By Sheri Kasprzak
New York, March 8 - The City of New York sold $633.325 million of series 2011I general obligation bonds (Aa1/AA/AA) on Tuesday, said a pricing sheet.
The deal included $386.975 million of series 2011I-1 tax-exempt bonds, $79.4 million of series 2011I-2 taxable bonds and $166.95 million of series 2011I-3 taxable bonds.
The 2011I-1 bonds were sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers for the 2011I-1 bonds were Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Morgan Stanley & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; M.R. Beal & Co.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Southwest Securities Inc.; Wells Fargo Bank, NA; Cabrera Capital Markets LLC; Lebenthal & Co. LLC; Raymond James & Associates Inc.; Jackson Securities Inc.; MFR Securities Inc.; RBC Capital Markets LLC; Janney Montgomery Scott LLC; Morgan Keegan & Co. Inc.; and TD Securities.
The 2011I-1 bonds are due 2011 and 2014 to 2020 with coupons from 2% to 5%. The 3% 2011 bonds were not reoffered.
The 2011I-2 and 2011I-3 bonds were sold competitively. The 2011I-2 bonds are due Aug. 1, 2011 and have a 1.5% coupon priced at par. The 2011I-3 bonds are due 2012 to 2014 with 0.65% to 2.07% coupons, all priced at par.
Piper Jaffray & Co. was the winning bidder for the series 2011I-2 bonds, and J.P. Morgan Securities LLC won the series 2011I-3 bonds.
Proceeds will be used to redeem the city's series 2008J-13 and series 2008J-14 variable-rate bonds.
| Issuer: | City of New York
|
| Issue: | Series 2011I general obligation bonds
|
| Amount: | $633.325 million
|
| Type: | Negotiated (series 2011I-1); competitive (series 2011I-2 and 2011I-3)
|
| Underwriters: | Bank of America Merrill Lynch (lead); Citigroup Global Markets Inc.; J.P. Morgan Securities LLC; Morgan Stanley & Co. Inc.; Siebert Brandford Shank & Co. LLC; Barclays Capital Inc.; M.R. Beal & Co.; Fidelity Capital Markets LLC; Goldman, Sachs & Co.; Jefferies & Co.; Loop Capital Markets LLC; Ramirez & Co. Inc.; Rice Financial Products Co.; Roosevelt & Cross Inc.; Southwest Securities Inc.; Wells Fargo Bank, NA; Cabrera Capital Markets LLC; Lebenthal & Co. LLC; Raymond James & Associates Inc.; Jackson Securities Inc.; MFR Securities Inc.; RBC Capital Markets LLC; Janney Montgomery Scott LLC; Morgan Keegan & Co. Inc.; and TD Securities (co-managers for 2011I-1); Piper Jaffray & Co. (winner for 2011I-2); J.P. Morgan Securities LLC (winner for 2011I-3)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 8
|
| Settlement date: | April 1
|
|
|
| $386.975 million series 2011I-1
|
| Amount | Maturity | Type | Coupon | Price
|
| $39.13 million | 2011 | Serial | 3% | NRO
|
| $4.35 million | 2014 | Serial | 2% | 101.129
|
| $12.66 million | 2015 | Serial | 3% | 103.455
|
| $8.6 million | 2015 | Serial | 4% | 107.57
|
| $33.975 million | 2015 | Serial | 5% | 111.685
|
| $10.665 million | 2016 | Serial | 3% | 102.53
|
| $3.845 million | 2016 | Serial | 4% | 107.495
|
| $49.58 million | 2016 | Serial | 5% | 112.46
|
| $4.38 million | 2017 | Serial | 3% | 101.035
|
| $9.69 million | 2017 | Serial | 4% | 106.797
|
| $41.165 million | 2017 | Serial | 5% | 112.559
|
| $10.47 million | 2018 | Serial | 3% | 99.671
|
| $1.365 million | 2018 | Serial | 4% | 106.197
|
| $56.77 million | 2018 | Serial | 5% | 112.723
|
| $16.895 million | 2019 | Serial | 3% | 97.898
|
| $2.92 million | 2019 | Serial | 4% | 105.134
|
| $62.87 million | 2019 | Serial | 5% | 112.37
|
| $5.205 million | 2020 | Serial | 3.5% | 100.79
|
| $12.44 million | 2020 | Serial | 5% | 112.699
|
|
|
| $79.4 million series 2011I-2
|
| Maturity | Type | Coupon | Price
|
| Aug. 1, 2011 | Term | 1.5% | 100
|
|
|
| $166.95 million series 2011I-3
|
| Amount | Maturity | Type | Coupon | Price
|
| $57.72 million | 2012 | Serial | 0.65% | 100
|
| $57.72 million | 2013 | Serial | 1.52% | 100
|
| $51.5 million | 2014 | Serial | 2.07% | 100
|
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