Roosevelt & Cross Closes $759,115,000 Dormitory Authority of the State of New York School Districts Revenue Bond Financing Program Series 2022A and 2022B

BY Business Wire | MUNICIPAL | 06/15/22 01:00 PM EDT

NEW YORK--(BUSINESS WIRE)-- Roosevelt & Cross acted as the senior book-running manager for a $759,115,000 bond issue for the Dormitory Authority?s School Districts Revenue Bond Financing Program that priced in May 2022. Two series of bonds were issued on behalf of 66 New York school districts to finance infrastructure improvements to facilities and equipment throughout the state. This year?s DASNY financing marks the 20th anniversary of the program, and the largest issuance since its inception.

The bonds are special obligations of DASNY, payable from GO bond payments of the local school district obligors under the program. Series level par amounts of $732.315 million in Series A and $26.8 million in Series B were offered in a negotiated sale during a two-day order period commencing with retail priority on day one. Series A was structured with serial bonds through 15 years and term bonds in 2042 and 2051. BAM insurance was utilized in Series A where cost effective: 2025 through 2051. Series B, with a 15 year final maturity, utilized serials only.

?Market volatility driven by inflationary concerns, Fed policy, and negative fund flows has created a significant marketing challenge.? Said Elaine Brennan, Executive Vice President in the Public Finance Department. ?Despite these challenges, our efforts brought in adequate demand with subscription levels ranging from 1x to 2x on most maturities. This demand includes several new participants to the program.?

About Roosevelt & Cross Incorporated

Roosevelt & Cross Incorporated is a registered broker-dealer that specializes in tax-exempt and taxable municipal debt. The firm is entirely employee owned and directed, and 100% of the firm?s capital is committed to municipal securities. As a top-ranking municipal bond underwriter in New York, New Jersey, and New England, Roosevelt & Cross offers strong distribution capabilities across major and mid-size institutional accounts, professionally managed retail accounts, and high net worth individual accounts. The firm?s investment banking and credit analysis capabilities are on par with the best in the industry. Roosevelt & Cross is consistently ranked the #1 underwriter of education bonds in New York State. Based in New York City, the company has branch offices in Buffalo, Boston, West Hartford, CT, East Greenwich, RI and Warren, NJ.
Visit https://www.roosevelt-cross.com/ to learn more. Follow us on LinkedIn.

Source: Roosevelt & Cross Incorporated

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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