By Sheri Kasprzak
New York, July 23 - The New York City Transitional Finance Authority brought to market $800 million in series 2010A-1 future tax secured bonds Thursday, said Ray Orlando, spokesman for the New York City Office of Management and Budget.
The bonds (Aa2/AAA/AA+) were sold through lead manager J.P. Morgan Securities Inc.
The co-managers were Barclays Capital Inc.; Goldman, Sachs & Co.; Citigroup Global Markets Inc.; Jefferies & Co.; Loop Capital Markets LLC; M.R. Beal & Co.; Merrill Lynch & Co. Inc.; Ramirez & Co. Inc.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Wachovia Bank N.A.; Cabrera Capital Markets Inc.; Jackson Securities Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Stifel, Nicolaus & Co.; and TD Securities Inc.
The bonds are due 2011 to 2031 with term bonds due 2034, 2036 and 2038. The serials have coupons from 2% to 5% and yields from 0.93% to 4.81%. The 2034 bonds have a 5% coupon to yield 4.98%. The 2036 bonds have a 5% coupon priced at par, and the 2038 bonds have a 5% coupon to yield 5.04%.
Proceeds will be used to fund capital expenditures.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2010A-1
|
| Amount: | $800 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Barclays Capital Inc.; Goldman, Sachs & Co.; Citigroup Global Markets Inc.; Jefferies & Co.; Loop Capital Markets LLC; M.R. Beal & Co.; Merrill Lynch & Co. Inc.; Ramirez & Co. Inc.; Roosevelt & Cross Inc.; Siebert Brandford Shank & Co. LLC; Wachovia Bank N.A.; Cabrera Capital Markets Inc.; Jackson Securities Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; Stifel, Nicolaus & Co.; and TD Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | July 23
|
| Settlement date: | July 30
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 2% | 0.93%
|
| 2011 | Serial | 4% | 0.93%
|
| 2012 | Serial | 3% | 1.15%
|
| 2012 | Serial | 5% | 1.15%
|
| 2013 | Serial | 3% | 1.60%
|
| 2013 | Serial | 5% | 1.60%
|
| 2014 | Serial | 3% | 2.08%
|
| 2014 | Serial | 5% | 2.08%
|
| 2015 | Serial | 3% | 2.39%
|
| 2015 | Serial | 5% | 2.39%
|
| 2016 | Serial | 3% | 2.71%
|
| 2016 | Serial | 5% | 2.71%
|
| 2017 | Serial | 3% | 2.99%
|
| 2017 | Serial | 5% | 2.99%
|
| 2022 | Serial | 5% | 3.95%
|
| 2023 | Serial | 4% | 4.06%
|
| 2023 | Serial | 5% | 4.06%
|
| 2024 | Serial | 5% | 4.16%
|
| 2025 | Serial | 5% | 4.26%
|
| 2026 | Serial | 5% | 4.36%
|
| 2027 | Serial | 5% | 4.46%
|
| 2028 | Serial | 5% | 4.54%
|
| 2029 | Serial | 4.5% | 4.61%
|
| 2029 | Serial | 5% | 4.61%
|
| 2030 | Serial | 5% | 4.71%
|
| 2031 | Serial | 5% | 4.81%
|
| 2034 | Term | 5% | 4.98%
|
| 2036 | Term | 5% | 5.00%
|
| 2038 | Term | 5% | 5.04%
|
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