New York State, New York City and their major public authorities are planning nearly $7 billion of bond sales for the first quarter of 2021, state Comptroller Thomas DiNapoli announced.
The tentative
January’s calendar includes a planned $1.3 billion sale of Port Authority of New York and New Jersey consolidated bonds, both new money and refunding, and two Triborough Bridge and Tunnel Authority reofferings totaling $290 million. The Metropolitan Transportation Authority issues the TBTA bonds.
Long Island Power Authority intends to sell $250 million of electric system general revenue notes and bonds this month, while St. Joseph’s College, a liberal arts school in Brooklyn’s Clinton Hill neighborhood, intends to sell $17 million in new money.
About $3.3 billion is scheduled for February, of which $1.6 billion is for new money and $1.73 billion for refunding and reoffering purposes. That month, the Nassau County Interim Finance Authority has scheduled a $1.3 billion refunding of sales tax secured bonds, while the New York City Transitional Finance Authority is lining up a $1.2 billion offering, mostly new money, of future tax-secured subordinate bonds.
About $1.7 billion of refundings is set for March.
According to DiNapoli, the anticipated first-quarter sales compare with $6.3 billion during the fourth quarter of 2020, and $5.39 billion in the first quarter of 2020.
DiNapoli’s office chairs the Securities Coordinating Committee, created by a gubernatorial order in 1977 primarily to coordinate the borrowing activities of the state, city and respective public authorities.
