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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
|
3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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New York Issuers Step Up to the Plate |
Bond Buyer - March 28, 2011 - By Michelle Kaske
A flurry of New York issuance helped to boost supply last week in the municipal bond market as buyers grabbed $1.87 billion of debt from the Empire State.
The week’s largest deal was a $829 million New York State general obligation transaction that included tax-exempt and taxable new-money and refunding bonds in four different series. Wells Fargo Securities was the winning bidder on the bulk of the competitive transaction. Bank of America Merrill Lynch was the winning bidder on the $231 million Series 2011C tax-exempt refunding bonds.
The $478.2 million of tax-exempt new-money Series 2011A bonds priced with yields ranging from 1.05% on a 5% coupon for debt maturing in 2014 to 4.9% with a 5% coupon on debt maturing in 2041. Bonds maturing in 2012, 2013, 2016, and 2018 were not reoffered. The true interest cost was 4.25%.
Donald Lipkin, head of municipal market strategy at Wells Fargo, said this was the time to buy New York general obligation bonds. The double-A rated state tends to issue new-money GOs only once a year, while it issues appropriation-backed debt and bonds backed by its personal income-tax receipts throughout the year.
“It was a chance to buy a highly rated deal, high-quality bonds at a significant size in a market that does have little supply,” Lipkin said. “New York State issues a lot of bonds, but they don’t have a whole lot of GOs so it’s not a name that comes all the time in size.”
The municipal primary market has been quiet this year. State officials anticipated the GO deal would stand out against a backdrop of light municipal issuance.
“There’s been a light supply and, for the state, the GO bonds don’t come to market frequently,” said Emily DeSantis, spokeswoman for the state’s comptroller’s office, which executes the state’s GO bond sales. “So we usually see pretty good demand for our bonds and we were certainly comfortable.”
The refunding portion of the transaction generated a net-present-value savings of $29 million, or 8.6%, according to DeSantis.
The comptroller’s office had its eye on the GO deal, but it also helps to coordinate other New York borrowings to avoid any crowding out that might occur when multiple issuers access the market within the same time frame.
The State of New York Mortgage Agency priced $115.4 million of mortgage revenue bonds on Monday. The next day, the state issued its competitive GO deal while the New York City Municipal Water Finance Authority and the Metropolitan Transportation Authority began retail pricing on their bond sales.
The Dormitory Authority for the State of New York also jumped in on Tuesday with a $32.5 million refunding deal. On Wednesday the MWFA and the MTA opened up pricing to institutional investors while the Port Authority of New York and New Jersey sold $225 million of refunding debt subject to the alternative minimum tax.
DeSantis said that the office works with the various issuers throughout the state to ensure there is market access for everyone.
For the complete article.
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Income Security Recommendation January 2013 Issue.
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