Bureau of Public Finance
Recently Completed Transactions
Official Statements can be found in the Official Statement Archives.
Date: Wednesday, May 22, 2013
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION REFUNDING BONDS
New York City (“the City”) announced today the successful sale of approximately $950 million of tax-exempt refunding General Obligation (G.O.) bonds.
Yields ranged from 0.15% in 2013 to 3.00% in 2027. Strong investor demand made it possible to reduce yields by one basis point for the 2015 maturity and two basis points for the 2018 through 2021 maturities.
The refunding bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager BofA Merrill Lynch with Citigroup, J.P. Morgan, Jefferies, Morgan Stanley, and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City received approximately $250 million of retail orders for the bonds during the two-day retail order period immediately prior to today’s final pricing. During today’s institutional pricing, the City received approximately $1.46 billion of priority orders.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Wednesday, March 20, 2013
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES
SUCCESSFUL SALE OF $1 BILLION IN NEW MONEY AND REFUNDING BONDS
The New York City Transitional Finance Authority ("TFA") announced today the successful sale of $1 billion in new money and refunding bonds, including $650 million in tax-exempt fixed-rate new money bonds, $250 million in tax-exempt fixed-rate refunding bonds, and $100 million in taxable Qualified School Construction Bonds ("QSCBs").
The TFA received approximately $177 million of retail for the approximately $700 million of new money and refunding bonds offered during the two-day retail order preceding today's sale. At the final pricing after today's institutional order period, strong investor demand made it possible to reduce yields by one basis point in the 2025 through 2034 maturities, and two basis points in the 2036 maturity. Final yields on the tax-exempt fixed-rate bonds varied by coupon and maturity, ranging from 0.17% in 2013 to 3.86% in 2040. The tax-exempt fixed-rate bonds were sold via negotiated sale by the TFA's financing syndicate, led by book-running senior manager Wells Fargo with Barclays Capital, BofA Merill Lynch, Goldman, Sachs & Co., J.P. Morgan, Loop Capital Markets LLC, and Morgan Stanley serving as co-senior managers on the transaction.
the TFA receiving 10 bids on the $100 million of taxable QSCBs also offered to the investors via competitive sale today. The winning bid was made by Citygroup, with a TIC of 3.99% for the single 2038 maturity. The interest on these bonds will be subsidized by the federal government.
Additionally, on Tuesday, April 9, 2013 the TFA will sell a $230 million conversion of tax-exempt Variable-Rate Demand Bonds ("VRDBs") to fixed-rate bonds via competitive bid, bringing the total sale to $1.23 billion. These converted Recovery Bonds will mature between 2013 and 2022.
Standards & Poor's rates the TFA subordinate lien bonds AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody's Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Wednesday, March 13, 2013
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$543 MILLION OF REFUNDING BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced today the successful sale of $543 million of second resolution, fixed-rate, tax-exempt refunding bonds.
The bonds were sold today via negotiated sale with Ramirez & Co., Inc serving as book-running senior manager on the transaction. During Monday’s one-day retail order period, NYW received $74.3 million of orders. Yields to maturity at yesterday’s final pricing ranged from 3.257% in 2027 to 4.158% in 2038, varying by coupon and maturity. Barclays Capital, Citigroup, M.R. Beal & Company, and Raymond James served as co-senior managers on the transaction.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Wednesday, February 27, 2013
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION BONDS
Bond Sale Includes First Ever Offering of New York City Floating Rate Notes
New York City (“the City”) today announced the successful sale of approximately $1.286 billion of General Obligation (G.O.) bonds, an increase of approximately $100 million from the $1.186 billion of bonds expected to be sold this week. Today’s sale included $600 million of taxable and tax-exempt fixed-rate new money bonds, approximately $88 million of tax-exempt fixed-rate bonds which will be converted from variable-rate demand bonds (VRDBs), and approximately $350 million of tax-exempt fixed-rate refunding bonds, upsized from the expected $250 million. Additionally, the City yesterday priced $248 million of tax-exempt Floating Rate Notes (FRNs), which will be converted from VRDBs.
Stated yields on the fixed-rate, tax-exempt bonds ranged from 0.16% in the August 2013 maturity to 3.56% in the March 2038 maturity. Due to strong investor demand, yields were reduced by between two and five basis points in several maturities.
The City received approximately $199 million of usable retail orders for the fixed-rate, tax-exempt bonds during the two-day retail order period immediately prior to today’s final pricing. During today’s institutional pricing, the City received approximately $1.637 billion of priority orders for the approximately $609 million in these bonds offered to institutions.
The fixed-rate, tax-exempt bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager Morgan Stanley with BofA Merrill Lynch, Citigroup, J.P. Morgan, Jefferies, and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City also sold $100 million in new money, fixed-rate taxable bonds today via competitive sale today. The winning bidder was J.P. Morgan at a TIC of 2.06%.
Yesterday, the City priced the conversion of $248 million of bonds from VRDBs to step-coupon FRNs, the City’s first offering of this type. Of the $248 million, $74 million of the FRNs were offered with a three-year step, an additional $74 million were offered with a four-year step, and $100 million were offered with a five-year step.
The City received 20 priority orders, totaling 5.62 times the amount offered, for the $74 million of FRNs with a three-year step. Strong investor demand allowed the City to reduce the spread to SIFMA by five basis points, to SIFMA plus 38 basis points. The sale of the three-year step-coupon FRNs was led by Loop Capital Markets, LLC.
The City received 15 priority orders, totaling 4.14 times the amount offered, for the $74 million of FRNs with a four-year step. Strong investor demand allowed the City to reduce the spread to SIFMA by five basis points, to SIFMA plus 47 basis points. The sale of the four-year step-coupon FRNs was led by RBC Capital Markets.
The City received 21 priority orders, totaling 5.93 times the amount offered, for the $100 million of FRNs with a five-year step. Strong investor demand allowed the City to reduce the spread to SIFMA by six basis points, to SIFMA plus 55 basis points. The sale of the five-year step-coupon FRNs was led by Siebert Brandford Shank & Co., L.L.C.
Additionally, the City expects to price $180 million of tax-exempt VRDBs on or about Monday, March 18, 2013, bringing the total sale to $1.466 billion.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Thursday, February 21, 2013
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$456 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced today the successful sale of $456 million of second resolution, fixed-rate, tax-exempt new money bonds.
The bonds were sold yesterday via negotiated sale with Barclays Capitals serving as book-running senior manager on the transaction. During Tuesday’s one-day retail order period, NYW received $56 million of orders. Yields to maturity at yesterday’s final pricing varied by coupon from 3.86% to 4.28% in the single 2047 maturity. Citigroup, M.R. Beal & Company, Ramirez & Co., Inc., and Raymond James | Morgan Keegan served as co-senior managers on the transaction.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Wednesday, December 12, 2012
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION REFUNDING BONDS
Despite Volatile Markets, Bond Sale Upsized to $1 Billion Due to Strong Investor Demand
New York City (“the City”) announced the successful sale of $1 billion of tax-exempt refunding General Obligation (G.O.) bonds yesterday, an increase of $150 million from the previously announced $850 million of bonds expected to be sold.
Despite the increase in the amount of bonds sold, strong investor demand made it possible to reduce yields in one maturity by one basis point. Ten maturities had yields increase by one to three basis points, well below increases in yields in the general markets. Yields ranged from 0.19% in 2013 to 3.00% in 2033. The refunding bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager Citi with BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City received approximately $146 million of retail orders for the bonds during the two-day retail order period immediately prior to yesterday’s final pricing. During yesterday’s institutional pricing, the City received approximately $1.2 billion of priority orders.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Tuesday, December 04, 2012
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$441 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale today of $441 million of second resolution, fixed-rate, tax-exempt new money bonds.
The bonds were sold via negotiated sale with Raymond James | Morgan Keegan serving as book-running senior manager on the transaction. During yesterday’s one-day retail order period, NYW received $42 million of orders. Yields-to-call at today’s final pricing varied by coupon from 2.89% to 3.13% in the single 2047 maturity. Barclays Capital, Jefferies & Company, M.R. Beal & Company, and Ramirez & Co., Inc. served as co-senior managers on the transaction.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Thursday, November 29, 2012
THE CITY OF NEW YORK ANNOUNCES DETAILS OF ITS UPCOMING GENERAL OBLIGATION BOND SALE
The City of New York (“the City”) announced today the details of its upcoming sale of $850 million of tax-exempt refunding General Obligation Bonds.
The City plans to price $850 million of tax-exempt fixed-rate refunding bonds on Tuesday, December 11, 2012, via negotiated sale. There will be a two-day retail order period beginning on Friday, December 7, 2012 and continuing on Monday, December 10, 2012. The sale will be led by book-running senior manager Citi with BofA Merrill Lynch, J.P. Morgan, Morgan Stanley and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Friday, November 16, 2012
NEW YORK CITY TRANSITIONAL AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $914 MILLION IN FIXED-RATE BONDS
The New York City Transitional Finance Authority ("TFA") announced the successful sale of approximately $914.8 million of subordinate fixed-rate bonds yesterday. Of the $914.8 million, $1000 million were tax-exempt new money bonds, $552.8 million were tax-exempt refunding bonds, and $32 million were tax-exempt bonds that will be converted from variable-rate demand bonds ("VRDBs") to fixed-rate bonds, Additionally, the TFA sold $100 million of taxable new money Qualified School Construction Bonds ("QSCBs") and $130 million of taxable new money bonds. Each series of bonds was sold via competitive sale.
the TFA received nine bods for the $100 million of tax-exempt new money bonds. RBS Capital Markets submitted the winning bid with a True Interest Cost ("TIC") of approximately 2.27 percent, with yields ranging from 0.34 percent in the November 2014 maturity to 2.04 percent in the November 2027 maturity.
The TFA received nine bods for the %552.8 million of tax-exempt refunding bonds. The winning bod was submitted by Bank of America Merrill Lynch, with TIC of approximately 2.17 percent. Yields ranged from 0.22 percent in the November 2013 maturity to 2.82 percent in the November 2032 maturity.
The TFA received eight bids for the $32 million of tax-exempt bonds to be converted from VRDBs to fixed-rate bonds. Goldman, Sachs & Co. submitted the winning bid with a TIC of 0.75 percent for the single maturity in November 2018.
The TFA received ten bids for the $100 million of taxable QSCBs with a single maturity on November 2035, The winning bid was submitted by Citigroup Global Markets, Inc. with a TIC of approximately 3.60 percent. the bid resulted in the interest on the QSCBs being 100 percent subsidized by the federal government.
The TFA received ten bids for the $130 million of taxable new money bonds. Wells Fargo Bank submitted the winning bid with a TIC of approximately 2.07 percent, with yields ranging from 0.68 percent in the November 2016 maturity to 2.60% in the November 2024 maturity.
The TFA also intends to price $248 million of tax-exempt new money VRDBs on or about December 3, 2012.
Standards & Poor's rates the outstanding TFA subordinate lien bonds at AAA. Fitch Ratings rates the TFA outstanding subordinate lien bonds at AAA and Moody's Investor Service rates the TFA outstanding subordinates lien bonds at Aa1.
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Date: Wednesday, October 03, 2012
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION BONDS
Sale of Fixed-Rate Bonds Upsized to $1.183 Billion Due to Strong Investor Demand
New York City (“the City”) announced the successful sale of $1.183 billion in tax-exempt fixed-rate bonds yesterday, an increase of $300 million from the previously announced $883 million of fixed-rate bonds expected to be sold. The sale included $525 million of new money General Obligation (G.O.) bonds and $600 million of refunding bonds, upsized from the expected $300 million. Additionally, the City sold $58 million of converted variable-rate demand bonds (VRDBs) as fixed-rate bonds.
Despite the increase in the amount of bonds sold, strong investor demand made it possible to reduce yields in nine maturities from one to nine basis points. One maturity had its yield increased by two basis points. Yields ranged from 0.21 percent in 2013 to a maximum yield of 3.40 percent in 2035.
The bonds were sold yesterday via negotiated sale through the City’s G.O. syndicate led by book-running senior manager J.P. Morgan, with BofA Merrill Lynch, Citigroup, Morgan Stanley and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City received approximately $275 million of usable retail orders for the tax-exempt bonds during the two-day retail order period immediately prior to yesterday’s final pricing. During yesterday’s institutional pricing, the City received approximately $1.7 billion of priority orders for the approximately $732 million in bonds offered to institutions.
In addition, $325 million of tax-exempt VRDBs will be sold on or before the closing of the fixed-rate bonds scheduled for October 23rd, bringing the total sale to $1.508 billion.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Thursday, August 09, 2012
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY UPSIZES ITS REFUNDING BOND SALE TO $950 MILLION AND ANNOUNCES THE SUCCESSFUL SALE OF $450 MILLION OF NEW MONEY BONDS
The New York City Transitional Finance Authority (“TFA”) announced that it upsized its future tax-secured tax-exempt refunding bond sale from $750 million to $950 million due to strong investor demand. The TFA also successfully sold $450 million of future tax-secured fixed rate new money subordinate bonds today, including $100 million of fixed rate tax-exempt new money bonds, $150 million of taxable Qualified School Construction Bonds (“QSCBs”) and $200 million of taxable new money bonds.
The TFA received approximately $131 million of retail orders for the $456 million of refunding and new money bonds offered during the two-day retail order period preceding today’s sale. The $1.05 billion of tax-exempt bonds were sold by negotiated sale by a syndicate led by BofA Merrill Lynch with Barclays, Citigroup, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley serving as co-senior managers.
Yields were reduced on the tax-exempt fixed rate bonds after the institutional order period in seven maturities in amounts ranging from 1 to 5 basis points. The yields on the tax-exempt fixed rate bonds ranged from 0.20 percent in November 2013 maturity which was sold by sealed bid to 3 percent on the November 2032 maturity sold at par.
The TFA received 10 bids on the $150 million of taxable Qualified School Construction Bonds (QSCB's) with a single maturity in May 2033. The winning bid was made by Barclays Capital Inc. The interest on these bonds will be 100 percent subsidized by the federal government.
The TFA received 11 bids on the $200 million of taxable municipal bonds offered. The winning bid was submitted by RBC Capital Markets with a TIC of 2.43 percent.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Thursday, July 12, 2012
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $850 MILLION NEW MONEY
BUILDING AID REVENUE BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced the successful sale of $850 million of fixed-rate tax-exempt new money Building Aid Revenue Bonds (“BARBs”).
The $850 million of BARBs were sold by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager J.P. Morgan with Barclays Capital, BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., and Morgan Stanley serving as co-senior managers. The TFA received $461 million of retail orders during the one and a half day retail order period which began on Tuesday, July 10, 2012. Due to strong market demand, the institutional order period was accelerated by one day during which the TFA received $2.8 billion of priority orders for the remaining bonds offered to institutions. At final pricing, yields on all maturities were reduced by 1 to 7 basis points. Final yields on the tax-exempt bonds ranged from 0.40% in the 2014 maturity (which was sold via sealed bid) to 3.94% in the 2042 maturity.
The proceeds of the sale will be used to finance the ongoing capital improvement program of the New York City Department of Education.
Moody’s Investors Service rates the outstanding TFA BARBs at Aa3, Standard and Poor’s rates the outstanding TFA BARBs at AA- and Fitch Ratings rates the outstanding TFA BARBs at AA-.
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Date: Thursday, June 21, 2012
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $662 MILLION OF NEW MONEY AND REFUNDING BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $662 million of second resolution, fixed-rate, tax-exempt new money and refunding bonds.
The financing was sold via negotiated sale yesterday with Jefferies & Company serving as book-running senior manager on the transaction. Barclays Capital, Morgan Keegan, M.R. Beal & Company and Ramirez & Co., Inc. served as co-senior managers on the transaction. The sale included $212 million of refunding bonds and $450 million of new money bonds. During the one-day retail order period, NYW received $132 million of retail orders. The sale was upsized from the $450 million printed on the Preliminary Offering Statement. Yields at final pricing ranged from 0.75% in the 2017 maturity to 4.10% in the 2045 maturity.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Wednesday, June 06, 2012
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $1 BILLION OF NEW MONEY BONDS
The New York City Transitional Finance Authority (“TFA”) announced that it successfully sold $1 billion of future tax-secured fixed-rate new money subordinate bonds today, including $800 million of tax-exempt new money bonds, $100 million of taxable Qualified School Construction Bonds (“QSCBs”) and $100 million of taxable new money bonds.
The TFA received approximately $143 million of retail orders during the two- day retail order period preceding today’s sale. The tax-exempt bonds were sold by negotiated sale by a syndicate led by Goldman, Sachs & Co. with Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan and Morgan Stanley serving as co-senior managers. The yields on the tax-exempt portion of the transaction ranged from 0.37 percent in 2014 to 3.58 percent in 2039.
The TFA received 8 bids on the $100 million of taxable Qualified School Construction Bonds (QSCB's) with a single maturity in May 2033. The winning bid was made by Citigroup Global Markets with a True Interest Cost of 4 percent.
The TFA received 10 bids on the $100 million of taxable municipal bonds offered maturities ranging from 2017 through 2021. The winning bid was submitted by J.P. Morgan Securities with a TIC of 2.08 percent.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Wednesday, May 23, 2012
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION REFUNDING BONDS
Bond Sale Upsized to $997 Million Due to Strong Investor Demand
New York City (“the City”) announced today the successful sale of $997 million of tax-exempt and taxable refunding General Obligation (G.O.) bonds, an increase of $150 million from the previously announced $847 million of bonds expected to be sold today.
The fixed rate tax-exempt refunding bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager BofA Merrill Lynch with Citigroup, J.P. Morgan, Morgan Stanley and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City received approximately $225 million of retail orders for the tax-exempt bonds during the two-day retail order period immediately prior to today’s final pricing. During today’s institutional pricing, the City received approximately $1.1 billion of priority orders for the tax-exempt bonds offered to institutions. Yields on the tax-exempt bonds ranged from 0.16% in 2012 to 3.22% in 2032.
The City also sold approximately $47 million of taxable bonds via competitive sale. The winning bidder was
Morgan Stanley at a TIC of 1%.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Wednesday, April 11, 2012
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $900 MILLION OF NEW MONEY BONDS
Strong Investor Interest For $900 million of Future Tax Secured Bonds, Reducing Yields and Accelerating the Institutional Sale Date By One Day
The New York City Transitional Finance Authority (“TFA”) announced that it successfully sold $900 million of future tax-secured fixed-rate new money subordinate bonds yesterday. The TFA sold $800 million of tax-exempt bonds and $100 million of taxable Qualified School Construction Bonds (“QSCBs”).
The TFA received approximately $265 million of retail orders in the one and one-half day retail order period, selling out the first nine maturities (2014 through 2022) during the retail order period. The institutional order period for the remaining $607 million of tax-exempt bonds was accelerated from Wednesday morning to Tuesday afternoon due to the strong investor demand. The tax-exempt bonds were sold by negotiated sale by a syndicate led by Barclays with BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley serving as co-senior managers.
During the institutional order period there were approximately $1.4 billion of priority orders by institutions for the $607 million of bonds available after the completion of the retail order period (net of the oversubscribed maturities during the retail order period). In the final pricing, yields were reduced on eight coupons in seven maturities by 3 to 5 basis points. Yields on the tax-exempt bonds range from 0.37 percent in 2014 to 3.90 percent in 2042.
The TFA received 10 bids on the $100 million of taxable Qualified School Construction Bonds (QSCB's) with a single maturity on February 2034. The winning bid was made by Citigroup Global Markets with a True Interest Cost of 3.977 percent. The bid resulted in the interest on the QSCBs being 100 percent subsidized by the federal government.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Tuesday, March 20, 2012
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION NEW MONEY BONDS
New York City (“the City”) announced the successful sale of $470 million of new money General Obligation (G.O.) bonds, including $100 million of taxable bonds and $370 million of tax-exempt bonds. Each series of bonds was sold via competitive sale.
The City received nine bids for the $100 million of taxable bonds with maturities ranging from 2014 to 2020. The winning bid was submitted by J.P. Morgan Securities with a True Interest Cost (“TIC”) of 1.99 percent. The yields ranged from 0.62 percent in 2014 to 2.64 percent in 2020.
Nine bids also were received for the $370 million of tax-exempt bonds with maturities ranging from 2014 to 2029. The winning bid was submitted by Wells Fargo Bank with a TIC of 3.29 percent. The yields ranged from 0.55 percent in 2014 to 3.40 percent in 2029.
As part of a common plan of financing, the City will also be pricing $760 million variable rate demand bonds on or about the closing of the combined transaction on April 5.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.-30-
Date: Wednesday, March 07, 2012
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$523 MILLION OF NEW MONEY AND REFUNDING BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $523 million of second resolution, fixed-rate, tax-exempt new money and refunding bonds.
The financing was sold via negotiated sale yesterday with M.R. Beal & Company serving as book-running senior manager on the transaction. Barclays Capital, Jefferies & Company, Morgan Keegan, and Ramirez & Co., Inc. served as co-senior managers on the transaction. The sale included $445 million of refunding bonds and $78 million of new money bonds. During the one-day retail order period, NYW received $60 million of retail orders. The sale was upsized from the $500 million printed on the Preliminary Offering Statement. Yields at final pricing ranged from 1.60% in the 2019 maturity to 4.16% in the 2045 maturity.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.-30-
Date: Friday, February 24, 2012
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE OF GENERAL OBLIGATION REFUNDING BONDS
Bond Sale Upsized to $1.03 Billion Due to Strong Investor Demand
This Refunding Generated Over $150 Million of Budget Savings for the City
New York City (“the City”) announced today the successful sale of $1.03 billion of tax-exempt refunding General Obligation (G.O.) bonds yesterday, an increase of over $200 million from the previously announced $800 million of bonds expected to be sold yesterday.
The fixed rate tax-exempt refunding bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager Morgan Stanley with BofA Merrill Lynch, Citi, J.P. Morgan, and Siebert Brandford Shank & Co., L.L.C. serving as co-senior managers.
The City received approximately $213 million of retail orders during the two day retail order period immediately prior to yesterday’s final pricing.
During yesterday’s institutional pricing, the City received approximately $1.2 billion of priority orders for the bonds offered to institutions. Yields on certain maturities of the bonds were reduced by one to four basis points in the final pricing. Yields on the bonds ranged from 0.10% in 2012 to 3.25% in 2032.
The refunding produced approximately $139 million of budget savings for the City in the next fiscal year and $153 million over the life of the bonds.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from Standard & Poor and AA from Fitch Ratings.
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Date: Tuesday, January 24, 2012
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$400 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $400 million of second resolution, fixed-rate, tax-exempt new money bonds.
The financing was sold via negotiated sale yesterday with Ramirez & Co., Inc. serving as book-running senior manager on the transaction. During the one-day retail order period, NYW received $106 million of retail orders. Yields at final pricing ranged from 1.22% in the 2018 maturity to 3.94% in the 2045 maturity. Barclays Capital, Jefferies & Company, Morgan Keegan, M.R. Beal & Company served as co-senior managers on the transaction.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Tuesday, December 7, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $650 MILLION NEW MONEY BUILDING AID REVENUE BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced the successful sale of $650 million of new money Building Aid Revenue Bonds (“BARBs”). The sale included $550 million of fixed-rate tax-exempt BARBs and $100 million of taxable Qualified School Construction Bond (“QSCB”) BARBs.
The $550 million of tax-exempt BARBs were sold by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Morgan Stanley with Barclays Capital, BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., and J.P. Morgan serving as co-senior managers. The TFA received $266 million of retail orders during the two-day retail order period which began on Monday, December 5, 2011. Due to strong market demand, the institutional order period was accelerated to yesterday during which the TFA received $676 million of priority orders for the remaining $351 million of bonds offered to institutions. At final pricing, yields on nine of the longer maturities were reduced by 2 basis points. Final yields on the tax-exempt bonds ranged from 0.38% in the 2013 maturity (which was sold via sealed bid) to 4.50% in the 2041 maturity.
The TFA also sold $100 million QSCB BARBs via competitive sale. There were nine bids and the winning bidder was Morgan Stanley with a True Interest Cost of 4.799%. The QSCB BARBs has a single term maturity in 2030.
The proceeds of the sale will be used to finance the ongoing capital improvement program of the New York City Department of Education.
Moody’s Investors Service rates the outstanding TFA BARBs at Aa3, Standard and Poor’s rates the outstanding TFA BARBs at AA- and Fitch Ratings rates the outstanding TFA BARBs at AA-.
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Date: Wednesday, November 16, 2011
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $450 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $450 million of second resolution, fixed-rate, tax-exempt new money bonds.
The financing was sold via negotiated sale yesterday, with Barclays Capital serving as book-running senior manager on the transaction. During the one-day retail order period, NYW received $16 million of retail orders. Yields at final pricing ranged from 4.25% in the 2039 maturity and 4.43% in the 2044 maturity. Jefferies & Company, Morgan Keegan, M.R. Beal & Company and Ramirez & Co., Inc. served as co-senior managers on the transaction.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody's Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor's rates NYW’s second resolution bonds at AA+.
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Date: Thursday, November 10, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $900 MILLION OF NEW MONEY BONDS
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $900 million of future tax-secured fixed-rate new money subordinate bonds. The TFA sold $600 million of tax-exempt bonds, $200 million of taxable bonds and $100 million of taxable Qualified School Construction Bonds (“QSCBs”).
The TFA received over $ 93 million of retail orders for the tax-exempt bonds during the two-day retail order period preceding today’s sale. At the final pricing after the institutional order period, the TFA was able to reduce yields on a number of maturities. Yields were reduced by 4 basis points in both the 2023 and the 2024 maturities, by 3 basis points in the 2025 maturity and by 2 basis points in the 2026 maturity. The final yields on the tax-exempt bonds ranged from 0.42% in 2013 to 4.18% in 2038. The tax-exempt bonds were sold via negotiated sale, led by book-running senior manager Citigroup. Serving as co-senior managers on the transaction were Barclays Capital, BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley.
The taxable bonds were sold via competitive sale. Nine bids were received for the $200 million of taxable bonds. J.P. Morgan was the winning bidder with a True Interest Cost (“TIC”) of 2.33% .
The taxable QSCBs were sold via competitive sale. Nine bids were received on the $100 million of taxable QSCBs. J.P. Morgan was also the winning bidder on these bonds with a TIC of 4.01% .
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Wednesday, October 19, 2011
HUDSON YARDS INFRASTRUCTURE CORPORATION ANNOUNCES SUCCESSFUL SALE OF $1 BILLION OF NEW MONEY BONDS
$3.6 Billion in Priority Orders Received; Yields Reduced in the Final Pricing
The Hudson Yards Infrastructure Corporation (“HYIC”) announced today the successful sale of $1 billion of new money bonds. HYIC sold the bonds on a negotiated basis through its underwriting syndicate led by book-running senior manager J. P. Morgan, with Goldman, Sachs & Co. serving as co-senior manager on the sale.
At the final pricing, yields were reduced by 5 to 8 basis points. Yields were reduced to 5.00% on the $50 million of par bonds insured by Assured Guaranty Municipal Corp. (“AGM”), 5.10% on the $650 million of uninsured premium bonds with a coupon of 5.75% and 5.25% on the $300 million of uninsured par bonds. All of the bonds have a maturity date of February 15, 2047. Demand for the bonds was strong and broadbased, and HYIC received $3.6 billion of priority orders for the $1 billion of bonds offered.
The proceeds will be used to pay for extending the Number 7 Subway line from its current terminus at Eighth Avenue to the Hudson Yards Redevelopment Area, and to pay for other infrastructure needs including park development and other amenities.
HYIC uninsured bonds are rated A2 by Moody’s Investors Service, A by Standard & Poor’s Ratings Services, and A by Fitch, Inc. HYIC bonds insured by AGM carry the ratings of AGM.
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Date: Wednesday, October 12, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $758 MILLION OF CONVERSION AND REFUNDING BONDS
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $758 million of future tax-secured fixed-rate subordinate bonds. The TFA sold $508 million of tax-exempt conversion bonds, and $250 million of tax-exempt refunding bonds.
The TFA offered $348 million of conversion bonds to retail investors on Tuesday, October 11, 2011, and received $171 million of retail orders. At the final pricing after the institutional order period, the TFA was able to reduce yields on a number of maturities. Yields were reduced by 9 basis points in the 2012 maturity and by 1-to-5 basis points in the 2018-2025 maturities. Final yields on the bonds ranged from 0.31% in the 2012 maturity to 4.10% in the 2031 maturity.
The bonds were sold via negotiated sale, led by book-running senior manager BofA Merrill Lynch. Serving as co-senior managers on the transaction were Barclays Capital, Citigroup, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Thursday, September 29, 2011
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced the successful sale of $739 million of taxable and tax-exempt new money and reoffered General Obligation (G.O.) fixed-rate bonds. Tuesday’s sale included $529 million of tax-exempt new money bonds, the reoffering of $145 million of variable-rate demand bonds (VRDBs) as fixed-rate bonds, and $65 million of new money taxable fixed-rate bonds. The City also expects to price $127 million of tax-exempt Variable Rate Demand Bonds (“VRDBs”) on or about Wednesday, October 12, 2011.
The fixed-rate tax-exempt new money bonds and the reoffered bonds were sold via negotiated sale through the City’s G.O. syndicate led by book-running senior manager Siebert Brandford Shank & Co., L.L.C. with BofA Merrill Lynch, Citigroup, J.P. Morgan, and Morgan Stanley serving as co-senior managers.
The City received approximately $64 million of retail orders for the fixed-rate tax-exempt bonds during the two day retail order period immediately prior to Tuesday’s final pricing.
Yields on the fixed rate tax-exempt new money bonds ranged from 1.67% in 2017 to 4.125% in 2036.
Yields on the reoffered bonds ranged from 0.37% in 2013 to 3.04% in 2023.
The new money taxable fixed-rate bonds were sold via competitive sale. The competitive bid for the taxable fixed-rate bonds was won by Citigroup at a true interest cost of 1.49%.
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Date: Tuesday, September 13, 2011
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$451 MILLION OF NEW MONEY AND REFUNDING BONDS
The New York City Municipal Water Finance Authority ( “NYW”) announced the successful sale of $451 million of second resolution, fixed-rate, tax-exempt new money and refunding bonds.
The financing was sold via competitive sale. NYW received nine bids for the bonds. Citi was the winning bidder at a Total Interest Cost (TIC) of 4.516% Today’s sale included $250 million of new money bonds and $201 million of refunding bonds.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Thursday, August 4, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $1.05 BILLION REFUNDING AND CONVERSION BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced the successful sale of $1.05 billion of future tax secured, fixed-rate conversion and refunding subordinate lien bonds.
The TFA sold $450 million of tax-exempt refunding bonds, $424 million of tax-exempt conversion bonds and $172 million of taxable conversion bonds yesterday. The refunding bond sale was upsized from $300 million to $450 million due to strong investor demand. The $596 million of conversion bonds were converted from floating rate to fixed rate.
The TFA offered $390 million of tax-exempt refunding and conversion bonds to retail investors, and received $406 million of retail orders. Yields on the $450 million of tax-exempt refunding bonds with amortizations on November 1 ranged from 0.20 percent in 2012 to 3.84 percent in 2029. Yields on the $424 million of tax-exempt conversion bonds with amortizations on February 1 ranged from 1.22 percent in 2016 through 3.97 percent in 2029.
At the final pricing after the institutional order period for the tax-exempt bonds, the TFA was able to reduce yields on a number of maturities. In the tax-exempt refunding, yields were reduced 3 to 5 basis points in 12 of the 17 individual years. In the tax-exempt conversion, yields were reduced 1 to 7 basis points in 11 of the 14 years. The conversion of $172 million of taxable bonds was accomplished by competitive sale. J.P. Morgan won the bid with a TIC of 3.91 percent.
The TFA also intends to sell an additional $74.6 million of tax-exempt bonds. These bonds will be converted from variable-rate demand bonds to floating-rate index bonds. The initial floating rate pricing is expected to occur on August 22, one day prior to the closing of all four bond series.
The $874 million of tax-exempt conversion and refunding bonds were sold via negotiated sale, led by book-running senior manager J.P. Morgan. Serving as co-senior managers on the transaction were Barclays Capital, BofA Merrill Lynch, Citigroup, Goldman, Sachs & Co., and Morgan Stanley.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Thursday, July 21, 2011
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced the successful sale of $800 million of fixed-rate General Obligation bonds. Today’s sale included $715 million of tax-exempt new money and refunding bonds sold by negotiation with a syndicate led by Citi and $85 million of new money taxable bonds sold via competitive bid.
The $715 million of tax-exempt fixed rate bonds included $200 million of refunding bonds which were added to the $515 million of new money bonds originally announced.
The $800 million is the fixed-rate component of a larger $975 million total financing which will include $175 million of new money variable rate demand bonds to be priced just before the closing date on the entire bond financing. The closing on all of the bonds is expected to occur on or about August 9, 2011.
The City received approximately $180 million of retail orders for the fixed-rate tax-exempt bonds during the two day retail order period immediately prior to today’s final pricing.
The City received $1.28 billion of priority orders for the $542 million of fixed-rate tax-exempt bonds offered in the institutional order period. Yields were reduced by 2 to 5 basis points on the tax-exempt maturities from 2014-2021 and by 6 basis points on the 2035 final maturity. Yields were increased by 2 to 3 basis points in the maturities from 2024-2027.
The yields on the $715 million of fixed-rate tax-exempt bonds ranged from 0.215 percent for the 2012 initial maturity, which was sold via a sealed bid, to 4.59 percent in the 2035 final maturity.
Bank of America Merrill Lynch won the competitive bid on the taxable bonds with a TIC of 1.9394 percent on bonds with an average life of 4 years.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from S&P and AA from Fitch.
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Date: Wednesday, June 22, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $300 MILLION OF
NEW MONEY BUILDING AID REVENUE BONDS
The New York City Transitional Finance Authority (“TFA”) announced the successful sale of $300 million of new money Building Aid Revenue Bonds (“BARBs”).
The BARBs were sold in two series. The $100 million of Fiscal 2011 S-2B taxable BARB Qualified School Construction Bonds received 9 bids. The winning bid came from Goldman Sachs at a TIC of 4.798%. The BARB QSCBs are in a single maturity in 2026.
The $200 million of Fiscal 2011 S-2A tax exempt bonds also received 9 bids. The winning bid came from BofA Merrill Lynch at a TIC of 4.753%. The tax exempt bonds mature from 2027 to 2040.
Fitch Ratings rates the outstanding TFA BARBs at AA-, Moody’s Investors Service rates the outstanding TFA BARBs at Aa3, and Standard and Poor’s rates the outstanding TFA BARBs at AA-.
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Date: Thursday, June 09, 2011
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE
OF GENERAL OBLIGATION BONDS
The City of New York (“the City”) announced today the successful sale of $211.75 million of General Obligation Bonds.
The City of New York City priced $130 million of taxable new money bonds in two subseries, and priced the conversion of $81.75 million of tax-exempt variable-rate demand bonds (VRDBs) to fixed–rate bonds via competitive sale.
Morgan Stanley & Co, Inc. won the taxable bids. There were 10 bidders for each of the subseries. The $30 million Fiscal 2011 Series J, Subseries J-1 bonds with maturities in 2013 through 2016 had a TIC of 1.787 percent. The $100 million Fiscal 2011 Series J, Subseries J-2 bonds with maturities in 2017 through 2026 had a TIC of 3.920 percent.
There were also two subseries for the converted tax-exempt bonds. The $24.5 million Series H, Subseries H-5 bonds with a single maturity in 2012 had 11 bids, and was won by J. P. Morgan Securities at a TIC of 0.219 percent. The $57.25 million Fiscal 1994 Series A, Subseries A-4 bonds had 10 bids, and was won by Wells Fargo Bank at a TIC of 3.405 percent.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from S&P and AA from Fitch.
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Date: Thursday, April 07, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $650 MILLION REFUNDING BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $650 million of future tax secured, tax-exempt, fixed-rate refunding bonds.
The bonds were sold via negotiated sale, led by book-running senior manager Wells Fargo Securities. Barclays Capital, BofA Merrill Lynch, Citi, Goldman Sachs & Co., J. P. Morgan and Morgan Stanley served as co-senior managers on today’s sale. Wells Fargo Securities was identified as a firm which would be given the opportunity to lead a financing under TFA’s most recent RFP in 2009.
The TFA sold $283 million of the bonds to retail investors during the two-day retail order period preceding today’s sale. At final pricing, yields ranged from 0.28% in the 2011 maturity to 4.15% in the 2025 maturity.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Friday, March 25, 2011
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY ANNOUNCES SUCCESSFUL SALE OF $542 MILLION OF NEW MONEY AND REFUNDING BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $542 million of second resolution, fixed-rate, tax-exempt new money and refunding bonds.
The financing was led by book-running senior manager M.R. Beal & Company. Barclays Capital, Jefferies & Company LLC, Morgan Keegan & Company, Inc., and Ramirez & Co., Inc. served as co-senior managers on the transaction.
NYW priced $250 million of new money bonds and $292 million of refunding bonds. During the two-day retail order period yesterday, NYW received $281 million of retail orders. At final pricing, the yields on the bonds ranged from 0.49% in the 2012 maturity to 5.20% in the 2043 maturity.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Wednesday, March 09, 2011
THE CITY OF NEW YORK ANNOUNCES SUCCESSFUL SALE OF GENERAL OBLIGATION BONDS
The City of New York announced today the successful sale of $686 million of General Obligation Refunding Bonds.
The City received $210 million of retail orders during the two-day retail order period for the $445 million of tax-exempt fixed rate bonds prior to today’s institutional pricing. Final yields ranged from 0.30% in the 2011 maturity which was sold via sealed bid won by BofA Merrill Lynch to 3.40% in the 2020 maturity. The tax-exempt bond sale included the conversion of $45 million of variable-rate demand bonds (VRDBs) to fixed–rate bonds.
The sale of the $445 million of fixed-rate tax-exempt bonds was led by book-running senior manager BofA Merill Lynch with Citi, J. P. Morgan, Morgan Stanley, and Siebert Brandford Shank & Co. serving as co-senior managers.
The City also sold $241 million of taxable fixed-rate refunding bonds via competitive sale in two tranches. The tranche with a maturity in 2011 was won by Piper Jaffrey at a total interest cost (TIC) of 0.30%. The tranches with maturities in 2012, 2013 and 2014 was won by J.P. Morgan at a total interest cost (TIC) of 1.648%.
In awarding this financing to BofA Merrill Lynch, the City acknowledged the strength of the refunding proposal presented to the City by BofA Merrill Lynch. The City solicited GO refunding proposals from the 14 firms that serve either as rotating book running managers on the three major City credits or as Special Bracket managers. This competitive process enabled firms that are not GO book running managers to also be considered for the transaction.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from S&P and AA from Fitch.
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Date: Wednesday, February 02, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $875 MILLION NEW MONEY SUBORDINATE LIEN BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $875 million of new money subordinate lien bonds.
The TFA sold $775 million of fixed-rate tax-exempt new money subordinate lien bonds via negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Goldman Sachs & Co., with Barclays Capital, BofA Merrill Lynch, Citi, J.P. Morgan and Stanley serving as co-senior managers.
The TFA sold $125 million of the bonds to retail investors during the two-day retail order period preceding today’s sale. At final pricing, yields ranged from 0.87% in the2013 maturity to 5.20% in the 2035 maturity.
The TFA also sold $125 million of taxable fixed-rate new money subordinate lien bonds in maturities 2015 through 2020 via competitive sale. The winning bid was by Morgan Stanley with a TIC of 3.85%.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service Rates the TFA subordinate lien bonds at Aa1.
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Date: Wednesday, January 19, 2011
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$450 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $450 million of second resolution, fixed-rate, tax-exempt new money bonds.
The financing was led by book-running senior manager Jefferies & Company LLC with Barclays Capital, Morgan Keegan & Company, Inc., M.R. Beal & Company and Ramirez & Co., Inc. serving as co-senior managers on the transaction.
During the one-day retail order period yesterday, NYW received $37 million of retail orders, all in the 2040 maturity. At final pricing, the yields on the bonds ranged from 5.47% in the 2040 maturity to 5.54% in the 2043.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Wednesday, January 12, 2011
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $875 MILLION NEW MONEY SUBORDINATE LIEN BOND SALE
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $875 million of new money subordinate lien bonds.
The bonds were sold via negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Barclays Capital with, BofA Merrill Lynch, Citi, Goldman Sachs & Co., J. P. Morgan and Morgan Stanley serving as co-senior managers.
The TFA sold $302 million of the bonds to retail investors during the two-day retail order period preceding today’s sale. At final pricing, the yields on the bonds ranged from 0.7% in 2012 to 5.33% in 2039.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Friday, December 14, 2010
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF
$1.225 BILLION OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced today the successful sale of $1.225 billion of General Obligation (“G.O.”) new money and refunding bonds.
Yesterday the taxable new money G.O. deal was increased in size from $950 million to $1.125 billion. The increase in the new money bond amount resulted from strong demand for the taxable, federally subsidized Build America Bonds which were increased in amount from $745 million to $902 million and an increase in the competitively bid taxable non-BAB bonds from $130 million to $148 million. The other component of the new money bonds was $75 million of indexed floating rate bonds placed with BB&T bank.
The City, due to volatile market conditions in the tax-exempt market, reduced the size of its tax-exempt refinancing from $300 million to $100 million. The remaining $100 million of tax-exempt refunding bonds enabled the City to accommodate $88 million of tax-exempt retail orders received in the one day retail order period.
The sale of the tax-exempt bonds and the BABs was led by book-running senior manager J.P. Morgan with BofA Merrill Lynch, Citi, Morgan Stanley and Siebert Brandford Shank & Co. LLC serving as co-senior managers.
The first maturity of the taxable new money bonds in 2012 had a yield of 1.62%. The maximum yield on the taxable, federally-subsidized Build America bonds was in the 2031 maturity with par calls which had a yield of 6.646%, or 4.32% net of the federal subsidy. In the final maturity in 2037 which had a make whole call, the yield was 6.271%, or 4.076% net of the federal subsidy. The $100 million of tax-exempt refunding bonds had yields ranging from 0.35% in 2011 to 3.79% in 2020.
The City also sold $148 million of non-BAB taxable municipal bonds via competitive sale. The winning bid was by Citi.
The ratings for New York City General Obligation Bonds are AA from Fitch, Aa2 from Moody’s Investors Service, and AA from S&P.
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Date: Tuesday, November 09, 2010
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$750 MILLION OF NEW MONEY BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $750 million of second resolution, fixed-rate, taxable Build America Bonds (“BABs”) today.
The financing was led by book-running senior manager Ramirez & Co., Inc. with Barclays Capital, Jefferies & Company LLC, Morgan Keegan & Company, Inc., and M.R. Beal & Company serving as co-senior managers on the transaction.
NYW offered an additional $250 million of bonds today due to strong institutional demand. At final pricing, the yields on the federally-subsidized BABs ranged from 5.88% in the 2044 maturity with a make-whole call (3.82% after the federal subsidy) to 6.28% in the 2042 maturity with a 10 year par call (4.08% taking into account the 35 percent federal subsidy). The bonds in the 2042 maturity included $59 million of Recovery Zone Economic Development bonds.
Fitch Ratings rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Standard & Poor’s rates NYW’s second resolution bonds at AA+.
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Date: Tuesday, October 26, 2010
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $850 MILLION NEW MONEY SUBORDINATE LIEN BOND SALE
Strong Investor Demand Leads to Upsizing from $750 Million to $850 Million
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $850 million of new money subordinate lien bonds.
Following the upsizing from the initial offering of $750 million to $850 million due to strong investor demand, the TFA finalized the pricing of $50 million of new money tax exempt bonds, $700 million of taxable Build America Bonds and $100 million of new money non-BAB taxable fixed rate bonds. The BABs and tax-exempt bonds were sold by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Morgan Stanley with Barclays Capital, BofA Merrill Lynch, Citi, Goldman Sachs & Co., J. P. Morgan serving as co-senior managers. The non-BAB taxable bonds were sold via competitive sale.
The TFA sold $23 million of the BABs to retail investors and received approximately $50 million of retail orders for the tax-exempt bonds during today’s retail order period. During the taxable institutional pricing, the TFA received over $1 billion of priority orders for the BABs. The non-BAB taxable bid was won by Wells Fargo at a TIC of 3.306%.
At final pricing, the yields on the federally-subsidized BABs ranged from 4.075% in 2020 (2.65% taking into account the 35 percent federal subsidy) to 5.932% in the 2036 maturity with a 10 year par call (3.86% after the federal subsidy). The maximum maturity in 2038 which had a make whole call had a yield of 5.572 % (a rate after subsidy of 3.62%).
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: Thursday, October 07, 2010
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF
$1.225 BILLION OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced today the successful sale of $1.225 billion of General Obligation new money and refunding bonds.
The City sold $300 million of tax-exempt refunding bonds and $925 million of taxable new money bonds, including $775 million of federally subsidized Build America Bonds (BABs).
The sale of the tax-exempt bonds and the BABs was led by book-running senior manager BofA Merrill Lynch with Citi, J.P. Morgan, Morgan Stanley, and Siebert Brandford Shank serving as co-senior managers.
The City filled $142 million of retail orders for the tax-exempt bonds and $143 million of retail orders for the BABs.
The yields on the tax-exempt bonds ranged from 0.4% in 2011 to 3.79% in 2028. The yields on the taxable Build America Bonds ranged from 3.947% in 2019 (or 2.57% net of the federal subsidy) to 5.817% for the par call bonds in 2031 (or 3.78% net of the subsidy). The longest maturity of the BABs in 2037 had a yield of 5.517 percent (3.59% net of the subsidy).
The City also sold $150 million of non-BAB taxable municipal bonds via competitive sale. The winning bid was by Citi.
The City simultaneously sold $88.545 million bonds to convert certain tax-exempt variable rate demand bonds to fixed rate.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from S&P and AA from Fitch.
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Date: September 23, 2010
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF $210 MILLION OF REFUNDING BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced the successful sale of $210 million of second resolution, fixed-rate, tax-exempt refunding bonds. The bonds were priced on Tuesday, September 22, 2010.
The financing was led by book-running senior manager Rice Financial Products. Rice Financial Products was singled out as a firm which would be given the opportunity to lead a financing under NYW’s most recent RFP in 2009. Barclays Capital, Jefferies & Company LLC, Morgan Keegan & Company, Inc., M.R. Beal & Company, and Ramirez & Co., Inc. served as co-senior managers on the transaction.
Yields on the bonds ranged from 0.32% in the 2011 maturity to 3.78% in the 2031 maturity. During the one-day retail order period on Monday, September 21, 2010, the Authority received $145 million of retail orders.
Standard & Poor’s rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Fitch Ratings rates NYW’s second resolution bonds at AA+.
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Date: July 27, 2010
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES DETAILS OF ITS UPCOMING $850 MILLION NEW MONEY SUBORDINATE LIEN BOND SALE, INCLUDING ITS SECOND SALE OF QUALIFIED SCHOOL CONSTRUCTION BONDS
The New York City Transitional Finance Authority (“TFA”) announced today the details of its upcoming $850 million new money subordinate lien bond sale. The TFA intends to sell $850 million of new money subordinate lien bonds, including the following:
- $470 million of new money taxable Build America Bonds (BABs) and $125 million of new money taxable Qualified School Construction Bonds (QSCBs) BAB which will be issued by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Citi with Barclays Capital, Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, and Morgan Stanley serving as co-senior managers. This will be the TFA’s second sale of QSCBs. There will be a two-day retail order period for the BABs and QSCBs beginning Monday, August 2, 2010.
- $155 million of new money tax-exempt fixed rate bonds, for which there will also be a two-day retail order period beginning Monday, August 2, 2010. These bonds will also be issued by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Citi with Barclays Capital, Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, and Morgan Stanley serving as co-senior managers.
- $100 million of tax exempt indexed floating rate bonds expected to be placed with Wells Fargo.
The institutional pricing for the taxable BABs, the taxable QSCBs and the tax-exempt bonds will be on Wednesday August 4, 2010.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Date: August 4, 2010
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $1 BILLION NEW MONEY SUBORDINATE LIEN BOND SALE
Strong Investor Demand Leads to Upsizing from $850 Million to $1 Billion
The New York City Transitional Finance Authority (“TFA”) announced today the successful sale of $1 billion of new money subordinate lien bonds.
Following the upsizing from the initial offering of $850 million to $1 billion due to strong investor demand, the TFA finalized the pricing of $139 million of new money tax exempt bonds, $614 million of taxable Build America Bonds and $147 million of Build America Bond-Qualified School Construction Bonds (QSCBs). All three components were sold by negotiated sale using the TFA’s underwriting syndicate, led by book-running senior manager Citi, with Barclays Capital, BofA Merrill Lynch, Goldman Sachs & Co., J. P. Morgan and Morgan Stanley serving as co-senior managers.
The TFA sold $109 million of the $123 million of tax-exempt bonds offered to retail investors and approximately $95 million of retail orders for the BABs in a two-day retail order period which began on Monday, August 2, 2010. During the taxable institutional pricing, the TFA received over $2 billion of priority orders.
At final pricing, the yields on the bonds ranged from 0.55 percent tax-exempt in 2012 to 5.81 percent (3.78 percent after taking into account the 35 percent federal subsidy) on the par call maturity of BABs in 2030 and 5.51 percent (3.58 percent after taking into account the 35 percent federal subsidy) in the maximum maturity 2037 which consisted of BABs with a make whole call.
The TFA is also planning to sell $100 million of new money floating rate bonds. The bonds will be priced on or about the closing date, August 16, 2010.
Standard & Poor’s rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody’s Investors Service rates the TFA subordinate lien bonds at Aa1.
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Tuesday, July 27, 2010
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF $963 MILLION
OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced today the successful sale of $963 million of General Obligation refunding bonds.
The sale was led by co-book-running senior managers Barclays Capital and Loop Capital Markets with Citi, Morgan Stanley, Jeffries & Company, J.P. Morgan, and BofA Merrill Lynch serving as co-senior managers.
The City held a two-day retail order period, resulting in $373 million of retail orders. The City received $617 million of institutional orders for the remaining $590 million of bonds. Final yields ranged from 0.30% in the 2011 maturity to 4.39% in the 2037 maturity.
The ratings for New York City General Obligation Bonds are Aa2 from Moody’s Investors Service, AA from S&P and AA from Fitch.
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Date: Tuesday, June 22, 2010
NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY
ANNOUNCES SUCCESSFUL SALE OF
$554 MILLION OF TAXABLE NEW MONEY BUILD AMERICA BONDS
The New York City Municipal Water Finance Authority (“NYW”) announced today the successful sale of $554 million of second resolution, fixed-rate, taxable, new money Build America Bonds.
NYW offered bonds with two different call provisions. Today’s sale included $230 million of 10-year par call bonds, and $324 million of make-whole call bonds. The yield on the par call bonds at the final pricing today was 6.12% in 2042, the only maturity offered. Net of the 35% federal subsidy, the yield is 3.98%. The yield on the make-whole call bonds at the final pricing today was 5.72% in 2042, the only maturity offered. Net of the 35% federal subsidy, the yield is 3.72%.
Today’s sale was led by book-running senior manager Morgan Keegan & Company, Inc., with Barclays Capital, Jefferies & Company LLC, M.R. Beal & Company, and Ramirez & Co., Inc. serving as co-senior managers.
Standard & Poor’s rates NYW’s second resolution bonds at AA+. Moody’s Investors Service rates NYW’s second resolution bonds at Aa2. Fitch Ratings rates NYW’s second resolution bonds at AA+.
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Date: Thursday, June 10, 2010
NEW YORK CITY ANNOUNCES SUCCESSFUL SALE OF
$900 MILLION OF GENERAL OBLIGATION BONDS
New York City (“the City”) announced the successful sale of $900 million of General Obligation bonds yesterday. The sale included $750 million of taxable new money Build America Bonds (BABs), and $150 million of tax-exempt new money bonds.
The sale was led by book-running senior manager Morgan Stanley, with Citi, J.P. Morgan, Merrill Lynch, and Siebert Brandford Shank serving as co-senior managers.
Yields at the final pricing yesterday on the BABs ranged from 4.1% in 2017 to 5.8% for the longest dated maturity in 2040. Net of the 35% federal subsidy, those yields ranged from 2.7% in 2017 to 3.8% in 2036.
The City held a brief retail order period yesterday morning, resulting in $130 million of retail orders for the tax exempt bonds and $18 million of retail orders for BABs, net of oversubscriptions. Yields on the tax-exempt bonds ranged from 0.78% in 2012 to 3.55% in 2021.
The City’s General Obligation bonds are currently rated AA by Standard & Poor’s, Aa2 by Moody’s Investors Service, and AA by Fitch.
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FOR IMMEDIATE RELEASE
Date: Thursday, May 20, 2010
NEW YORK CITY TRANSITIONAL FINANCE AUTHORITY ANNOUNCES SUCCESSFUL $1.4 BILLION NEW MONEY AND REFUNDING SUBORDINATE LIEN BOND SALE, INCLUDING ITS FIRST SALE OF QUALIFIED SCHOOL CONSTRUCTION BONDS
The New York City Transitional Finance Authority ("TFA") announced today the successful sale of $1.14 billion new money and refunding subordinate lien bonds.
On Tuesday, May 17, 2010, the TFA priced $342 million of new money taxable Build America Bonds and $250 million of new money Build America Bond-Qualified School Construction Bonds (QSCBs). Both issues were sold by negotiated sale using the TFA's underwriting syndicate, led by book-running senior manager BofA Merill Lynch, with Barclays Capital, Citi, Goldman Sachs ^ Co., J.P. Morgan and Morgan Stan ely serving as co-senior managers. Yields on the $342 million of BABs ranged from 2.662% in 2014 to 5.467% in 2040. The TFA also sold an additional %78 million of BABs as limited offerings to New York Sate Division of the Lottery as a yield of 5.467% in the 2040 maturity. It is expected that tech State will hold these bonds in a long-term structured portfolio to pay certain obligations of the New York State Division of the Lottery. The QSCBs were in single maturity, 2027, and were priced at 5.267%
The TFA used the same underwriting group led by BofA Merrill Lynch to sell $380 million of subordinate lien refunding bonds. Yields on the $380 million of tax-exempt refunding bonds ranged from 0.3% in 2010 to 3.88% in 2027.
The TFA also sold $20 million of taxable refunding bonds sold through competitive sale. The competitive sale of the $20 million of taxable refunding bonds was won by Wells Fargo at a TIC of 0.62%. The TFA also sold $70 million of traditional municipal taxable new money bonds by competitive sale which was won by Wells Fargo at a TIC of 2.19%.
The TFA is also planning to sell $250 million of new money floating rate bonds. The bonds will be priced on or about the closing date, June 4, 2010.
Standards & Poor's rates the TFA subordinate lien bonds at AAA, Fitch Ratings rates the TFA subordinate lien bonds at AAA and Moody's Investors Service rates the TFA subordinate lien bonds at Aa1.
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