Loop Capital Markets Serves as Senior Manager for the State of Ohio’s $435.080 million General Obligation Refunding Bonds, Series 2023A

On December 12, 2023, Loop Capital Markets served as the Senior Manager for the State of Ohio’s (the “State”) $435.080 million General Obligation Refunding Bonds, Series 2023A (the “Bonds”). The transaction marked the State’s inaugural general obligation bond issuance since receiving across the board Aaa/AAA/AAA ratings from Moody’s, S&P, and Fitch, respectively. Over the last several years, Loop’s banking team assisted the State with a comprehensive and targeted credit rating strategy, which focused on the State’s economic strengths.

The State capitalized on the strong momentum of the municipal market and headed into pricing with the bond market having rallied as much as 108 bps across the first 15 years due to economic data supporting that the Fed was likely done with rate hikes. Ultimately, 45 institutional accounts placed orders during the order period, totaling $1.245 billion in priority orders, or 2.9x subscribed for. Given strong investor demand, the Firm tightened spreads up to 10 bps from preliminary pricing to final pricing. After repricing, the transaction finished with $932.140 million priority orders or 2.1x oversubscription. In support of the transaction, the Firm underwrote $31 million bonds at levels unchanged from preliminary pricing spreads. The transaction resulted in gross savings totaling $75.798 million and present value savings totaling $63.296 million, or 12.953% of bonds refunded for the State.