Recent Completed Transactions
Date: Wednesday, November 19, 2008
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF
$425 MILLION OF GENERAL OBLIGATION BONDS
New York City (the City) announced today the successful sale of $425 million of new-money General Obligation bonds. Today’s sale included $400 million of tax-exempt bonds and $25 million in taxable bonds.
During the two-day retail order period, which began on Monday, November 17, 2008, the City received approximately $381 million of retail orders and filled $300 million net of oversubscriptions. At final pricing today, yields ranged from 2.6% in the 2010 maturity to 5.7% in the 2031 maturity. The City also sold $25 million of taxable fixed-rate bonds at a yield of 5.76%. Today’s sale was led by book-running senior manager Merrill Lynch & Co. with Citi, JPMorgan, and Morgan Stanley serving as co-senior managers.
The City is currently rated AA by Standard & Poor’s, Aa3 by Moody’s Investors Service, and AA- by Fitch.
October 30, 2008
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY COMPLETES SUCCESSFUL SALE OF $320 MILLION OF NEW MONEY BUILDING AID REVENUE BONDS
New York City Transitional Finance Authority (the “TFA”) completed its $320 million of new money Building Aid Revenue bonds (BARBs). The bonds were sold on a negotiated basis through the TFA BARB underwriting syndicate led by book-running senior manager, Merrill Lynch & Co., with Citigroup and Goldman Sachs serving as co-senior managers on the sale. TFA received retail orders of $166 million during a one-day retail order period. Final yields on the bonds ranged from 3.01% in 2010 to 6.10% in 2038.
Standard and Poor’s rates the TFA BARBs at AA-, Fitch Ratings rates the TFA BARBs at A+, and Moody’s Investors Service rates the TFA BARBs at A1.
Date: Wednesday, October 22, 2008
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $536 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced today the successful sale of $536 million of first resolution fixed-rate, tax-exempt new money bonds. NYW had initially planned to sell $200 million of bonds but upsized the deal due to strong demand from retail and institutional investors.
During the two-day retail order period, which began on Tuesday, October 21, 2008, and continued concurrently with the institutional order period today, NYW received approximately $650 million of retail orders. At final pricing today, yields were reduced by 13 bps in 2017, 15 bps in 2019 through 2022 and in 2024 and 45 bp in 2040. Final yields ranged from 4.87% in the 2017 maturity to 5.9% in the 2040 maturity.
Today’s sale was led by book-running senior manager M.R. Beal & Company with DEPFA First Albany Securities LLC, Merrill Lynch & Co. and Siebert Brandford Shank & Co., LLC, serving as co-senior managers.
The proceeds of the sale will be used to finance the ongoing capital improvements to the New York City water and sewer system.
Standard & Poor’s rates NYW’s first resolution bonds at AAA. Moody’s Investors Service rates NYW’s first resolution bonds at Aa2. Fitch Ratings rates NYW’s first and second resolution bonds at AA.
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Date: Friday, October 17, 2008
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF
$550 MILLION OF GENERAL OBLIGATION BONDS
New York City (the City) announced today the successful sale of $550 million of new-money General Obligation bonds. The City had initially planned to sell $200 million of bonds but upsized the deal due to strong demand from retail and institutional investors.
During the two-day retail order period, which began on Wednesday, October 15, 2008, and continued concurrently with the institutional order period today, the City received approximately $432 million of retail orders. At final pricing today, yields ranged from 3.25% in the 2010 maturity to 6.4% in the 2028 maturity. The City also sold $50 million of taxable fixed rate bonds at a yield of 6.81%. Today’s sale was led by book-running senior manager Morgan Stanley, with Citi, JPMorgan and Merrill Lynch & Co. serving as co-senior managers.
The City is currently rated AA by Standard & Poor’s, Aa3 by Moody’s Investors Service, and AA- by Fitch.
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