Report to the Finance Committee Review of Variable Rate Debt
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1 Report to the Finance Committee Review of Variable Rate Debt April 22, 2013 MTA 0
2 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest possible interest cost on its debt and maintain a prudent level of interest rate risk. Therefore, the following policy shall apply: The Authority may issue Variable Rate Debt in such amounts as deemed necessary and/or beneficial by staff to provide funding for Approved Capital Programs or to refund existing obligations of the Authority. Upon such issuance, the principal amount of Variable Rate Debt outstanding shall not exceed 25% of the aggregate principal amount of all outstanding obligations of the Authority. (1) MTA Board adopted the Variable Rate Policy on May 20, 2004, Note: Synthetic Fixed Rate presentation is scheduled to be presented to the Finance Committee in October
3 Variable Rate Debt Represents 8% of Total Debt $ in billions Synthetic Fixed Rate Debt $2.73 9% Variable Rate Debt (1) $2.55 8% Term Rate Debt $0.51 1% (2) Fixed Rate $ % Notes: As of March 31, 2013 Excludes new York State supported Service Contract Bonds (1) Includes $900 million Transportation Revenue Bond Anticipation Notes, Series CP-2 (2) Term Rate bonds have a fixed rate for a defined period (ending with a mandatory tender) but do not have a fixed rate for the entire life of the bond. 2
4 Variable Rate Debt Diversification (1) $ in millions Auction Rate Securities $310 6% Commercial Paper $900 17% Floating Rate Notes $1,000 19% (2) Private Placement $200 4% Daily VRDB $697 13% Weekly VRDB $2,175 41% Notes: As of March 31, 2013 (1) Includes hedged and unhedged variable rate debt and $900 million Transportation Revenue Bond Anticipation Notes, Series CP-2. Totals may not add due to rounding (2) Variable rate determined as a set spread to 1-month LIBOR. 3
5 Types of Variable Rate Debt in MTA s Debt Portfolio* Variable Rate Demand Bonds ( VRDBs ), $2.9 billion outstanding Interest rate is determined on a periodic basis depending on the interest rate mode; Remarketing Agent sets the interest rate on each reset date and markets bonds tendered Optional tenders are supported by bank letters of credit and standby bond purchase agreements Floating Rate Notes (FRNs), $1.0 billion outstanding Interest rate is determined based on a set spread to a floating index (SIFMA or LIBOR) Commercial Paper ( CP ), $900 million outstanding Auction Rate Securities ( ARS ), $310 million outstanding Interest rates are reset through a Dutch auction process which was designed to result in market-provided liquidity ARSs have been failing since beginning of credit crunch in late 2008 Private Placement, $200 million outstanding Interest rate is determined based on a set spread to 69% 1-month LIBOR index Notes: * As of March 31,
6 5-Year Tax-Exempt Bond Rate History 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 30 Year Tax-Exempt Bond Rate 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% SIFMA Rate The long-term bond yields trended generally downward in 2012, finishing the year 0.74% lower and rates continue near historic lows (5-year avg. is 4.14%). Short-term rates continue to remain near all-time lows since the upward spike on September 24, (5-year avg. is 0.65%) 5
7 2012 Variable Rate Bonds Performance 1.20% 1.10% 1.00% 0.90% 0.80% MTA Variable Rate Bonds Average Rate (1), 0.78% Other Benchmark Rates (2012 Avg) RBI 4.56% MMD 3.04% 30-year Treasury 2.92% 1-year Treasury 0.17% SIFMA 0.16% 0.70% 0.60% 0.50% MTA Variable Rate Bonds Weighted Daily Average (1) Average rate is inclusive of fees from January 1, 2012 through December 31, Excludes CP. 6
8 Liquidity Expirations and FRN and Put Bond Reset Dates by Year, $ in millions 2,000 1, , ,347 1,204 1, Expiring Liquidity FRN Put Bond 2013 Remarketings (YTD): $29.6 million of FRNs remarketed Outlook: $1,050 million expected to renew and $200 million are expected need replacement facilities, $97 million expected to be converted to fixed rate, $214 million in Term bonds and $104 million in FRNs will reset in
9 Appendix 2013 Liquidity Expiration Schedule Variable Rate Remarketing Assignments 8
10 2013 Liquidity Expiration Schedule Resolution Series Type of Facility Par Amount Liquidity Exp. ($ millions) (1) Provider Date Final Maturity Trans Rev CP-2 Subseries C LOC RBC 6/30/2013 9/16/2016 DTF 2008B-1 LOC Bank of Nova Scotia 8/15/ /1/2034 Trans Rev CP-2 Subseries A LOC TD Bank 9/12/2013 9/16/2016 Trans Rev CP-2 Subseries B LOC Barclays 9/12/2013 9/16/2016 Trans Rev CP-2 Subseries D LOC Citi 9/12/2013 9/16/2016 Trans Rev 2002G-1 LOC Bank of Nova Scotia 10/7/2013 1/1/2026 Trans Rev 2005D-1 LOC Helaba 11/7/2013 1/1/2035 1) Par Amount Outstanding on expiration date. Complete Liquidity Expiration Schedule is available at MTA.info 9
11 Note: VRDB stands for Variable Rate Demand Bond. Variable Rate Debt Remarketing Assignments as of March 31, 2013 Series Type of Variable Rate Debt Par Outstanding Remarketing Agent/Broker Dealer Transportation 2002B-1 7-Day Auction J. P. Morgan and Merrill Lynch Pierce Fenner and Smith Transportation 2002B-2 28-Day Auction J. P. Morgan and Merrill Lynch Pierce Fenner and Smith Transportation 2002D-2 PP Wells Fargo Transportation 2002G-1 Weekly VRDB Merrill Lynch Transportation 2005D-1 Weekly VRDB Merrill Lynch Transportation 2005D-2 Daily VRDB Morgan Stanley Transportation 2005E-1 Weekly VRDB Merrill Lynch Transportation 2005E-2 Weekly VRDB JP Morgan Transportation 2005E-3 Daily VRDB PNC Transportation 2011B Weekly VRDB Merrill Lynch Transportation 2012A-1 FRN Merrill Lynch Transportation 2012A-2 FRN J. P. Morgan Transportation 2012A-3 FRN J. P. Morgan Transportation 2012G-1 FRN J. P. Morgan Transportation 2012G-2 FRN J. P. Morgan Transportation 2012G-3 FRN J. P. Morgan Transportation 2012G-4 FRN J. P. Morgan Transportation CP-2 Subseries A CP Morgan Stanley Transportation CP-2 Subseries B CP Barclays Transportation CP-2 Subseries C CP RBC Transportation CP-2 Subseries D CP Citigroup (1) Merrill Lynch Pierce Fenner and Smith is the broker dealer and remarketing agent of BofA Merrill Lynch (2) Private Placement Interest rate is determined based on a set spread to 69% 1-month LIBOR. 10
12 Note: VRDB stands for Variable Rate Demand Bond. Variable Rate Debt Remarketing Assignments as of March 31, 2013 Series Type of Variable Rate Debt Par Outstanding Remarketing Agent/Broker Dealer DTF 2002B-1 Weekly VRDB Morgan Stanley DTF 2002B-2a FRN Morgan Stanley DTF 2002B-2b FRN Morgan Stanley DTF 2002B-2c FRN Morgan Stanley DTF 2002B-2d FRN Morgan Stanley DTF 2008A-1 Weekly VRDB Morgan Stanley DTF 2008A-2 Weekly VRDB Goldman Sachs DTF 2008B-1 Weekly VRDB Barclays DTF 2008B-3a FRN Goldman Sachs DTF 2008B-3b FRN Goldman Sachs DTF 2008B-3c FRN Goldman Sachs DTF 2008B-4 Weekly VRDB Barclays (1) Merrill Lynch Pierce Fenner and Smith is the broker dealer and remarketing agent of BofA Merrill Lynch (2) Private Placement Interest rate is determined based on a set spread to 69% 1-month LIBOR. 11
13 Variable Rate Remarketing Assignments as of March 31, 2013 Series Type of Variable Rate Debt Par Outstanding Remarketing Agent/Broker Dealer TBTA Gen 2001B TBTA Gen 2001B Weekly VRDB Citigroup TBTA Gen 2001C TBTA Gen 2001C Weekly VRDB Citigroup TBTA Gen 2002F TBTA Gen 2002F Daily VRDB J. P. Morgan TBTA Gen 2003B-1 TBTA Gen 2003B-1 Weekly VRDB Citigroup TBTA Gen 2003B-2 TBTA Gen 2003B-2 Weekly VRDB Citigroup TBTA Gen 2003B-3 TBTA Gen 2003B-3 Daily VRDB US Bank TBTA Gen 2005A-1 TBTA Gen 2005A-1 Daily VRDB US Bank TBTA Gen 2005A-2 TBTA Gen 2005A-2 Weekly VRDB US Bank TBTA Gen 2005A-3 TBTA Gen 2005A-3 Weekly VRDB US Bank TBTA Gen 2005B-2a TBTA Gen 2005B-2a Daily VRDB JP Morgan TBTA Gen 2005B-2b TBTA Gen 2005B-2b Daily VRDB JP Morgan TBTA Gen 2005B-2c TBTA Gen 2005B-2c Daily VRDB US Bank TBTA Gen 2005B-3 TBTA Gen 2005B-3 Weekly VRDB Jefferies TBTA Gen 2005B-4a TBTA Gen 2005B-4a FRN Barclays TBTA Gen 2005B-4b TBTA Gen 2005B-4b FRN J. P. Morgan TBTA Gen 2005B-4c TBTA Gen 2005B-4c FRN J. P. Morgan TBTA Gen 2005B-4d TBTA Gen 2005B-4d FRN J. P. Morgan TBTA Gen 2005B-4e TBTA Gen 2005B-4e FRN J. P. Morgan TBTA Gen 2008B-1 TBTA Gen 2008B-1 Put Bond J. P. Morgan TBTA Gen 2008B-2 TBTA Gen 2008B-2 Put Bond J. P. Morgan TBTA Gen 2008B-3 TBTA Gen 2008B-3 Put Bond J. P. Morgan TBTA Sub 2000AB** TBTA Sub 2000AB** Weekly VRDB J. P. Morgan TBTA Sub 2000CD** TBTA Sub 2000CD** Weekly VRDB Citigroup Note: VRDB stands for Variable Rate Demand Bond. 12
14 Variable Rate Remarketing Assignments as of March 31, 2013 Series Type of Variable Rate Debt Par Outstanding Remarketing Agent/Broker Dealer 2 Broadway COPs, 2004A-1 7-day Auction $ 9,800,000 J.P. Morgan and Merrill Lynch Pierce Fenner and Smith (1) 2 Broadway COPs, 2004A-2 7-day Auction 11,225,000 J.P. Morgan 2 Broadway COPs, 2004A-3 7-day Auction 37,250,000 J.P. Morgan and Merrill Lynch Pierce Fenner and Smith (1) 2 Broadway COPs, 2004A-4 35-day Auction 38,450,000 J.P. Morgan 2 Broadway COPs, 2004A-5 35-day Auction 4,100,000 J.P. Morgan Note: VRDB stands for Variable Rate Demand Bond. 13
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