Published on 6/13/2013 in the Prospect News Municipals Daily.
New Issue: New York City Transitional sells $800 million future tax secured bonds
By Sheri Kasprzak
New York, June 13 - The New York City Transitional Finance Authority sold $800 million of series 2013I future tax secured bonds, according to a pricing sheet.
The bonds were sold through Loop Capital Markets LLC.
The bonds are due 2015 to 2034 with term bonds due in 2038, 2042 and 2043. The serial coupons range from 1.75% to 5% with 0.35% to 3.90% yields. The 2038 bonds have a 5% coupon priced at 108.249 to yield 3.98%, and the 2042 bonds have a 5% coupon priced at 107.404 to yield 4.08%. The 2043 bonds have a 4% coupon priced at 97 to yield 4.176%.
Proceeds will be used to finance general city capital expenditures.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2013I future tax secured bonds
|
| Amount: | $800 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Morgan Stanley & Co. LLC, Goldman Sachs & Co., Wells Fargo Securities LLC, Citigroup Global Markets Inc., M.R. Beal & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc., Fidelity Capital Markets LLC, Oppenheimer & Co. Inc., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc., Jefferies & Co., Ramirez & Co. Inc., Rice Financial Products Co., Southwest Securities Inc., BNY Capital Markets LLC, Sterne, Agee & Leach Inc., Estrada Hinojosa & Co. Inc., U.S. Bancorp Investment Co., Prager & Co. LLC and Williams Capital Group LP (co-managers)
|
| Pricing date: | June 13
|
| Settlement date: | June 20
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11.87 million | 2015 | Serial | 2% | 103.062 | 0.35%
|
| $5 million | 2016 | Serial | 3% | 106.715 | 0.63%
|
| $7,105,000 | 2016 | Serial | 4% | 109.549 | 0.63%
|
| $1.4 million | 2017 | Serial | 3% | 107.719 | 0.96%
|
| $11.14 million | 2017 | Serial | 5% | 115.286 | 0.96%
|
| $2,615,000 | 2018 | Serial | 1.75% | 102.161 | 1.29%
|
| $2.67 million | 2018 | Serial | 3% | 108.035 | 1.29%
|
| $10,315,000 | 2018 | Serial | 5% | 117.434 | 1.29%
|
| $5,315,000 | 2019 | Serial | 2% | 102.004 | 1.64%
|
| $10,925,000 | 2019 | Serial | 5% | 118.709 | 1.64%
|
| $16,895,000 | 2020 | Serial | 4.5% | 116.515 | 1.92%
|
| $3,925,000 | 2021 | Serial | 4% | 112.469 | 2.26%
|
| $13.73 million | 2021 | Serial | 5% | 119.636 | 2.26%
|
| $1.53 million | 2022 | Serial | 3% | 104.113 | 2.48%
|
| $16,965,000 | 2022 | Serial | 5% | 119.938 | 2.48%
|
| $1,225,000 | 2023 | Serial | 3% | 103.106 | 2.64%
|
| $18,165,000 | 2023 | Serial | 5% | 120.373 | 2.64%
|
| $20,335,000 | 2024 | Serial | 5% | 118.559 | 2.83%
|
| $16.34 million | 2025 | Serial | 3% | 98.036 | 3.20%
|
| $5,015,000 | 2025 | Serial | 5% | 117.057 | 2.99%
|
| $21,765,000 | 2026 | Serial | 5% | 115.668 | 3.14%
|
| $23.18 million | 2027 | Serial | 5% | 114.663 | 3.25%
|
| $24.34 million | 2028 | Serial | 5% | 113.488 | 3.38%
|
| $8.21 million | 2029 | Serial | 3.5% | 98.202 | 3.65%
|
| $17.35 million | 2029 | Serial | 5% | 112.328 | 3.51%
|
| $26,715,000 | 2030 | Serial | 5% | 111.797 | 3.57%
|
| $28.05 million | 2031 | Serial | 5% | 111.269 | 3.63%
|
| $29.45 million | 2032 | Serial | 5% | 110.57 | 3.71%
|
| $5.49 million | 2033 | Serial | 3.75% | 97.936 | 3.90%
|
| $25,435,000 | 2033 | Serial | 5% | 110.049 | 3.77%
|
| $32.4 million | 2034 | Serial | 5% | 109.617 | 3.82%
|
| $146,635,000 | 2038 | Term | 5% | 108.249 | 3.98%
|
| $178,235,000 | 2042 | Term | 5% | 107.404 | 4.08%
|
| $50,265,000 | 2043 | Term | 4% | 97 | 4.176%
|
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