New York State is planning $3.46 billion of fourth quarter municipal bond issuance, led by a financing by Empire State Development Corp..
The tentative schedule released Tuesday by State Comptroller Thomas DiNapoli features $980 million in bond sales for October, $1.08 billion in November and $1.4 billion for December. The proposed volume compares with $5.68 billion of new issuances in the last three months of 2015 and $6.51 billion in the third quarter,
Some of the largest new money borrowings slated this quarter include:
- Empire State Development – a bond sale of up to $1.4 billion in fixed rate tax-exempt and taxable bonds for the month of December.
- New York City Transitional Finance Authority – a bond sale of up to $800 million in fixed rate tax-exempt bonds for the month of November.
· Long Island Power Authority (LIPA) – a bond sale of up to $350 million in fixed rate tax-exempt bonds for the month of October. - Port Authority of New York & New Jersey – a bond sale of up to $350 million in fixed rate tax-exempt and alternative minimum tax bonds for the month of October.
- Dormitory Authority of the State of New York (DASNY) - bond sales totaling up to $192 million in fixed rate tax-exempt and taxable bonds for the month of October and bond sales of up to $66 million in fixed tax-exempt and taxable bonds along with variable rate tax-exempt bonds for the month of November.
- New York Power Authority – bond sales of up to $208 million in fixed rate tax-exempt and taxable bonds for the month of November.
DiNapoli also said refundings or reofferings are under consideration by New York City, DASNY, LIPA, the Metropolitan Transportation Authority, the New York City Housing Development Corporation, the New York Power Authority, the Port Authority and the Triborough Bridge & Tunnel Authority.
