Published on 10/15/2015 in the Prospect News Municipals Daily.
New Issue: New York State Mortgage sells $135.54 million of mortgage revenue bonds
By Sheri Kasprzak
New York, Oct. 15 – The New York State Mortgage Agency sold $135,535,000 of series 51-53 mortgage revenue bonds, said a pricing sheet.
The offering included $75.18 million of 51st series bonds, $40.22 million of 52nd series bonds and $20,135,000 of 53rd series bonds.
The 51st series bonds are due 2023 to 2027 with term bonds due in 2030, 2035, 2040 and 2045. The serial coupons range from 2.25% to 3% and all priced at par. The 2030 bonds have a 3.4% coupon, the 2035 bonds have a 3.7% coupon, the 2040 bonds have a 3.75% coupon, and the 2045 bonds have a 4% coupon. They all priced at par.
The 52nd series bonds are due 2018 to 2020 with a 2030 term bond. The serial coupons range from 1.3% to 1.95%, and the 2030 bonds have a 3.5% coupon. All of these bonds priced at par.
The 53rd series bonds are due 2016 to 2023 with 0.20% to 3.069% coupons.
The bonds (Aaa) were sold through senior bookrunner J.P. Morgan Securities LLC.
Proceeds will be used to purchase recently originated mortgage loans financed on a temporary basis with agency funds and to purchase new mortgage loans and other debt.
| Issuer: | New York State Mortgage Agency
|
| Issue: | Series 51-53 mortgage revenue bonds
|
| Amount: | $135,535,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (bookrunner), BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Academy Securities Inc., Drexel Hamilton LLC, Loop Capital Markets LLC, Ramirez & Co., Inc. and Siebert Brandford Shank & Co., LLC (co-managers)
|
| Rating: | Moody’s: Aaa
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 22
|
|
|
| $75.18 million 51st series bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,145,000 | 2023 | Serial | 2.25% | 100
|
| $2.15 million | 2024 | Serial | 2.45% | 100
|
| $2,155,000 | 2024 | Serial | 2.45% | 100
|
| $2,155,000 | 2025 | Serial | 2.60% | 100
|
| $2.16 million | 2025 | Serial | 2.65% | 100
|
| $2.16 million | 2026 | Serial | 2.75% | 100
|
| $2.17 million | 2026 | Serial | 2.80% | 100
|
| $1,105,000 | 2027 | Serial | 2.95% | 100
|
| $1,125,000 | 2027 | Serial | 3.00% | 100
|
| $7,165,000 | 2030 | Term | 3.40% | 100
|
| $13.77 million | 2035 | Term | 3.70% | 100
|
| $16.64 million | 2040 | Term | 3.75% | 100
|
| $20.28 million | 2045 | Term | 4.00% | 100
|
|
|
| $40.22 million 52nd series bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,125,000 | 2018 | Serial | 1.3% | 100
|
| $2.13 million | 2019 | Serial | 1.5% | 100
|
| $2.13 million | 2019 | Serial | 1.65% | 100
|
| $2.13 million | 2020 | Serial | 1.8% | 100
|
| $635,000 | 2020 | Serial | 1.95% | 100
|
| $31.07 million | 2030 | Term | 3.5% | 100
|
|
|
| $20,135,000 53rd series bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $910,000 | 2016 | Serial | 0.20% | 100
|
| $1,515,000 | 2016 | Serial | 0.50% | 100
|
| $1.69 million | 2017 | Serial | 1% | 99.896
|
| $1.85 million | 2017 | Serial | 1% | 99.669
|
| $2.01 million | 2018 | Serial | 1.5% | 99.919
|
| $1.5 million | 2020 | Serial | 2.188% | 100
|
| $2,135,000 | 2021 | Seral | 2.25% | 98.534
|
| $2,135,000 | 2021 | Serial | 2.375% | 98.534
|
| $2.14 million | 2022 | Serial | 2.625% | 99.015
|
| $2,145,000 | 2022 | Serial | 2.625% | 98.634
|
| $2,105,000 | 2023 | Serial | 3.069% | 100
|
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