Published on 3/10/2016 in the Prospect News Municipals Daily.
New Issue: New York City Housing prices $380 million multifamily housing bonds
By Sheri Kasprzak
New York, March 10 – The New York City Housing Development Corp. sold $379,995,000 of series 2016 multifamily housing bonds on Thursday, according to a pricing sheet. The deal was upsized from $359,255,000
The bonds (AA+) were sold through senior managers J.P. Morgan Securities LLC, Barclays and Citigroup Global Markets Inc.
The deal included $66,445,000 of series 2016A bonds, $42,535,000 of series 2016B bonds, $213.17 million of series 2016C bonds, $54.09 million of series 2016D bonds and $3,755,000 of series 2015K remarketing bonds.
The 2016A bonds are due 2016 to 2027 with term bonds due in 2031, 2036, 2041 and 2047. The serial coupons range from 0.35% to 2.8%, all priced at par. The 2031 bonds have a 3.1% coupon, the 2036 bonds have a 3.45% coupon, the 2041 bonds have a 3.65% coupon and the 2047 bonds have a 3.75% coupon, all priced at par.
The 2016B bonds are due May 1, 2047 and have a 0.43% coupon priced at par.
The 2016C bonds are due 2020 and 2050. The 2020 bonds have a 0.32% coupon, and the 2050 bonds have a 0.32%, both priced at par.
The 2016D bonds are due 2017 to 2027 with term bonds due in 2031, 2036 and 2041. The serial coupons range from 0.5% to 2.8%, all priced at par. The 2031 bonds have a 3.1% coupon, the 2036 bonds have a 3.65% coupon and the 2041 bonds have a 3.75% coupon, all priced at par.
The 2015K bonds are due Nov. 1, 2019 and have a 1.15% coupon priced at par.
Proceeds will be used to finance mortgage loans for affordable multifamily housing projects in the city.
| Issuer: | New York City Housing Development Corp.
|
| Issue: | Series 2016 multifamily housing bonds
|
| Amount: | $379,995,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC, Barclays and Citigroup Global Markets Inc. (lead), Academy Securities Inc., BofA Merrill Lynch, Drexel Hamilton LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Roosevelt & Cross Inc., Stern Brothers & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA+
|
| Pricing date: | March 10
|
| Settlement date: | March 24
|
|
|
| $66,445,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $185,000 | 2016 | Serial | 0.35% | 100 | 0.35%
|
| $180,000 | 2017 | Serial | 0.50% | 100 | 0.50%
|
| $185,000 | 2017 | Serial | 0.65% | 100 | 0.65%
|
| $190,000 | 2018 | Serial | 0.80% | 100 | 0.80%
|
| $3.35 million | 2018 | Serial | 0.90% | 100 | 0.90%
|
| $245,000 | 2018 | Serial | 0.90% | 100 | 0.90%
|
| $255,000 | 2019 | Serial | 1.10% | 100 | 1.10%
|
| $25,055,000 | 2019 | Serial | 1.15% | 100 | 1.15%
|
| $265,000 | 2019 | Serial | 1.15% | 100 | 1.15%
|
| $350,000 | 2020 | Serial | 1.30% | 100 | 1.30%
|
| $345,000 | 2020 | Serial | 1.35% | 100 | 1.35%
|
| $350,000 | 2021 | Serial | 1.55% | 100 | 1.55%
|
| $350,000 | 2021 | Serial | 1.65% | 100 | 1.65%
|
| $365,000 | 2022 | Serial | 1.80% | 100 | 1.80%
|
| $355,000 | 2022 | Serial | 1.90% | 100 | 1.90%
|
| $370,000 | 2023 | Serial | 2.05% | 100 | 2.05%
|
| $370,000 | 2023 | Serial | 2.15% | 100 | 2.15%
|
| $380,000 | 2024 | Serial | 2.30% | 100 | 2.30%
|
| $380,000 | 2024 | Serial | 2.35% | 100 | 2.35%
|
| $390,000 | 2025 | Serial | 2.50% | 100 | 2.50%
|
| $395,000 | 2025 | Serial | 2.55% | 100 | 2.55%
|
| $400,000 | 2026 | Serial | 2.60% | 100 | 2.60%
|
| $405,000 | 2026 | Serial | 2.65% | 100 | 2.65%
|
| $415,000 | 2027 | Serial | 2.75% | 100 | 2.75%
|
| $425,000 | 2027 | Serial | 2.80% | 100 | 2.80%
|
| $3.65 million | 2031 | Term | 3.10% | 100 | 3.10%
|
| $5,475,000 | 2036 | Term | 3.45% | 100 | 3.45%
|
| $6.78 million | 2041 | Term | 3.65% | 100 | 3.65%
|
| $14,585,000 | 2047 | Term | 3.75% | 100 | 3.75%
|
|
|
| $42,535,000 series 2016B bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| May 1, 2047 | Term | 0.43% | 100 | 0.43%
|
|
|
| $213.17 million series 2016C bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $75 million | 2020 | Term | 0.32% | 100 | 0.32%
|
| $138.17 million | 2050 | Term | 0.32% | 100 | 0.32%
|
|
|
| $54.09 million series 2016D bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $520,000 | 2017 | Serial | 0.50% | 100 | 0.50%
|
| $590,000 | 2017 | Serial | 0.65% | 100 | 0.65%
|
| $660,000 | 2018 | Serial | 0.80% | 100 | 0.80%
|
| $730,000 | 2018 | Serial | 0.90% | 100 | 0.90%
|
| $735,000 | 2019 | Serial | 1.10% | 100 | 1.10%
|
| $750,000 | 2019 | Serial | 1.15% | 100 | 1.15%
|
| $760,000 | 2020 | Serial | 1.30% | 100 | 1.30%
|
| $770,000 | 2020 | Serial | 1.35% | 100 | 1.35%
|
| $775,000 | 2021 | Serial | 1.55% | 100 | 1.55%
|
| $780,000 | 2021 | Serial | 1.65% | 100 | 1.65%
|
| $790,000 | 2022 | Serial | 1.80% | 100 | 1.80%
|
| $800,000 | 2022 | Serial | 1.90% | 100 | 1.90%
|
| $810,000 | 2023 | Serial | 2.05% | 100 | 2.05%
|
| $820,000 | 2023 | Serial | 2.15% | 100 | 2.15%
|
| $830,000 | 2024 | Serial | 2.30% | 100 | 2.30%
|
| $840,000 | 2024 | Serial | 2.35% | 100 | 2.35%
|
| $850,000 | 2025 | Serial | 2.50% | 100 | 2.50%
|
| $865,000 | 2025 | Serial | 2.55% | 100 | 2.55%
|
| $880,000 | 2026 | Serial | 2.60% | 100 | 2.60%
|
| $895,000 | 2026 | Serial | 2.65% | 100 | 2.65%
|
| $910,000 | 2027 | Serial | 2.75% | 100 | 2.75%
|
| $925,000 | 2027 | Serial | 2.80% | 100 | 2.80%
|
| $7.95 million | 2031 | Term | 3.10% | 100 | 3.10%
|
| $14,255,000 | 2036 | Term | 3.45% | 100 | 3.45%
|
| $11.17 million | 2041 | Term | 3.65% | 100 | 3.65%
|
| $3.43 million | 2047 | Term | 3.75% | 100 | 3.75%
|
|
|
| $3,755,000 series 2015K bonds (remarketing)
|
| Maturity | Type | Coupon | Price | Yield
|
| Nov. 1, 2019 | Term | 1.15% | 100 | 1.15%
|
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