Published on 6/11/2014 in the Prospect News Municipals Daily.
New Issue: New York City brings to market $1.02 billion general obligation bonds
By Sheri Kasprzak
New York, June 11 – The City of New York priced $1,020,660,000 of series 2014 general obligation bonds, according to a pricing sheet. The offering was upsized from $850 million.
The deal included $918.49 million of series 2014J bonds and $102.17 million of series 2014K bonds.
The 2014J bonds are due 2015 to 2034 with 2% to 5% coupons. The 2014K bonds are due 2014 to 2022 with 2% to 5% coupons.
The bonds (Aa2/AA/AA) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to refund outstanding G.O. debt.
| Issuer: | City of New York
|
| Issue: | Series 2014 general obligation bonds
|
| Amount: | $1,020,660,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | June 11
|
| Settlement date: | June 23
|
|
|
| $918.49 million series 2014J bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $125 million | 2015 | Serial | 2% | 102.053
|
| $74.18 million | 2016 | Serial | 3% | 105.445
|
| $7,015,000 | 2017 | Serial | 4% | 109.698
|
| $68.99 million | 2017 | Serial | 5% | 112.757
|
| $71.93 million | 2018 | Serial | 5% | 114.874
|
| $72.54 million | 2019 | Serial | 5% | 116.443
|
| $52.67 million | 2020 | Serial | 5% | 117.411
|
| $50.87 million | 2021 | Serial | 5% | 117.819
|
| $57.65 million | 2022 | Serial | 5% | 118.076
|
| $36.25 million | 2023 | Serial | 5% | 118.188
|
| $8.03 million | 2023 | Serial | 2.265% | 99.157
|
| $2.19 million | 2024 | Serial | 4% | 109.941
|
| $65,025,000 | 2024 | Serial | 5% | 118.663
|
| $450,000 | 2025 | Serial | 4% | 108.568
|
| $43,435,000 | 2025 | Serial | 5% | 117.225
|
| $8,915,000 | 2026 | Serial | 3% | 98.895
|
| $8,955,000 | 2026 | Serial | 5% | 116.278
|
| $1.9 million | 2027 | Serial | 4% | 106.769
|
| $15.97 million | 2027 | Serial | 5% | 115.34
|
| $17.85 million | 2028 | Serial | 5% | 114.597
|
| $17,585,000 | 2029 | Serial | 5% | 113.767
|
| $24,785,000 | 2030 | Serial | 5% | 113.126
|
| $24,465,000 | 2031 | Serial | 5% | 112.581
|
| $25,955,000 | 2032 | Serial | 5% | 112.038
|
| $5.36 million | 2033 | Serial | 3.75% | 99.053
|
| $20.05 million | 2033 | Serial | 5% | 111.598
|
| $10,475,000 | 2034 | Serial | 3.75% | 98.33
|
|
|
| $102.17 million series 2014K bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.8 million | 2014 | Serial | 2% | 100.2
|
| $10,735,000 | 2015 | Serial | 2% | 102.053
|
| $11,065,000 | 2016 | Serial | 3% | 105.445
|
| $1,685,000 | 2017 | Serial | 3% | 106.638
|
| $8,545,000 | 2017 | Serial | 4% | 109.698
|
| $2.99 million | 2018 | Serial | 3% | 106.898
|
| $7,675,000 | 2018 | Serial | 5% | 114.874
|
| $1,615,000 | 2019 | Serial | 4% | 111.563
|
| $9.56 million | 2019 | Serial | 5% | 116.443
|
| $1.19 million | 2020 | Serial | 3% | 105.955
|
| $10,535,000 | 2020 | Serial | 5% | 117.411
|
| $2,185,000 | 2021 | Serial | 4% | 111.291
|
| $10.12 million | 2021 | Serial | 5% | 117.819
|
| $1,205,000 | 2022 | Serial | 4% | 110.787
|
| $13,265,000 | 2022 | Serial | 5% | 118.076
|
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