New York State and New York City's borrowing authorities plan to sell up to $9.04 billion of debt in the third quarter, of which $5.76 billion will be new money and $3.29 billion will be refunding, according to a forward issuance calendar released by the state comptroller's office last week.
The volume of new-money debt on tap for this quarter is an increase compared to the $4.8 billion that had been planned for the second quarter of the year.
The state Metropolitan Transportation Authority plans to market the most debt this quarter selling up to $2.03 billion of debt of which $478 million will be new money. Most of the rest will be refunding, while a small amount of the total will be a mode conversion.
New York City will sell the most new money with two deals on it general obligation credit totaling $1.6 billion.
The state plans to sell $350 million of personal income tax bonds this quarter through the New York State Thruway Authority. The authority will also market $355 million of new money on its own credits.
All but one deal, a $500 million competitive new-money offering by the Port Authority of New York and New Jersey this month, will be negotiated.
Other issuers selling new money this quarter include: the New York City Transitional Finance Authority with $700 million of building aid revenue bonds, the New York City Municipal Water Finance Authority with up to $450 million, the New York State Housing Finance Agency with up to $376.3 million, the State of New York Mortgage Agency with up to $60 million, and the Dormitory Authority of the State of New York with $794.9 million.