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.
On January 29, 2025, Loop Capital Markets served as Senior Manager for Temple University’s (the “University”) $239.630 million Revenue Bonds, First Series of 2025 (the “Bonds”). The Bonds have underlying ratings of “Aa3” (Stable) / “A+” (Stable) (Moody’s / S&P) and carry an insured S&P rating of “AA” by Assured Guaranty. Proceeds will be used to (i) refund through defeasance and optional redemption the University’s currently callable Revenue Bonds, First Series of 2015, First Series of 2016, and Second Series of 2016, (ii) refund through purchase and cancellation a portion of the University’s Revenue Bonds, First Series of 2020 that are tendered, and (iii) pay costs of issuance. The transaction also included a tender component for the University’s taxable Series 2020 Bonds – the Firm worked closely with the Dealer Manager to seamlessly integrate the tender offer into the plan of finance, ensuring smooth execution for the University.
In preparation for pre-marketing, Loop’s banking team created an electronic roadshow which was ultimately viewed by 46 unique investors. In addition, the Firm provided the University with investor feedback, summarizing accounts who expressed interest and rationale for those that did not expect to participate. Ultimately, 39 investors participated in the transaction with $1.1 billion in total orders (4.6x oversubscription). Given strong investor demand, the Firm was able to tighten spreads by two to eight basis points between pre-pricing and final pricing levels. The transaction generated nearly $27 million of total present value savings or 10.3% of the refunded par amount for the University. The tender offer of the Series 2020 Bonds achieved a 19% participation rate, with nearly $28.6 million of total tendered par.
On September 24, Loop Capital Markets served as senior manager and co-dealer manager on New York City Municipal Water Finance Authority’s (“NYW”) $886.77 million Water and Sewer System Second Resolution Revenue Bonds, Fiscal 2025 AA transaction. This transaction funded capital improvement projects, refunded certain outstanding bonds and purchased the bonds tendered and accepted by NYW. This was the first tender by NYW and one of the first ever low coupon tenders by any issuer. NYW’s targeted tender candidate included certain 2% and 3% coupon bonds and one 5% coupon bond totaling $478.7 million of which $45.5 million or 10% of the tender candidates were tendered to NYW. The tender financing generated $3.6 million or 8.3% PV savings. Ultimately, at the conclusion of the institutional order period, the transaction was oversubscribed by 3.4X. Given the oversubscription, yields were bumped in certain maturities by 4 to 8 basis points. The deal was upsized by $100 million due to favorable pricing levels and demand.
Chicago, September 19, 2024 — Loop Capital Markets is pleased to announce the addition of Jaimie Scranton, Doug Adams, and Christopher Dinno to the Firm’s Public Finance Division.
Jaimie Scranton, a veteran in the public finance sector with over 20 years of experience, will be based out of Loop’s Boston office and will serve as Managing Director and Head of Loop’s Surface Transportation Area. Before joining the Firm, she was a senior banker at Barclays and has also held positions at Jefferies, JP Morgan, and UBS.
Doug Adams will open Loop’s newest office in Philadelphia and joins the Firm as a vice president, supporting transportation and higher education bankers. He comes from Echo Financial Advisory and has worked as a banker with PNC and Citi, bringing over 7 years of industry experience.
Christopher Dinno will join Loop’s New York office as an associate. He was most recently with Ramirez and Company and will serve as a Generalist.
“The additions to our growing Public Finance team are very exciting,” said Jim Reynolds, Chairman and CEO of Loop. “We’re continuing to grow our business in this dynamic landscape. We see tremendous growth opportunities as we continue to serve our clients on both the issuance and investor sides.”
Bo Daniels, Loop’s Head of Public Finance, adds, “We continue to look to add talented bankers who can help us serve our clients. We’re focused on providing value-added ideas for our clients. These three bankers are in addition to the four we added earlier this year. We are looking to grow nationally, emphasizing Texas and the Northeast. This new group of bankers further underscores that strategy, especially in the Northeast. The market is strong right now, and we expect that to continue into next year.”
Loop is currently ranked 15th in senior manager rankings of negotiated transactions, with approximately $4.7 billion completed to date.
About Loop Capital Markets
Loop Capital is a full-service investment bank, brokerage and advisory firm that provides creative capital solutions for corporate, governmental and institutional entities across the globe. Loop Capital’s reputation for integrity and service – coupled with the firm’s track record of success – has allowed the firm to serve an expanding number of clients from coast-to-coast and globally. The firm continues to grow because clients continue to ask them to do more for them. The firm’s uncompromising commitment to excellence means that clients get superior, focused service across the entire platform.
Media Contact: Celeste Wright-Harris | celeste.wright-harris@loopcapital.com
On August 6, 2024, Loop Capital Markets served as Bookrunning Senior Manager on The County of Cook, Illinois’ (the “County”) $164.545 million Sales Tax Revenue Bonds, Series 2024 (the “Bonds”). The Bonds were rated AA- (Stable) by S&P, AA (Positive) by Fitch, and AAA (Stable) by Kroll, with Fitch upgrading the County’s rating from AA- to AA. The Bonds were issued to refund all or portions of the County’s outstanding General Obligation Bonds Series 2014D and Series 2018, refinancing certain capital projects originally funded with the proceeds of those bonds, finance or refinance the construction, equipping, alteration, or repair of various County facilities, and cover the costs of issuing the Series 2024 Bonds and refunding the Series 2014D and 2018 Bonds. Ahead of the transaction, Loop Capital assisted the County in creating a comprehensive electronic investor roadshow, which attracted views from 28 prospective investors. The Bonds were structured as fixed-rate serial bonds with 5% coupons, maturing between 2024 and 2044. Additionally, the Bonds featured an 8-year call option starting on November 15, 2032, allowing future financial flexibility for the County. Despite market volatility caused by economic data releases and geopolitical events in the Middle East, Loop Capital’s strong marketing efforts led to orders from 35 institutional investors, resulting in an impressive $1.047 billion in total priority orders, representing a 7.1x oversubscription. As a result of this strong demand, spreads were tightened by up to 9 basis points across several maturities. Ultimately, the County achieved an All-In TIC True Interest Cost of 3.904%.
On June 26, 2024, Loop served as a Bookrunning Senior Manager for the City of Los Angeles’ $1.54 Billion 2024 Tax and Revenue Anticipation Notes (tax-exempt, Non-AMT) – rated MIG 1 and SP-1+ by Moody’s and S&P, respectively. Proceeds of the notes will be used to provide effective cash flow management for revenues and expenditures of the City’s General Fund for Fiscal Year 2024-25 and make the City’s Fiscal Year 2024-25 annual contribution payments to the Los Angeles Fire and Police Pension Plan and the Los Angeles City Employees’ Retirement System.
The TRANs sale was accomplished in the wake of a high-volume week (over $11.7 billion of competing new issue supply), competing products like VRDB and CP with rates around 4%, and during a time where the municipal market lacked direction (MMD had 6 consecutive sessions with no change up until pricing). Our desk’s aggressive posture – from pre-marketing to pricing, spot-on assessment of the market, and the Firm’s robust marketing efforts resulted in over $1.6 billion in orders (1.1x subscription). Ultimately, the City achieved a yield of 3.42%.
On April 4, 2024, Loop Capital Markets served as Bookrunning Senior Manager on the City of Chicago’s $227.925 million Second Lien Wastewater Transmission Revenue Bonds Refunding Series 2024A (the “Bonds”). The Bonds received underlying ratings of A+ (Stable) from both S&P and Fitch, and AA- (Stable) from Kroll. Additionally, maturities from 2029 to 2044 were enhanced by BAM and received an enhanced rating of AA (Stable) by S&P. The Bonds were issued to current refund the City’s outstanding Series 2012 and Series 2014 Second Lien Wastewater Transmission Revenue Bonds, cover the premium for the Bond Insurance Policy, and pay the issuance costs. Loop Capital Markets assisted the City in creating a comprehensive electronic investor roadshow, which was viewed by 32 unique investors. The robust marketing efforts attracted strong demand, with 42 institutional accounts participating. Prior to adjustments, the Firm generated over $2.0 billion in priority orders. Due to this strong investor interest, the Firm was able to tighten spreads for all maturities by 2 to 15 basis points between pre-pricing and final pricing levels. Ultimately, this transaction achieved an All-In TIC of 3.949%, with an average life of 11.738 years, and generated $23.942 million in Net Present Value Savings, representing 9.734% of the refunded par amount
