Published on 7/25/2013 in the Prospect News Municipals Daily.
New Issue: New York City offers up $500 million of G.O. bonds in two-tranche deal
By Sheri Kasprzak
New York, July 25 - The City of New York came to market Thursday with $500 million of fiscal series 2014A general obligation bonds, according to a pricing sheet.
The bonds (Aa2//AA) were sold on both a competitive and a negotiated basis. J.P. Morgan Securities LLC was the senior manager for the 2014A-1 bonds, which were sold on a negotiated basis. The issuer did not respond to requests for the winning bidder for the 2014A-2 competitive sale Thursday.
The deal included $375 million of series 2014A-1 tax-exempt bonds and $125 million of series 2014A-2 taxable bonds.
The 2014A-1 bonds are due 2015 to 2039 with 2% to 5.25% coupons.
The 2014A-2 bonds are due 2015 to 2023 with coupons from 0.74% to 3.64%, all priced at par.
Proceeds will be used for capital purposes.
| Issuer: | New York City
|
| Issue: | Fiscal series 2014A general obligation bonds
|
| Amount: | $500 million
|
| Type: | Negotiated/Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (lead for negotiated portion)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 15
|
|
|
| $375 million series 2014A-1 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2015 | Serial | 3% | 104.772
|
| $1 million | 2016 | Serial | 3% | 105.85
|
| $1 million | 2017 | Serial | 2% | 102.537
|
| $1 million | 2018 | Serial | 3% | 106.306
|
| $1,005,000 | 2019 | Serial | 2% | 100
|
| $1,005,000 | 2020 | Serial | 3% | 103.889
|
| $1,005,000 | 2021 | Serial | 3% | 101.847
|
| $1.01 million | 2022 | Serial | 4% | 107.561
|
| $1.02 million | 2023 | Serial | 5% | 115.156
|
| $5,335,000 | 2024 | Serial | 3.25% | 97.917
|
| $12,045,000 | 2024 | Serial | 5% | 113.151
|
| $18,155,000 | 2025 | Serial | 5.25% | 113.618
|
| $19,105,000 | 2026 | Serial | 5% | 108.662
|
| $4,465,000 | 2027 | Serial | 4% | 98.317
|
| $15.6 million | 2027 | Serial | 5% | 107.213
|
| $10.97 million | 2028 | Serial | 4.125% | 97.973
|
| $10,055,000 | 2028 | Serial | 5% | 105.954
|
| $9.51 million | 2029 | Serial | 4.25% | 98.066
|
| $12.45 million | 2029 | Serial | 5% | 105.042
|
| $12.98 million | 2030 | Serial | 5% | 104.384
|
| $10 million | 2030 | Serial | 5.25% | 107.378
|
| $24.13 million | 2031 | Serial | 5% | 103.813
|
| $25.33 million | 2032 | Serial | 5% | 103.327
|
| $26,605,000 | 2033 | Serial | 5% | 102.923
|
| $27.93 million | 2034 | Serial | 5% | 102.522
|
| $13,765,000 | 2035 | Serial | 4.625% | 97.904
|
| $15.56 million | 2035 | Serial | 5% | 102.123
|
| $24,175,000 | 2036 | Serial | 5% | 101.804
|
| $25.38 million | 2037 | Serial | 5% | 101.566
|
| $28,055,000 | 2038 | Serial | 4.75% | 98.417
|
| $14,355,000 | 2039 | Serial | 4.75% | 98.095
|
|
|
| $125 million series 2014A-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11,695,000 | 2015 | Serial | 0.74% | 100
|
| $11.77 million | 2016 | Serial | 1.08% | 100
|
| $13,555,000 | 2017 | Serial | 1.78% | 100
|
| $13.77 million | 2018 | Serial | 2.13% | 100
|
| $14,045,000 | 2019 | Serial | 2.58% | 100
|
| $14.38 million | 2020 | Serial | 2.84% | 100
|
| $14.77 million | 2021 | Serial | 3.24% | 100
|
| $15,245,000 | 2022 | Serial | 3.54% | 100
|
| $15.77 million | 2023 | Serial | 3.64% | 100
|
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