Published on 2/3/2016 in the Prospect News Municipals Daily.
New Issue: New York State Mortgage sells $104.78 million of mortgage revenue bonds
By Sheri Kasprzak
New York, Feb. 3 – The New York State Mortgage Agency sold $104.78 million of series 195-196 homeowner mortgage revenue bonds, according to a pricing sheet.
The bonds were sold through BofA Merrill Lynch.
The offering includes $66,185,000 of series 195 non-AMT bonds and $38,595,000 of series 196 AMT bonds.
The series 195 bonds are due 2031, 2034, 2040 and 2046. The 2031 bonds have a 3% coupon priced at par. The 2034 bonds have a 3.25% coupon and the 2040 bonds have a 3.55% coupon both priced at par. The 2046 bonds have a 4% coupon priced at 109.59 to yield 2.796%.
The series 196 bonds are due 2016 to 2026 with term bonds due in 2035 and 2037. The serial coupons range from 0.4% to 2.75% all priced at par. The 2035 bonds have a 3.65% coupon and the 2037 bonds have a 3.7% coupon both priced at par.
Proceeds will be used to finance mortgage loans.
| Issuer: | New York State Mortgage Agency
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| Issue: | Series 195-196 homeowner mortgage revenue bonds
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| Amount: | $104.78 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Academy Securities, Drexel Hamilton LLC, Jefferies & Co. Inc., Loop Capital Markets LLC, Ramirez & Co. Inc., RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
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| Pricing date: | Feb. 3
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| Settlement date: | March 3
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| $66,185,000 series 195 non-AMT bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $15.76 million | 2031 | Term | 3% | 100 | 3.00%
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| $8.83 million | 2034 | Term | 3.25% | 100 | 3.25%
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| $9,895,000 | 2040 | Term | 3.55% | 100 | 3.55%
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| $31.7 million | 2046 | Term | 4% | 109.59 | 2.796%
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| $38,595,000 series 196 AMT bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $745,000 | 2016 | Serial | 0.40% | 100 | 0.40%
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| $1 million | 2017 | Serial | 0.50% | 100 | 0.50%
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| $1.02 million | 2017 | Serial | 0.65% | 100 | 0.65%
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| $1,035,000 | 2018 | Serial | 1% | 100 | 1.00%
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| $1.06 million | 2018 | Serial | 1.1% | 100 | 1.10%
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| $1,075,000 | 2019 | Serial | 1.25% | 100 | 1.25%
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| $1,095,000 | 2019 | Serial | 1.35% | 100 | 1.35%
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| $1.12 million | 2020 | Serial | 1.50% | 100 | 1.50%
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| $1.14 million | 2020 | Serial | 1.55% | 100 | 1.55%
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| $1.16 million | 2021 | Serial | 1.7% | 100 | 1.70%
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| $1,185,000 | 2021 | Serial | 1.8% | 100 | 1.80%
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| $1.2 million | 2022 | Serial | 2% | 100 | 2.00%
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| $1.23 million | 2022 | Serial | 2.1% | 100 | 2.10%
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| $1,245,000 | 2023 | Serial | 2.25% | 100 | 2.25%
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| $1,275,000 | 2023 | Serial | 2.3% | 100 | 2.30%
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| $1,295,000 | 2024 | Serial | 2.4% | 100 | 2.40%
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| $1.32 million | 2024 | Serial | 2.5% | 100 | 2.50%
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| $1,345,000 | 2025 | Serial | 2.6% | 100 | 2.60%
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| $1.37 million | 2025 | Serial | 2.625% | 100 | 2.625%
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| $1.4 million | 2026 | Serial | 2.7% | 100 | 2.70%
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| $1.42 million | 2026 | Serial | 2.75% | 100 | 2.75%
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| $5.95 million | 2035 | Term | 3.65% | 100 | 3.65%
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| $7.91 million | 2037 | Term | 3.7% | 100 | 3.70%
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