Green Bond Fact Sheet

Dormitory Authority Of The State Of New York

Date: 23/09/2019

Issue date: 19-09-2019 Maturity date: 01-07-2036 Tenor: 16.8
Issuer Name

Dormitory Authority of
the State of New York

Amount Issued

USD121.4m

Country of risk

USA

CBI Database

Included

Issuer Type1

Government-Backed
EntityBond TypeUS MuniGreen Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingIssuer information

Cornell University plans to publish information on their website in case any of the buildings
have achieved LEED certifications. Furthermore, there will be voluntary annual updates on theuse of proceeds until they have been fully spent.
Dormitory Authority Of The State Of New York finances and builds facilities for highereducation, health care providers, court facilities and non-profit institutions and publicagencies. The ultimate borrower of this deal will be Cornell University, which is a land grantuniversity based in Ithaca, New York, with medical and tech campuses in New York City.
Cornell is one of the eight Ivy League universities.

Firsts, records andcertifications
Proceeds description

Climate Bonds view

Underwriters

The use of proceeds will go towards financing the construction of the university’s northcampus. This includes buildings and infrastructure for housing amongst others. The project isexpected to contribute to the university’s climate action plan and the buildings are expectedto achieve LEED Silver or Gold certifications.
As found in our ‘Post-Issuance Reporting’ report for most municipal bonds there is little or noinformation disclosed on the allocation of proceeds and funded projects. It is great to see theambition of this issuer to disclose voluntary information until the proceeds are fully spent.
MORGAN STANLEY & CO LLC

Deal comments
Credit Rating

AA (S&P)

Pricing summary•••

Yield: 1.920 %Coupon: 5.000%
Price: 144.009%

Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign