Published on 10/22/2015 in the Prospect News Municipals Daily.
New Issue: New York City Transitional sells $999.75 million future tax bonds
By Sheri Kasprzak
New York, Oct. 22 – The New York City Transitional Finance Authority priced $999.75 million of series 2016 future tax secured subordinate bonds, according to a pricing sheet. The deal was slightly downsized from $1 billion.
The offering included $349.75 million of series 2016B-1 tax-exempt bonds, $198.62 million of series 2016B-2 taxable bonds, $51.38 million of series 2016B-3 taxable bonds, $362,025,000 of series 2016C tax-exempt bonds and $37,975,000 of series 2016D tax-exempt bonds.
The 2016B-1 bonds are due 2028 to 2039 with 3% to 5% coupons. The 2016B-2 bonds are due 2017 to 2025 with 1.05% to 3.15% coupons, all priced at par. The 2016B-3 bonds are due 2026 to 2027 with 3.45% coupons and yields from 3.3% to 3.45%.
The 2016C bonds are due 2017 to 2030 with 2% to 5% coupons.
The 2016D bonds are due 2016 to 2027 with 1.5% to 5% coupons.
The bonds (Aa1/AAA/AAA) were sold through joint bookrunners J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co. and Wells Fargo Securities LLC.
Proceeds will be used to finance capital projects and refund outstanding bonds.
| Issuer: | New York City Transitional Finance Authority
|
| Issue: | Series 2016 future tax secured subordinate bonds
|
| Amount: | $999.75 million
|
| Type: | Negotiated
|
| Joint bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Goldman Sachs & Co., Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., Fidelity Capital Markets, Hilltop Securities Inc., Jefferies & Co., Oppenheimer & Co., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC, Stifel, Nicolaus & Co. Inc., BNY Mellon Capital Markets LLC, U.S. Bancorp Investments Inc., Estrada Hinojosa & Co. Inc., Prager & Co. LLC, Williams Capital Group LP
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Oct. 21
|
| Settlement date: | Nov. 5
|
|
|
| $349.75 million series 2016B-1 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $27,435,000 | 2028 | Serial | 5% | 119.728
|
| $5.35 million | 2029 | Serial | 3% | 99.886
|
| $23,455,000 | 2029 | Serial | 5% | 118.958
|
| $30.14 million | 2030 | Serial | 3% | 98.336
|
| $31,045,000 | 2031 | Serial | 5% | 117.434
|
| $32.6 million | 2032 | Serial | 5% | 116.869
|
| $34,225,000 | 2033 | Serial | 5% | 116.307
|
| $35.94 million | 2034 | Serial | 5% | 115.748
|
| $37.73 million | 2035 | Serial | 5% | 115.285
|
| $25.47 million | 2036 | Serial | 4% | 103.5
|
| $13,905,000 | 2036 | Serial | 5% | 114.916
|
| $20.8 million | 2037 | Serial | 5% | 114.549
|
| $15.05 million | 2038 | Serial | 5% | 114.182
|
| $16,605,000 | 2039 | Serial | 3.625% | 99.128
|
|
|
| $198.62 million series 2016B-2 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18,975,000 | 2017 | Serial | 1.05% | 100
|
| $19.17 million | 2018 | Serial | 1.35% | 100
|
| $21,465,000 | 2019 | Serial | 1.70% | 100
|
| $21.83 million | 2020 | Serial | 2.00% | 100
|
| $22,265,000 | 2021 | Serial | 2.30% | 100
|
| $22,775,000 | 2022 | Serial | 2.60% | 100
|
| $23.37 million | 2023 | Serial | 2.80% | 100
|
| $24,025,000 | 2024 | Serial | 3.00% | 100
|
| $24,745,000 | 2025 | Serial | 3.15% | 100
|
|
|
| $51.38 million series 2016B-3 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $25.52 million | 2026 | Serial | 3.45% | 101.267 | 3.30%
|
| $25.86 million | 2027 | Serial | 3.45% | 100 | 3.45%
|
|
|
| $362,025,000 series 2016C tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $26,685,000 | 2017 | Serial | 5% | 108.79
|
| $26.69 million | 2018 | Serial | 5% | 112.253
|
| $26,685,000 | 2019 | Serial | 5% | 115.264
|
| $39.74 million | 2020 | Serial | 5% | 117.552
|
| $5.15 million | 2021 | Serial | 2% | 102.391
|
| $19.4 million | 2021 | Serial | 5% | 119.469
|
| $24.55 million | 2022 | Serial | 5% | 120.853
|
| $24,545,000 | 2023 | Serial | 5% | 121.966
|
| $1,215,000 | 2024 | Serial | 2% | 98.457
|
| $35.34 million | 2024 | Serial | 5% | 122.815
|
| $36,555,000 | 2025 | Serial | 5% | 123.672
|
| $36,555,000 | 2026 | Serial | 5% | 122.175
|
| $30.9 million | 2027 | Serial | 5% | 120.797
|
| $7.96 million | 2028 | Serial | 5% | 119.728
|
| $8.2 million | 2029 | Serial | 3% | 99.886
|
| $11,855,000 | 2030 | Serial | 3% | 98.336
|
|
|
| $37,975,000 series 2016D tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,605,000 | 2016 | Serial | 1.5% | 101.264
|
| $2.6 million | 2017 | Serial | 5% | 108.686
|
| $2,605,000 | 2018 | Serial | 3% | 106.362
|
| $490,000 | 2019 | Serial | 4% | 111.37
|
| $2,115,000 | 2019 | Serial | 5% | 115.264
|
| $665,000 | 2020 | Serial | 3% | 107.935
|
| $3.21 million | 2020 | Serial | 5% | 117.552
|
| $310,000 | 2021 | Serial | 4% | 113.777
|
| $2.3 million | 2021 | Serial | 5% | 119.469
|
| $500,000 | 2022 | Serial | 3% | 107.779
|
| $2,105,000 | 2022 | Serial | 4% | 114.316
|
| $500,000 | 2023 | Serial | 4% | 114.619
|
| $2,465,000 | 2023 | Serial | 5% | 121.966
|
| $535,000 | 2024 | Serial | 3% | 106.576
|
| $3.34 million | 2024 | Serial | 5% | 122.815
|
| $430,000 | 2025 | Serial | 4% | 114.806
|
| $3.45 million | 2025 | Serial | 5% | 123.672
|
| $1,875,000 | 2026 | Serial | 4% | 113.375
|
| $2 million | 2026 | Serial | 5% | 122.175
|
| $3,875,000 | 2027 | Serial | 5% | 120.797
|
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