Loop Capital Markets Serves as Senior Manager on Ohio Water Development Authority’s $100 Million Water Development Revenue Bonds, Fresh Water Series 2023A

On October 17, 2023, Loop Capital Markets served as Senior Manager on Ohio Water Development Authority’s ( “OWDA”) $100 million Water Development Revenue Bonds, Fresh Water Series 2023A (the “Bonds”). The Bonds were rated Aaa (Stable) / AAA (Stable) by Moody’s and S&P, respectively. Proceeds from the transaction will fund lending to local government agencies in Ohio for water and sewer projects for its State Revolving Fund program.

In preparation for the marketing process, Loop Capital Markets assisted OWDA in creating a comprehensive electronic investor roadshow for the transaction, which was viewed by 22 institutional investors. In addition, the Firm’s banking team compiled an investor analysis that helped identify underrepresented investors. Throughout the pre-marketing process, the Firm provided OWDA with investor feedback.

Due to market volatility caused by greater than anticipated inflationary indicators and Middle East uncertainty preceding pricing, pricing was accelerated by one day to get ahead of a week of heavy municipal supply of more than $12 billion. The transaction was primarily sponsored by SMAs and Bond Funds with 41 institutional accounts (plus individual retail accounts) participating. Prior to adjustments, the Firm generated more than $760 million in priority orders resulting in 7.6x oversubscription. Given the strong results of the order period, the Firm was able to tighten spreads by up to 10 bps between pre-pricing and final pricing levels. Ultimately, 18 investors were new to the Fresh Water credit and 9 investors were new to OWDA.