New York State Comptroller Thomas P. DiNapoli today announced a tentative schedule for the planned sale of obligations for the state, New York City, and their major public authorities during the first quarter of 2016.

The proposed new issuances total approximately $3.82 billion, including $447.8 million scheduled for this month, $1.45 billion for February and approximately $1.93 billion for March. The first quarter of anticipated new issuances compares to past planned new issuances of approximately $5.68 billion during the fourth quarter of 2015 and $2.44 billion during the first quarter of 2015.

The State Comptroller’s office chairs the Securities Coordinating Committee which was created by Gubernatorial Executive Order primarily to coordinate the borrowing activities of the state, New York City and their respective public authorities. All borrowings are scheduled at the request of the issuer and done pursuant to its borrowing programs.

The first quarter new money borrowings are expected to include the following:

• Dormitory Authority of the State of New York – a bond sale of up to $17 million of fixed rate tax-exempt and/or taxable bonds for the month of January.
• Metropolitan Transportation Authority – a bond sale of up to $500 million in fixed rate tax-exempt bonds for the month of February and a note sale of up to $700 million in fixed rate tax-exempt notes for the month of March.
• New York City Transitional Finance Authority – a bond sale of up to $850 million in fixed rate taxable and tax-exempt bonds for the month of February and a bond sale of up to $750 million in fixed rate tax-exempt bonds for the month of March.
• New York State Housing Finance Authority – bond sales totaling up to $130.8 million in fixed rate tax-exempt bonds as well as variable rate taxable and tax-exempt bonds for the month of January.
• State of New York – a bond sale of up to $475 million in fixed rate tax-exempt bonds for the month of March.
• State of New York Mortgage Agency – a bond sale of up to $100 million in fixed rate tax-exempt bonds for the month of February.
• Triborough Bridge & Tunnel Authority – a bond sale of up to $300 million in fixed rate tax-exempt bonds for the month of January.

Refundings or reofferings are currently being contemplated by: the City of New York, the Dormitory Authority of the State of New York, Empire State Development, the New York City Municipal Water Finance Authority and the Utility Debt Securitization Authority.

The schedule will be modified and updated in response to changes in program needs and market conditions. It is also contingent upon execution of all project approvals required by law. The schedule is released by the Committee to assist participants in the municipal bond market. A new schedule is released every quarter and updated as necessary. The collection and release of this information by the Office of the State Comptroller is not intended as an endorsement of the proposed issuances it contains, many of which will be subject to approval by the Office of the State Comptroller.

See the full forward calendar, or go to: www.osc.state.ny.us/pension/scccalendar.pdf.