New York State and New York City’s borrowing authorities plan to sell up to $6.12 billion of debt in the first quarter of the new year, including $1.09 billion of refundings, according to the bond sale
The state plans to sell $1.12 billion of personal income tax bonds through the Dormitory Authority of the State of New York, the Empire State Development Corp., the New York State Environmental Facilities Corp. and the New York State Housing Finance Agency.
All deals in the quarter will be negotiated except for two competitive deals: a February $170 million PIT sale by the EFC and $400 million of New York State general obligation bonds to be priced in March.
The volume of debt on tap for this quarter is a decrease compared to the $8.3 billion that had been planned for the fourth quarter of 2007.
The comptroller’s office issues the schedule to make sure bond issues from state and city issuers do not crowd each other by having too many scheduled on the same day. The sales schedule is subject to change.
March will likely be the busiest month with about $3.16 billion of debt expected. DASNY leads the pack in volume with $703 million that month in four deals.
January should be the slowest month both in terms of volume and number of deals with four bonds sales totaling $827 million. DASNY will offer the most debt with three deals totaling $650 million.
Volume will increase in February volume with $2.14 billion of planned bond sales. DASNY will be responsible for the largest portion of February’s volume as well with $880 million of debt in three transactions.
Over the quarter, DASNY is expected to be the single largest state-level issuer, marketing some $2.23 billion of debt.
New York City plans to sell $700 million of GO in February and $700 million in March. In addition to its GO sales, the city plans to sell $700 million of building aid revenue bonds for school construction through the TFA next month. The city also plans to sell $440 million of bonds through New York City Municipal Water Finance Authority in March.
The ESDC has only one deal this quarter, a $525 million PIT bond sale which priced this week.
In addition to its PIT sale, the EFC plans to sell $450 million of bonds for the MWFA in March.
The New York State Thruway Authority plans to sell $170 million of bonds in February and $570 million in March.
It will be a slow quarter for the New York State Housing Finance Agency, which is planning a single $150 million PIT deal in March.
