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NYC Transitional Finance Authority

Press Release

RELEASE DATE: August 1, 2001

New York City Transitional Finance Authority Fiscal 2002 Series 1 and Series 2 Competitive Bond Anticipation Notes Price Through Benchmarks

The New York City Transitional Finance Authority (the "TFA") announced today that it successfully priced its Fiscal 2002 Series 1 and Series 2 Bond Anticipation Notes (BANs) in a competitive sale. The Series 1 tax-exempt BANs priced at 8 basis points through the MIG-1 short-term benchmark index, while the Series 2 taxable BANs priced at 20 basis points through the 3-month LIBOR benchmark index.

The Series 1 tax-exempt fixed-rate notes totaling $400 million were awarded to Lehman Brothers through a competitive sale, with a final all-in TIC of 2.47%. The Series 2 taxable fixed-rate notes totaling $200 million were awarded to several firms, as follows:

  • UBS PaineWebber, Inc. $25 million
  • Lehman Brothers $77 million
  • Salomon Smith Barney $77 million
  • Dain Rauscher, Inc. $21 million

The all-in TIC for the Series 2 notes was 3.73%.

The Series 1 and Series 2 BANs have a maturity date of November 30, 2001. It is anticipated that the BANS will be taken out with new money TFA bonds at maturity.

Moody's Investors Service rates the TFA at Aa2, Standard & Poor's rates the TFA at AA+, and Fitch rates the TFA at AA+.

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