Loop Capital Markets Served as Bookrunning Senior Manager on City of Chicago’s $695.380 Million General Obligation Bonds, Series 2025ABCDE

On June 4, 2025, Loop Capital Markets served as Senior Manager on the City of Chicago’s (the “City”) $695.380 million General Obligation Bonds, Series 2025ABCDE (the “Bonds”). The Bonds are rated BBB (Stable) / A- (Negative) / A- (Negative) by S&P, Fitch and Kroll, respectively, with an enhanced rating of AA (Stable) by S&P for maturities 2046 in Series 2025A and 2043 in Series 2025E that are insured by BAM.

Proceeds of the Bonds will be used to finance portions of certain projects that are part of the City’s capital improvement program, refinance one or more line of credit agreements, fund capitalized interest on the Bonds, pay the premium for the Bond Insurance Policy, and pay costs of issuance on the Bonds. The Bonds were issued under four ordinances which created restrictions within the project fund amounts and use of proceeds. The Firm structured the Bonds to fill-in gaps in the City’s existing debt service profile which includes capitalized interest through January 1, 2027.

Loop Capital Markets assisted the City in creating a comprehensive electronic investor roadshow, which was viewed by 32 unique investors. The Firm provided the City with a detailed read sheet summarizing investors expected to participate and rationale from non-participating accounts. During pre-marketing, the Firm coordinated responses from the City to questions from select investors following the release POS and supplements that addressed House Bill 3657, which, among other things, increased the City’s pension contributions.

New issuance volume was expected to be $19 billion during the week of pricing, marking the largest week in YTD 2025. The Firm generated nearly $5.5 billion in priority orders for the tax-exempt portion. Given the strong results of the order period, the Firm was able to tighten spreads by up to 18 bps between pre-pricing and final pricing on the term bond. Subscription levels by maturity ranged from 1.0x to 11.4x. The taxable bonds generated over $25 million in priority orders with four out of five participating accounts submitting orders for the entire taxable portion. The taxable bonds had strong subscription levels of 3.2x. Ultimately, the transaction achieved an All-In TIC of 5.601% with an average life of 18.788 years.