New York Comptroller Thomas DiNapoli on Monday announced the state’s tentative bond calendar for the second quarter that totals $3.8 billion in new issuance, including the New York City Transitional Finance Authority’s $900 million bond sale next week.
The slate includes debt obligations of the state, New York City and their major public authorities, with $1.9 billion to be issued in April.
The calendar’s largest deal for this month is the TFA’s $900 million fixed-rate future tax-secured subordinate bond sale scheduled for April 11, with a two-day retail order period beginning on April 9.
Of the $900 million of bonds, $800 million will be tax-exempt new money. Proceeds will go toward general city capital expenditures, according to the preliminary official statement.
The TFA, which issues bonds to fund capital programs in New York City, will auction the remaining $100 million of taxable qualified school construction bonds in a competitive sale on April 11.
Proceeds from the QSCBs will finance costs of construction, rehabilitation or repair of public schools.
Standard & Poor’s and Fitch Ratings both assign triple-A ratings to the authority’s outstanding subordinate-lien bonds. Moody’s Investors Service rates them Aa1.
Barclays Capital is the lead underwriter.
Other large deals on the calendar include the state Metropolitan Transportation Authority’s $560 million bond sale this month, the New York City Municipal Water Finance Authority’s $500 million June debt offering, the Triborough Bridge and Tunnel Authority’s $250 million May offering, and New York City’s $200 million offering, also scheduled for May.
“The second quarter of anticipated new issuances compares to past planned new issuances of $3.4 billion during the first quarter of 2012, and $4.2 billion during the second quarter of 2011,” the comptroller’s announcement said.
The calendar does not include refundings or reofferings, which are currently being contemplated by the Dormitory Authority of the State of New York, the MTA, New York City and the Port Authority of New York and New Jersey, among other issuers.
Three of DASNY’s upcoming new issues are included in the comptroller’s calendar, but last week the authority released its own calendar, which includes refunding deals.
The authority’s board approved $302 million in financings for higher education and health care institutions, beginning with a $30.7 million refunding for Teachers College scheduled for next week, a DASNY spokesperson said. Proceeds are expected to refund bonds sold in 2002.
Goldman, Sachs & Co. will be the underwriter.
The board also approved up to $92 million of bonds to help finance the acquisition and construction of the Global Center for Academic and Spiritual Life at New York University.
Bank of America Merrill Lynch will be lead underwriter.
