Loop Capital is pleased to announce the addition of nine new members to its Municipal Bond team, reinforcing the firm’s commitment to growth and excellence in this critical sector. This expansion covers key areas – Public Finance, Municipal Underwriting, and Sales – in four major offices, bringing fresh expertise and regional coverage to better serve clients nationwide.
“Our latest additions reflect the firm’s confidence in the Municipal Bond market and dedication to delivering exceptional service to our clients and customers,” said Jim Reynolds, Chairman and CEO of Loop Capital. “Given record issuance volume over the past two years, we remain bullish on the industry’s trajectory.”
Bo Daniels, Loop Capital’s Head of Public Finance, added: “We are focused on providing value-added ideas, superior distribution, and exceptional execution for our clients. These hires strengthen our capabilities in regions and sectors poised for even more growth. We continue to add experienced, talented professionals who share the firm’s ‘client first’ business culture.”
In New York, Marc-Adrien Mandich, Vice President (ex-Wells Fargo), enhances the New York account coverage efforts with a focus on providing technical modeling and execution. Sagar Kharche, Senior Vice President, joined the firm’s Housing Group from cfX, a leading financial advisory firm to Housing Finance Agencies, to deliver unique financing solutions to HFAs throughout the country. Charlie Reed, Senior Vice President, will lead Loop Capital’s Competitive Underwriting practice following 34 years at Citi. Brandon Goldberg, Associate (ex-Ipreo), joins the Underwriting Desk to support both the negotiated and competitive businesses.
In Chicago, Drew Davidhizar, Senior Vice President (ex-Baker Tilly, ex-Citi), will lead the Energy and Public Power initiatives. Matt Webb, Vice President brings his expertise from Goldman Sachs in financing stadiums and sports facilities to serve the firm’s clients nationally. Steve Montgomery, Senior Vice President, joins the firm from Piper Sandler as a sales professional.
In Dallas, Alex Palazzolo, Vice President (ex-Stifel, ex-Wells Fargo), will cover mid-market clients and school districts throughout Texas, while Taylor Greene, Senior Vice President, joins Loop Capital’s Sales team in Boston with 37 years of industry experience, most recently at Mesirow.
Loop Capital is ranked among the top municipal underwriters in 2025, senior managing over $10 billion year-to-to date according to LSEG data, a 67% increase in volume over 2024. The firm has participated in more than $1 trillion in transactions nationwide overall.
About Loop Capital: Loop Capital is a full-service investment bank, brokerage, asset management, and advisory firm serving corporate, governmental, and institutional clients globally. Founded in 1997 with six professionals, Loop Capital has grown into a global financial services leader with nearly 300 employees.
Learn more at www.loopcapital.com or contact us at media@loopcapital.com
On October 21, 2025, Loop Capital Markets served as Bookrunning Senior Manager for the Texas Department of Transportation’s (“TxDOT”) $1.705 billion State of Texas General Obligation Mobility Fund and Refunding Bonds, Series 2025, rated Aaa/AAA by Moody’s and Fitch, respectively.
Proceeds will reimburse the Mobility Fund for highway construction and expansion costs, refund a portion of outstanding 2015AB Bonds to achieve debt service savings, and cover issuance costs. Concurrently, $72 million of Taxable Series 2009A BABs will be redeemed at closing pursuant to extraordinary optional redemption provisions to create additional new-money capacity. Despite a high-supply week ($15.6 billion, 4th largest year-to-date in 2025) with numerous competing offerings (three other $1.5 billion+ issuances), Loop’s underwriting desk set the market tone for the week. The transaction received significant investor participation resulting in 4.3x subscription, with 90 unique accounts placing orders, of which 56 accounts were new investors, and 34 accounts were repeat buyers. As a result of strong investor interest, spreads were tightened by up to 8 basis points between pre-pricing and final pricing, resulting in the tightest spreads achieved over the past ten years when compared to other issues on both TxDOT’s Mobility Fund and Highway Improvement credits. Ultimately, the transaction achieved an All-In TIC of 3.783%, and NPV Savings of $106.922 million, or 12.830% of refunded par.
On September 11, 2025, Loop Capital Markets served as Senior Manager on the Board of Education of the City of Chicago’s (the “Board”) $650 million Unlimited Tax General Obligation Bonds (Dedicated Revenues), Series 2025A (the “Bonds”). The Bonds are rated BB+ (Stable) and BBB (Negative) by S&P and Kroll, respectively. Proceeds of the Bonds will be used to finance the continued implementation of the Board’s capital improvement program, fund capitalized interest, and pay costs of issuance on the Bonds.
The Bonds were the Board’s first issuance since 2023 and came on the heels of a contentious budget process that garnered national media attention. The Firm structured the Bonds as term bonds maturing in 2050 with bifurcated coupons – 5.75% (discount) and 6.25% (premium), wrapping around existing debt service with a 10-year par call. Leading up to the week of pricing, poor labor market data caused a rally in credit markets with investors expecting the Fed to cut rates during the September 16th FOMC meeting.
Loop Capital Markets assisted the Board in creating a comprehensive electronic investor roadshow, which was viewed by 44 unique investors. The Firm also coordinated one-on-one investor calls between the Board and 23 prospective investors, of which 13 submitted orders. The Firm provided the Board with a detailed read sheet summarizing investor engagement and participation potential.
The Firm generated over $2.7 billion in priority orders. Given the strong results of the order period, the Firm was able to tighten spreads by 5 bps between pre-pricing and final pricing on both term bonds. Ultimately, the transaction achieved an All-In TIC of 5.949% with an average life of 23.768 years.
On August 27, 2025, Loop Capital Markets served as Senior Manager for the Pennsylvania Turnpike Commission’s (the “Commission”) $600 million financing, which included $343.740 million Turnpike Revenue Bonds, Series B of 2025 (the “2025B Bonds”) and $256.260 million Turnpike Revenue Refunding Bonds, Third Series of 2025 (the “Third Series Bonds”). The Bonds received strong credits ratings of Aa3 (Stable) by Moody’s, AA- (Stable) by S&P, AA- (Stable) by Fitch, and AA- (Stable) by Kroll.
Proceeds from the transaction will be used to fund or reimburse capital expenditures set forth in the Commission’s current $7.5 billion ten-year capital plan, make a deposit to the Debt Service Reserve Fund, and cover issuance costs. The Third Series Bonds will be used to finance the current refunding of the Commission’s callable Turnpike Senior Revenue Bonds, Series B of 2015, generating debt service savings and covering issuance expenses.
The transaction was structured as fixed rate bonds and $101.735 million of Third Series Bonds structured as soft put bonds (the longest soft put bonds issued in 2025 YTD) that allowed the Commission to take advantage of lower interest rates at earlier spots along the yield curve to reduce debt service, as well as provide additional call optionality.
The Firm’s banking team worked closely with the Commission to develop a comprehensive electronic investor roadshow; despite the proximity to the Labor Day holiday, Loop’s robust marketing efforts resulted in 78 unique investors. The transaction generated $2.26 billion in total orders, representing a 3.8x oversubscription, with the strongest demand concentrated in maturities from 2040 to 2055. Based on this investor demand, Loop was able to tighten spreads from 1-8 basis points across several maturities between pre-pricing and final pricing. Ultimately, the transaction achieved an All-In TIC of 4.49% and generated $26.11 million in PV savings for the Commission, representing 9.29% of refunded par. By utilizing the soft put bond, PV savings increased by $7.6 million, or 2.7%, versus a full fixed rate structure. The Series 2025 Bonds represent the fifth transaction for the Commission where Loop has served as bookrunning or joint senior manager over the past five years.
On June 12, 2025, Loop Capital Markets served as Senior Manager for Wayne County Airport Authority’s (the “Authority”) $289,185,000 Airport Revenue Bonds, Series 2025A-C (the “Bonds”). The Bonds were composed of three series: $162,045,000 Series 2025A (“Series A”), $65,915,000 Series 2025B (“Series B”), and $61,225,000 Series 2025C (“Series C”). The Bonds were rated A1 (Stable) by Moody’s, A+ (Stable/Upgraded) by S&P, and AA (Stable) by Kroll.
Proceeds from the transaction will be used to finance capital improvements at Detroit Metropolitan Airport, including paying the costs of acquiring, constructing, and installing the Authority projects, and to refund all of the Authority’s callable Series 2014B Bonds.
The Firm’s bankers worked closely with the Authority and its municipal advisors to evaluate the use of insurance, with the Authority ultimately deciding not to utilize insurance. Series A & B Bonds were structured as serial bonds maturing annually from 2029 through 2045 and a term bond maturing in 2050. Series C Bonds were structured as serial bonds maturing annually from 2029 through 2044. The Bonds are subject to a 10-year par call, and a mix of coupons were utilized to maximize investor diverse investor interest.
Loop’s banking team created a comprehensive electronic investor roadshow, which was viewed by 49 perspective investors of which 10 were among the Authority’s top 20 holders. Upon concurrent posting of the POS and Investor Roadshow on June 5th, Loop’s salesforce began pre-marketing the transaction to prospective buyers. Throughout the pre-marketing process, the Firm provided the Authority investor feedback, summarizing accounts expected to place orders and the rationale from non-participating investors.
Loop’s robust marketing efforts resulted in 65 unique investors participating in the transaction. Prior to adjustments, the Firm generated over $2.09 billion of total orders (7.1x oversubscription) with strong investor appetite in years 2034-2037, and 2042, with the highest demand in the year 2050. Given the strong demand from buyers across the curve, the Firm was able to tighten spreads by 2-16 bps along the curve between preliminary pricing and final pricing. These pricing adjustments provided an additional $264,913 of PV savings for the Authority. Ultimately, the transaction achieved an All-In TIC of 4.70% and produced $4.41 million of total PV savings, or 6.71% of refunded par.
On June 5, 2025, Loop Capital Markets served as Sole Underwriter for Iona University’s (the “University”) $74.815 million Revenue Bonds, Series 2025 (the “Bonds”) issued through the Dormitory Authority of the State of New York (“DASNY”). The Bonds have underlying ratings of “Baa2″ (Stable) by Moody’s and “BBB” (Stable) by S&P and carry enhanced Moody’s and S&P ratings of “A1” and “AA”, respectively, based on bond insurance provided by Assured Guaranty.
Proceeds will be used to (i) finance a portion of the costs of the Series 2025 Project, which includes construction of a green space as well as renovations and improvements to various student residential buildings, residence halls, student lounges, lab infrastructure and athletic facilities, (ii) refund all of the Series 2015A Bonds, (iii) refund all of the outstanding term loan from Bank of America, N.A. to the University in the original principal amount of $15,000,000 and (iv) pay costs of issuance. The Bonds were structured as tax-exempt serial bonds maturing annually from 2026 through 2045 and a term bond maturing in 2051.
Loop’s banking team created a comprehensive electronic investor roadshow, which was viewed by 39 unique investors. The Firm’s salesforce began pre-marketing as soon as the POS and investor roadshow were released to the market on May 22nd. Throughout the pre-marketing process, the Firm provided the University investor feedback, summarizing accounts expected to place orders and the rationale from non-participating investors. The Bonds priced amid a busy issuance calendar with roughly $19 billion of expected municipal supply ($15.8 billion negotiated and $3.1 billion competitive), marking the largest week of issuance in YTD 2025. Loop’s robust marketing efforts resulted in 37 different investors participating in the transaction. Prior to adjustments, the Firm generated over $404.5 million of total orders (5.4x oversubscription). Given strong demand from buyers, Loop was able to tighten spreads by 4-19 bps for the longer dated maturities (2037-2051) between pre-marketing and final pricing levels. These pricing adjustments provided an additional $274.1k of cash flow savings to the University. Ultimately, the transaction provided the University with $2.8 million of cash flow savings over the next five fiscal years while funding $30 million of new money projects and maintaining overall positive cash flow and PV savings.
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.
On May 7, 2025, Loop Capital Markets served as Sole Underwriter for Stockton Unified School District’s $140 million General Obligation Bonds, 2022 Election, 2025 Series A (the “Bonds”) rated Aa3 (stable) by Moody’s and AA (BAM insured) by S&P. Proceeds of the Bonds will be applied to finance the acquisition, construction, furnishing and equipping of District facilities authorized by District voters at an election held in November 2022 (Measure C). The Bonds represent the first issuance under Measure C. Loop’s banking team participated on the Moody’s rating agency call which resulted in an upgrade from a negative outlook to a stable outlook given the District’s steps taken to strengthen internal controls, policies, and procedures. To assist in the marketing effort, our banking team researched the existing top reporting holders of the District’s outstanding GO Bonds, and our underwriting/sales team started their pre-marketing efforts by looking back at the buyers of the District’s April 2024 Refunding that Loop had previously sole managed. Although originally scheduled to price on May 8th, Loop’s underwriting desk saw an opportunity to accelerate and recommended pricing ahead of the May 7th FOMC rate decision – which recommendation the District and its MA followed. Loop’s sales force generated over $789 million in orders from 32 unique accounts (5.6x oversubscription). This included 25 new investors (not previously reporting holders of the District’s GO Bonds) and seven repeat buyers. Our desk was able to leverage the size and diversity of the order book to tighten spreads across the curve by as much as seven bps from the release scale to final pricing. The Bonds achieved an All-In-TIC of 4.41% which was 37 bps lower than the estimated all-in cost that was presented to the Board in the authorizing Resolution.
On April 28, 2025, Loop Capital Markets served as a Sole Underwriter for East Side Union High School District’s $56 million GO Bonds, 2016 Election, Series D and 2025 Refunding GO Bonds, Series A ($6.4 million) and B ($35.5 million), rated Aa3 (stable) by Moody’s. The Series D Bonds’ proceeds will be applied to finance school facility improvements authorized by District voters at an election held in November 2016 (Measure Z). Loop suggested that the District tag on a current refunding of its 2015 General Obligation Refunding Bonds and 2015 General Obligation Bonds, 2012 Election, Series B. To assist in the marketing effort, our banking team provided our underwriting and sales team with information on the top reporting holders of the District’s outstanding bonds (who own the credit), as well as those investors that would be refunded out by the 2025 Refunding Bonds. The original plan was to price on Tuesday, April 29, but after a strong bond market tone the morning of April 28, Loop recommended accelerating the pricing to the that Monday, April 28. Despite a very heavy calendar (one of the largest weeks during the month of April at $14.7 billion, of which $4.1 billion, or 28%, was from California issuers), the issue was enthusiastically received by the market. Loop’s sales force generated $364.1 million in orders from 22 unique accounts (3.7x oversubscription). This included 16 new investors (not current reporting holders of the District’s GO Bonds) and six repeat buyers. Our desk was able to leverage the size and diversity of the order book to tighten spreads across the curve by as much as 6 bps from the release scale to final pricing. In support of the transaction, Loop underwrote the 2025 ($560k) maturity on the Series B 2025 Refunding Bonds. Gross taxpayer savings across the Series A Refunding Bonds and the Series B Refunding Bonds totaled $3.7 million, or $2.7 million present value (6.11% of refunded bonds). The Series D new money Bonds achieved an All-In-TIC of 3.39%.
On April 8, 2025, Loop Capital Markets served as the Senior Manager for NYC’s $1.57 billion GO Bonds Fiscal 2025 Series G, Subseries G-1 and Fiscal 2012 Series D, Subseries D-3A (rated Aa2/AA/AA/AA+ by M/S/F/K with a stable outlook from all rating agencies). The proceeds of the bonds will be used for capital purposes, to convert the variable rate debt to fixed rate debt and to pay certain costs of issuance.
The Firm worked with the City and its municipal advisors to develop an electronic investor roadshow posted concurrently with the POS and PRC, which was viewed by 34 distinct investors
Throughout the pre-marketing process, the Firm provided the City with preliminary reads from investors, summarizing investors expected to participate and rationale from the non-participating accounts.
Both the municipal and Treasury markets experienced a significant rally the week leading up to the pricing, driven by a flight to quality into the bond markets; however, during the pricing period, this was reversed as MMD and Treasuries reached levels not seen since March 2020. The NYC transaction was the largest transaction for the week of April 7th – the initial expected supply for the week was just under $11 billion, with $8.9 billion negotiated and $2 billion competitive.
The bond sale period was comprised of a retail order period on Monday, April 7 and an institutional order period (“IOP”) on Tuesday, April 8. During both retail order and institutional order periods, all $1.57 billion of the bonds were offered. In total, there were 583 unique orders totaling $4.3 billion or about 2.8x oversubscription with all the maturities fully subscribed – the subscription levels ranged from 1x to 5.7x. Due to volatile market conditions and optimal pricing levels achieved, it was decided that no adjustments would be made to the initial IOP scale. Numerous transactions were either pulled or went day-to-day. Loop Capital Markets showed market leadership by working closely with the City of New York, their municipal advisors and the investors to achieve an optimal pricing level and successfully pricing the $1.57 billion transaction for the City.
