Published on 3/2/2012 in the Prospect News Municipals Daily.
New Issue: New York State Mortgage sells $125.07 million homeowner revenue bonds
By Sheri Kasprzak
New York, March 2 - The New York State Mortgage Agency priced $125,065,000 of homeowner mortgage revenue bonds, said a pricing sheet.
The offering included $50,065,000 of series 168 non-AMT bonds, $43.06 million of series 169 non-AMT bonds, $19.94 million of series 170 AMT bonds and $12 million of series 171 taxable bonds.
The series 168 bonds are due 2013 to 2032 with term bonds due in 2036 and 2040. The serial coupons range from 0.30% to 3.75%. The 2036 bonds have a 4% coupon priced at par, and the 2040 bonds have a 4.125% coupon priced at par.
The series 169 bonds are due 2012 to 2021 with coupons from 0.20% to 2.60%, all priced at par.
The series 170 bonds are due 2018 to 2021 with a term bond due in 2027. The serial coupons range from 2.40% to 3.25%, all priced at par. The 2027 bonds have a 3.90% coupon priced at par.
The series 171 bonds are due Oct. 1, 2022 and have a 3.40% coupon priced at par.
The bonds were sold through senior manager J.P. Morgan Securities LLC. The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Barclays Capital Inc., George K. Baum & Co. Inc., M&T Securities Inc., M.R. Beal & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to make mortgage loans.
| Issuer: | New York State Mortgage Agency
|
| Issue: | Homeowner mortgage revenue bonds
|
| Amount: | $125,065,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Bank of America Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Barclays Capital Inc., George K. Baum & Co. Inc., M&T Securities Inc., M.R. Beal & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, Roosevelt & Cross Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | March 2
|
| Settlement date: | March 29
|
|
|
| $50,065,000 series 168 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $560,000 | 2013 | Serial | 0.30% | 100
|
| $680,000 | 2013 | Serial | 0.40% | 100
|
| $985,000 | 2014 | Serial | 0.60% | 100
|
| $485,000 | 2019 | Serial | 2.1% | 100
|
| $1.24 million | 2019 | Serial | 5% | 120.244
|
| $1,245,000 | 2020 | Serial | 2.35% | 100
|
| $1,165,000 | 2020 | Serial | 2.40% | 100
|
| $990,000 | 2021 | Serial | 2.60% | 100
|
| $1 million | 2021 | Serial | 4% | 112.457
|
| $170,000 | 2022 | Serial | 2.70% | 100
|
| $115,000 | 2022 | Serial | 2.70% | 100
|
| $795,000 | 2023 | Serial | 2.875% | 100
|
| $810,000 | 2023 | Serial | 2.875% | 100
|
| $825,000 | 2024 | Serial | 3% | 100
|
| $845,000 | 2024 | Serial | 3% | 100
|
| $5,375,000 | 2027 | Serial | 3.30% | 100
|
| $2 million | 2028 | Serial | 3.40% | 100
|
| $2,015,000 | 2029 | Serial | 3.50% | 100
|
| $2.09 million | 2030 | Serial | 3.60% | 100
|
| $2,185,000 | 2031 | Serial | 3.70% | 100
|
| $2.27 million | 2032 | Serial | 3.75% | 100
|
| $10.15 million | 2036 | Term | 4% | 100
|
| $12.07 million | 2040 | Term | 4.125% | 100
|
|
|
| $43.06 million series 169 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $945,000 | 2012 | Serial | 0.20% | 100
|
| $945,000 | 2013 | Serial | 0.30% | 100
|
| $945,000 | 2013 | Serial | 0.40% | 100
|
| $945,000 | 2014 | Serial | 0.60% | 100
|
| $2.33 million | 2014 | Serial | 0.75% | 100
|
| $3,765,000 | 2015 | Serial | 1.00% | 100
|
| $6.36 million | 2015 | Serial | 1.10% | 100
|
| $6.38 million | 2016 | Serial | 1.20% | 100
|
| $5.35 million | 2016 | Serial | 1.30% | 100
|
| $5,395,000 | 2017 | Serial | 1.45% | 100
|
| $6.28 million | 2017 | Serial | 1.55% | 100
|
| $560,000 | 2018 | Serial | 1.80% | 100
|
| $445,000 | 2018 | Serial | 1.90% | 100
|
| $425,000 | 2019 | Serial | 2.05% | 100
|
| $415,000 | 2019 | Serial | 2.10% | 100
|
| $400,000 | 2020 | Serial | 2.35% | 100
|
| $395,000 | 2020 | Serial | 2.40% | 100
|
| $390,000 | 2021 | Serial | 2.60% | 100
|
| $390,000 | 2021 | Serial | 2.60% | 100
|
|
|
| $19.94 million series 170 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.94 million | 2018 | Serial | 2.40% | 100
|
| $1.98 million | 2018 | Serial | 2.50% | 100
|
| $2,025,000 | 2019 | Serial | 2.70% | 100
|
| $2,075,000 | 2019 | Serial | 2.75% | 100
|
| $1.18 million | 2020 | Serial | 3% | 100
|
| $1.2 million | 2020 | Serial | 3.05% | 100
|
| $1,245,000 | 2021 | Serial | 3.25% | 100
|
| $1.27 million | 2021 | Serial | 3.25% | 100
|
| $7,025,000 | 2027 | Term | 3.90% | 100
|
|
|
| $12 million series 171 taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2022 | Term | 3.40% | 100
|
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