News
Public Finance Wrap-Up: January 2021
To A Prosperous 2021
As we welcome the new year, we want to thank you for investing in New York City and affording the Comptroller’s Office the opportunity to be of service, providing support and information to our investors and other interested parties.
Financings in January
The Comptroller’s office did not execute any financings during the month of January but remains active in monitoring markets and identifying opportunities. Information on future financings will be announced via our website.
Upcoming Financings
New York City Transitional Finance Authority
The New York City Transitional Finance Authority (TFA) announced details of its upcoming sale of approximately $1.3 billion future tax secured subordinate bonds, comprised of approximately $1.0 billion of tax-exempt fixed rate bonds and $300 million of taxable fixed rate bonds. Proceeds from the sale will be used to fund capital projects. The TFA will also be converting to a fixed rate and reoffering its Fiscal 2010, Subseries F-5 bonds.”
Subject to market conditions, the pricing for the tax-exempt fixed rate bonds being offered and reoffered will take place on Wednesday, February 3, 2021, via negotiated sale through TFA’s underwriting syndicate led by book running lead manager Wells Fargo Securities, with BofA Securities, Citigroup, Jefferies, J.P. Morgan, Loop Capital Markets, Ramirez & Co., RBC Capital Markets, and Siebert Williams Shank serving as co-senior managers.
The sale will begin on Monday, February 1st with a two-day retail order period for retail investors, and will continue on February 3rd with institutional orders. The TFA intends to sell approximately $300 million of taxable fixed rate bonds via competitive bid on February 3rd.
Financial Plan
In January, the Office of Management and Budget released its Financial Plan for Fiscal Years 2021 – 2025. The Financial Plan projects balanced operating results for Fiscal Years 2021 and 2022. To view the report in its entirety, click here.
Financial Plan and Economic Updates
The Comptroller’s Office continues to provide updated economic and fiscal information in our New York by the Numbers – Weekly Economic and Fiscal Outlook. The Comptroller’s Cash Report and Cash Projection report are also excellent resources. To view both visit the Comptroller’s Cash Report page and Cash Projection page.
Celebrating Martin Luther King Jr.
On Monday, January 18th we honored the great Martin Luther King Jr. A beacon of hope and a leader in nonviolent activism, King’s legacy reminds us of the work still remaining to realize the ideals of justice and freedom on which our nation was founded.
Marj Henning
Deputy Comptroller for Public Finance
Verrazano-Narrows Bridge | Photo Credit: Francois Roux /Shutterstock
Connecting Brooklyn with Staten Island, the Verrazano-Narrows Bridge is one of the world’s longest suspension bridges. With towers 693 feet high, each weighing 27,000 tons, each of bridge’s end sit at the foot of the historic Fort Hamilton in Brooklyn and Fort Wadsworth in Staten Island. These Forts are well known for guarding the New York Harbor. The bridge not only connects Brooklyn with Staten Island, but serves as a connection to other major expressways and large communities. One of the most interesting aspects of the bridge is the change of its height depending on the season – during the summer, the double-decked bridge is 12 feet lower than in the winter, due to the expansions and contractions of the steel cables that support the bridge’s structure. Unlike other bridges in New York that allow for pedestrian crossing, the Verrazano only allows for cars, but it’s beautiful structure is certainly breathtaking whether viewed while traveling by car or from afar.