New York State is looking at a slower first quarter bond
New York Comptroller Thomas DiNapoli announced on Jan. 6 that roughly $2.44 billion of bond sales were projected for the first quarter from issuers across the Empire State, including $1.65 billion in January. This compares to $3.93 billion of planned new issuances for the 2014 first quarter including $2.57 billion for January. Issuance for the fourth quarter in New York was approximately $6.71 billion, according to DiNapoli.
Some of the biggest deals DiNapoli expects in the first quarter are:
up to $750 million in fixed rate tax-exempt bonds in January from the New York City Transitional Finance Authority;
up to $551.2 million in variable rate tax-exempt and taxable bonds in February from the New York State Housing Finance Authority;
up to $500 million in fixed and variable rate tax-exempt bonds from the Metropolitan Transportation Authority;
and up to $325 million in variable rate tax exempt debt from a commercial paper sale for the Long Island Power Authority.
In addition to the planned bond sales, refundings or reofferings are being considered by the Dormitory Authority of the State of New York, the New York City Municipal Water Finance Authority, LIPA and the Triborough Bridge & Tunnel Authority.
