Loop Capital Markets Served as Sole Underwriter for Stockton Unified School District’s $140 Million GO Bonds, 2022 Election, 2025 Series A

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.

Loop Capital Markets Served as Sole Underwriter for East Side Union High School District’s $97.9 Million GO Bonds, 2016 Election, Series D and 2025 Refunding GO Bonds, Series A and B

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%.

Loop Capital Markets Serves as Senior Manager on the City of New York’s $1.57 Billion General Obligation Bonds, Fiscal 2025 Series G and Fiscal 2012 Series D

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 7^th – 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.

Loop Capital Markets as co-manager on $1.8 billion fixed/floating rate senior unsecured notes offering for Canadian Imperial Bank of Commerce

On March 24, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.8 billion fixed/floating rate senior unsecured notes offering for Canadian Imperial Bank of Commerce. The bonds are rated A2/A-/AA- across 4-year tranches.

Use of proceeds are earmarked for general corporate purposes.

Loop Capital Markets as co-manager on $850 million first mortgage bond (FMB) offering for San Diego Gas & Electric Company

On March 24, 2025, Loop Capital Markets acted as a co-manager on a $850 million FMB offering for San Diego Gas & Electric Company. The 10-year bond is rated A1/A/A.