Published on 4/16/2015 in the Prospect News Municipals Daily.
New Issue: New York City Transitional Finance prices $850 million future tax bonds
By Sheri Kasprzak
New York, April 16 – The New York City Transitional Finance Authority priced $850 million of series 2015E future tax secured subordinate bonds, according to a pricing sheet.
The deal included $650 million of series 2015E-1 tax-exempt bonds and $200 million of series 2015E-2 taxable bonds.
The 2015E-1 bonds are due 2017 to 2035 with term bonds due in 2041 and 2042. The serial coupons range from 1% to 5%. The 2041 bonds have a 5% coupon priced at 114.727. The 2042 bonds have a 3.625% coupon priced at 98.728 and a 5% coupon priced at 114.636.
The 2015E-2 bonds are due 2020 to 2029 with 2.5% to 3.3% coupons and yields from 1.88% to 3.37%.
The bonds were sold through joint bookrunners Loop Capital Markets LLC, Barclays, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used for general city capital expenditures.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2015E future tax secured subordinate bonds
|
| Amount: | $850 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC, Barclays, BofA Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (joint bookrunners), Citigroup Global Markets Inc., Oppenheimer & Co., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Fidelity Capital Markets Inc., Ramirez & Co. Inc., Rice Financial Products Co., Southwest Securities Inc., Jefferies & Co., Raymond James/Morgan Keegan, Roosevelt & Cross Inc. and Stifel, Nicolaus & Co. Inc. (co-senior managers), BNY Mellon Capital Markets LLC, Sterne, Agee & Leach Inc., Estrada Hinojosa & Co. Inc., US Bancorp Investments Inc., Prager & Co. LLC and Williams Capital Group LP (co-managers)
|
| Pricing date: | April 16
|
| Settlement date: | April 23
|
|
|
| $650 million series 2015E-1 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $17,805,000 | 2017 | Serial | 4% | 106.185
|
| $2.59 million | 2018 | Serial | 1% | 100.355
|
| $1,875,000 | 2018 | Serial | 3% | 105.821
|
| $14,055,000 | 2018 | Serial | 5% | 111.287
|
| $3,765,000 | 2019 | Serial | 3% | 106.809
|
| $15.54 million | 2019 | Serial | 5% | 114.171
|
| $6,285,000 | 2020 | Serial | 4% | 112.108
|
| $9.77 million | 2020 | Serial | 5% | 116.712
|
| $3.5 million | 2021 | Serial | 5% | 119.038
|
| $8,795,000 | 2022 | Serial | 5% | 120.739
|
| $6.33 million | 2023 | Serial | 5% | 122.137
|
| $5.52 million | 2024 | Serial | 5% | 123.21
|
| $4.18 million | 2025 | Serial | 5% | 123.802
|
| $3,665,000 | 2026 | Serial | 5% | 122.329
|
| $8,305,000 | 2027 | Serial | 5% | 121.166
|
| $3,945,000 | 2028 | Serial | 5% | 120.016
|
| $6,305,000 | 2029 | Serial | 3% | 99.438
|
| $16,565,000 | 2030 | Serial | 3% | 97.657
|
| $15.24 million | 2030 | Serial | 5% | 117.754
|
| $33,065,000 | 2031 | Serial | 5% | 117.197
|
| $12,175,000 | 2032 | Serial | 3.25% | 99.357
|
| $22,545,000 | 2032 | Serial | 5% | 116.734
|
| $36.24 million | 2033 | Serial | 5% | 116.366
|
| $38,055,000 | 2034 | Serial | 5% | 115.999
|
| $39,955,000 | 2035 | Serial | 5% | 115.725
|
| $283.41 million | 2041 | Term | 5% | 114.727
|
| $22,145,000 | 2042 | Term | 3.625% | 98.728
|
| $8,375,000 | 2042 | Term | 5% | 114.636
|
|
|
| $200 million series 2015E-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.82 million | 2020 | Serial | 2.75% | 103.951 | 1.88%
|
| $20.3 million | 2021 | Serial | 2.75% | 103.404 | 2.12%
|
| $15,725,000 | 2022 | Serial | 2.5% | 101.12 | 2.32%
|
| $19.02 million | 2023 | Serial | 2.5% | 100.209 | 2.47%
|
| $20,625,000 | 2024 | Serial | 2.75% | 101.01 | 2.62%
|
| $22,805,000 | 2025 | Serial | 2.75% | 99.403 | 2.82%
|
| $24.16 million | 2026 | Serial | 3% | 99.814 | 3.02%
|
| $20,425,000 | 2027 | Serial | 3.1% | 99.313 | 3.17%
|
| $25,835,000 | 2028 | Serial | 3.25% | 99.789 | 3.27%
|
| $24,285,000 | 2029 | Serial | 3.3% | 99.23 | 3.37%
|
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