Published on 10/9/2014 in the Prospect News Municipals Daily.
New Issue: New York Mortgage Agency sells $116.77 million homeowner revenue bonds
By Sheri Kasprzak
New York, Oct. 9 – The New York Mortgage Agency sold $116.77 million of series 188-189 homeowner revenue bonds, according to a pricing sheet.
The deal included $27.92 million of series 188 non-AMT bonds and $88.85 million of series 189 AMT bonds.
The series 188 bonds are due 2034, 2038 and 2044. The 2034 bonds have a 3.6% coupon, the 2038 bonds have a 3.75% coupon and the 2044 bonds have a 3.85% coupon, all priced at par.
The series 189 bonds are due 2015 to 2029 with a term bond due in 2034. The serial coupons range from 0.12% to 3.6%, all priced at par. The 2034 bonds have a 3.85% coupon priced at par.
The bonds were sold through senior manager Ramirez & Co. Inc.
Proceeds will be used to finance new mortgage loans and purchase existing loans.
| Issuer: | New York Mortgage Agency
|
| Issue: | Series 188-189 homeowner revenue bonds
|
| Amount: | $116.77 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), BofA Merrill Lynch, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Loop Capital Markets LLC, Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 23
|
|
|
| $27.92 million series 188 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9,065,000 | 2034 | Term | 3.60% | 100
|
| $8.82 million | 2038 | Term | 3.75% | 100
|
| $10,035,000 | 2044 | Term | 3.85% | 100
|
|
|
| $88.85 million series 189 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.37 million | 2015 | Serial | 0.12% | 100
|
| $1,405,000 | 2015 | Serial | 0.25% | 100
|
| $1,435,000 | 2016 | Serial | 0.55% | 100
|
| $1.47 million | 2016 | Serial | 0.65% | 100
|
| $1,495,000 | 2017 | Serial | 1.00% | 100
|
| $1.52 million | 2017 | Serial | 1.10% | 100
|
| $1.55 million | 2018 | Serial | 1.40% | 100
|
| $1.58 million | 2018 | Serial | 1.50% | 100
|
| $1.6 million | 2019 | Serial | 1.75% | 100
|
| $1.63 million | 2019 | Serial | 1.85% | 100
|
| $1.65 million | 2020 | Serial | 2.10% | 100
|
| $1.68 million | 2020 | Serial | 2.20% | 100
|
| $1,705,000 | 2021 | Serial | 2.45% | 100
|
| $1.73 million | 2021 | Serial | 2.50% | 100
|
| $1.75 million | 2022 | Serial | 2.75% | 100
|
| $1.77 million | 2022 | Serial | 2.85% | 100
|
| $1.78 million | 2023 | Serial | 3.00% | 100
|
| $1,785,000 | 2023 | Serial | 3.05% | 100
|
| $2.83 million | 2024 | Serial | 3.15% | 100
|
| $2.9 million | 2024 | Serial | 3.15% | 100
|
| $2.97 million | 2025 | Serial | 3.25% | 100
|
| $3,045,000 | 2025 | Serial | 3.25% | 100
|
| $3,115,000 | 2026 | Serial | 3.35% | 100
|
| $3,195,000 | 2026 | Serial | 3.35% | 100
|
| $3.28 million | 2027 | Serial | 3.45% | 100
|
| $3,355,000 | 2027 | Serial | 3.45% | 100
|
| $3.44 million | 2028 | Serial | 3.50% | 100
|
| $3,525,000 | 2028 | Serial | 3.50% | 100
|
| $2.08 million | 2029 | Serial | 3.60% | 100
|
| $2,105,000 | 2029 | Serial | 3.60% | 100
|
| $24,105,000 | 2034 | Term | 3.85% | 100
|
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