The 2029 bonds have a 5.125% coupon to yield 5.23% and the 2029 bonds have a 5.5% coupon to yield 5.23%.
Morgan Stanley & Co. was the lead manager. The co-managers are Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Merrill Lynch & Co. Inc.; Banc of America Securities LLC; Barclays Capital Corp.; M.R. Beal & Co.; Depfa First Albany Securities LLC; Goldman, Sachs & Co.; Loop Capital Markets LLC; Prager, Sealy & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Wachovia Bank; Cabrera Capital Markets Inc.; Jackson Securities Inc.; and Janney Montgomery Scott LLC.
The proceeds will be used for capital expenditures.
| Issuer: | New York City
|
| Issue: | Series 2009I general obligation bonds and series 2005C-3 remarketing bonds
|
| Amount: | $883 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. (lead); Citigroup Global Markets Inc.; J.P. Morgan Securities Inc.; Merrill Lynch & Co. Inc.; Banc of America Securities LLC; Barclays Capital Corp.; M.R. Beal & Co.; Depfa First Albany Securities LLC; Goldman, Sachs & Co.; Loop Capital Markets LLC; Prager, Sealy & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; Wachovia Bank; Cabrera Capital Markets Inc.; Jackson Securities Inc.; and Janney Montgomery Scott LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | April 7
|
| Settlement date: | April 16
|
|
|
| Series 2009I-1
|
| Maturity | Type | Coupon | Yield | Price
|
| 2011 | Serial | 2.25% | 1.90% | 100.669
|
| 2012 | Serial | 2.5% | 2.18% | 100.911
|
| 2013 | Serial | 3% | 2.69% | 101.155
|
| 2014 | Serial | 3.5% | 3.18% | 101.456
|
| 2014 | Serial | 5% | 3.18% | 108.286
|
| 2015 | Serial | 3.5% | 3.52% | 99.892
|
| 2015 | Serial | 5% | 3.52% | 107.891
|
| 2017 | Serial | 4% | 4.00% | 100.000
|
| 2018 | Serial | 4.25% | 4.30% | 99.629
|
| 2018 | Serial | 5% | 4.30% | 105.156
|
| 2019 | Serial | 4.5% | 4.51% | 99.918
|
| 2019 | Serial | 5% | 4.51% | 103.894
|
| 2020 | Serial | 4.625% | 4.70% | 99.361
|
| 2020 | Serial | 5% | 4.70% | 102.361
|
| 2021 | Serial | 5.5% | 4.80% | 105.487
|
| 2022 | Serial | 4.875% | 4.90% | 99.760
|
| 2022 | Serial | 5.5% | 4.90% | 104.681
|
| 2023 | Serial | 5% | 5.00% | 100.000
|
| 2024 | Serial | 5% | 5.10% | 98.959
|
| 2025 | Serial | 5.125% | 5.20% | 99.190
|
| 2026 | Serial | 5.25% | 5.28% | 99.663
|
| 2026 | Serial | 5.5% | 5.28% | 101.684
|
| 2027 | Serial | 5.3% | 5.36% | 99.310
|
| 2027 | Serial | 5.25% | 5.36% | 98.738
|
| 2028 | Serial | 5.25% | 5.42% | 97.998
|
| 2029 | Serial | 5.625% | 5.45% | 101.328
|
| 2031 | Term | 5.45% | 5.48% | 99.616
|
| 2031 | Term | 5.25% | 5.48% | 97.080
|
| 2035 | Term | 5.55% | 5.58% | 99.588
|
| 2036 | Term | 5.5% | 5.58% | 98.888
|
|
|
| Series 2009I-2
|
| Maturity | Type | Coupon | Yield
|
| 2016 | Term | 2.75% | Treasuries plus 310 bps
|
| 2017 | Term | 2.75% | Treasuries plus 320 bps
|
|
|
| Series 2005C-3 remarketing
|
| Maturity | Type | Coupon | Yield
|
| 2028 | Term | 5.125% | 5.17%
|
| 2028 | Term | 5.5% | 5.17%
|
| 2029 | Term | 5.125% | 5.23%
|
| 2029 | Term | 5.5% | 5.23%
|
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