Competitive Bidding Process Attracts strong Interest from Financial Markets
ALBANY, NY – The Dormitory Authority of the State of New York (DASNY) took competitive bids on approximately $1.88 billion in Sales Tax Bonds across five tax-exempt bidding groups and one taxable bidding group. The bond offering attracted robust interest from between 8 and 11 firms participating in the competitive bidding process.
The winning bids were awarded as follows:
- Bank of America won $365,420,000 Series 2026A Bidding Group 1;
- JP Morgan won $336,005,000 Series 2026A Bidding Group 2
- Wells Fargo won $381,690,000 Series 2026A Bidding Group 3
- Jefferies won $356,680,000 Series 2026B (Climate Bond Certified) Bidding Group 1;
- Jefferies won $383,240,000 Series 2026B (Climate Bond Certified) Bidding Group 2; and
- Wells Fargo won $53,550,000 Series 2026C Taxable bonds.
Bond proceeds will be used to reimburse the State for expenditures made on a variety of capital projects across various agencies and to refund certain outstanding bonds, continuing New York State's commitment to investing in infrastructure while maintaining an affordable debt portfolio.
This bond issuance will reimburse the State for expenditures in critical sectors including education and transportation. Bond proceeds will reimburse capital spending for the following agencies:
- City University of New York (CUNY)
- State University of New York (SUNY)
- Metropolitan Transportation Authority (MTA)
In addition, the bond proceeds will also be used to refund a portion of DASNY State Personal Income Tax Revenue Bonds Series 2016A and 2016D allowing the state to reduce debt service costs.
Public Resources Advisory Group and Backstrom McCarley Berry & Co. served as Financial Advisors for the transaction, while Nixon Peabody and Bryant Rabbino served as Co-Bond Counsel.
Sales Tax Bonds are issued periodically for various capital purposes and are secured by a portion of the State's Sales Tax revenues. The bonds are expected to close on September 10, 2026.
About DASNY
Founded in 1944, DASNY is New York State’s capital project development authority. It finances and constructs sustainable and resilient science, health and education institutions that help New York thrive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond and notes portfolio of approximately $68.2 billion as of June 30, 2026. DASNY is also a prolific public builder with a construction pipeline of approximately 1,400 projects valued at more than $15 billion as of June 30, 2026.