N.Y. State, City Plan Up to $8.77B in 4Q

New York State’s and New York City’s borrowing authorities plan to issue up to $8.77 billion of new-money bonds in the fourth quarter, according to a forward issuance calendar released Monday by the state comptroller’s office. The issuers also plan $1.24 billion of refundings and a $90 million conversion of variable-rate bonds.

The amount of new-money bonds expected to be issued compares to the $4.9 billion planned for the third quarter of 2010.

Noteworthy transactions on the calendar include $850 million of traditional taxable bonds by the Port Authority of New York and New Jersey for World Trade Center redevelopment in October, the New York Municipal Bond Bank Agency’s $100 million offering of recovery zone bonds in November, and three deals by state affordable housing issuers using the federal new-issue bond purchase program.

The comptroller’s office produces the calendar to coordinate bond transactions among different state and New York City issuers. The calendar is subject to change.

The Dormitory Authority of the State of New York will be the largest issuer of debt in the quarter, marketing $2.17 billion of bonds. The state is selling $1.3 billion of personal income tax bonds through DASNY this week and plans to sell $1.3 billion next month through the Empire State Development Corp.

October will likely be the busiest month in the quarter, with $4.17 billion of transactions scheduled compared to $3.67 billion in November and $938 million in December.

New York City’s credits will be very active. The New York City Transitional Finance Authority plans to sell $750 million of future tax secured bonds and $350 million of building aid revenue bonds, the New York City Municipal Water Finance Authority plans $500 million of bonds. The city itself plans $2.14 billion of GOs.

The New York State Housing Finance agency plans to sell $436 million of bonds, including $160 million of bonds under the new issue bond purchase program. The State of New York Mortgage Agency plans to market $100 million of NIBP bonds.

Other issuers planning bond transactions this quarter include: the Triborough Bridge and Tunnel Authority, with $350 million of tax-exempts and BABs this month; the Metropolitan Transportation Authority, with $765 million of tax-exempts; the New York Power Authority, with a $77 million economic refunding in November; and the New York Local Government Assistance Corp., with a $218.3 million refunding in November.