Loop Capital Markets Serves as Book Running Senior Manager for the City of New York’s $1.02 billion General Obligation Bonds, Fiscal 2024 Series A (New Money) and Fiscal 2012 Series G Subseries G-5 (Reoffering)

On August 9, 2023, Loop Capital Markets served as the Book Running Senior Manager for the City of New York’s $1.02 billion General Obligation Bonds, Fiscal 2024 Series A (New Money) and Fiscal 2012 Series G Subseries G-5 (Reoffering) (the “Bonds”). The transaction was the largest negotiated tax-exempt transaction of the week. The Bonds are rated Aa2/AA/AA/AA+ by Moody’s, S&P, Fitch and Kroll, respectively, with all stable outlooks. The Bonds were issued to finance general City capital expenditures and to convert floating rate debt to fixed rate debt.

In preparation for the pre-marketing process, an investor presentation was created and was ultimately viewed by 58 investors. The Firm conduced a one-day Retail Order Period (“ROP”) where a total of $789.11 million of retail orders were received of which $683.29 million were submitted by Loop Capital Markets. After the ROP, the City entered the market with $742.215 million of bonds offered for the Institutional Order Period (“IOP”). Despite the overall significant New York supply over the last month, Loop Capital’s salesforce produced $5.6 billion of institutional and professional retail orders. Overall, the City received $5.8 billion of retail and institutional orders, and the transaction was oversubscribed by 6.1x.

Due to strong subscription levels, the Firm was able to tighten spreads by up to 12 bps depending on the maturity from ROP to final pricing. The 2032 maturity had an unsold balance of $20 million, which was underwritten by the Firm.