Loop Capital Markets Serves as Sole Manager for the $23.315 million Indianapolis Local Public Improvement Bond Bank Facility Revenue Bonds, Series 2024A

On January 24, 2024, Loop Capital Markets served as Sole Manager on Indianapolis Local Public Improvement Bond Bank’s (“ILPIBB”) $23.315 million Facility Revenue Bonds, Series 2024A (the “Bonds”). This was ILPIBB’s inaugural issuance for this credit and the Bonds were rated Aa1 by Moody’s. Bond proceeds will be applied to the cost of renovating, repairing, improving or demolishing certain buildings and facilities, and paying costs of issuance of the Bonds.

The Firm worked extensively with ILPIBB to structure the inaugural issuance and to achieve the highest rating possible. In addition, Loop Capital Markets assisted ILPIBB in creating a comprehensive electronic investor roadshow (viewed by 24 unique investors), compiled a detailed investor analysis that identified underrepresented target investors, and provided a detailed read sheet summarizing investors expected to participate (including structural reverse inquiries) and rationale from non-participating accounts.

Ultimately, 13 accounts participated in the transaction (four investors were new to ILPIBB across all of its credits), generating more than $53.7 million in orders or 2.3x oversubscription. In support of the transaction, Loop Capital Markets underwrote $0.555 million of unsold balances with no yield adjustments despite having appetite from investors at higher coupons. Ultimately, this transaction achieved an All-In TIC of 3.854% with an average life of 10.858 years.