On May 12th, 2026, Loop Capital Markets (the “Firm”) served as Bookrunning Senior Manager and Dealer Manager on the City of Atlanta’s (the “City”) $1.116 billion Water and Wastewater Subordinate Revenue and Revenue Refunding Bonds, Series 2026 (Sustainability Bonds). This transaction represented the capstone financing of the City’s multi-decade long consent decree with the U.S. EPA. The financing was rated Aa3 (Stable), AA- (Stable), and AA- (Stable) by Moody’s, S&P, and Kroll, respectively.
Proceeds of the transaction will be used to (i) fund the tender offer; (ii) takeout commercial paper; (iii) refund bonds that are currently callable; (iv) finance certain improvements to the Water system; (v) escrow to maturity select taxable bonds where underlying advance escrows have expired; and (vi) pay costs of issuance of the transaction.
The Firm crafted an electronic investor roadshow that was viewed by 117 investors with ~40 of these accounts having participated in the transaction.
As Dealer Manager on the tender, $789.595 million were offered (targeting bonds not defeased in 2024) and $197.165 million were tendered, equating to 25% participation.
In aggregate, the transaction achieved $90.252 million of NPV savings, or 9.309% of refunded par. The Firm showed market leadership by maintaining spreads between pre-marketing and pre-pricing despite a weaker tone in the Municipal and Treasury markets (other competing transactions widened spreads). Market sentiment was driven by higher-than-expected CPI that printed on the morning of pricing, coupled with hangover volatility from the fragile ceasefire with Iran. 118 unique investor accounts participated in the transaction (including several investors headquartered internationally), generating $5.3 billion of priority orders, resulting in 4.8x oversubscription. As a result of oversubscription, spreads were tightened by 2 to 15 bps across the curve. Conversely, MMD closed upwards of 5 bps higher on the day. $1.6 billion of orders dropped following re-pricing, resulting in final oversubscription of 3.3x.
On April 27, 2026, Loop Capital Markets acted as a co-manager on a five-tranche, $6.5 billion senior unsecured notes offering for Intel Corporation. The bonds are rated Baa2/BBB/BBB across 5-, 7-, 10-, 30, and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On April 27, 2026, Loop Capital Markets acted as a co-manager on a $1.1 billion aircraft financing pass through certificates offering (2026-1) for American Airlines, Inc. The bonds mature in 9- and 12.5-years across 2 tranches.
Use of proceeds are earmarked for general corporate purposes.
On April 27, 2026, Loop Capital Markets acted as a co-manager on a five-tranche, $4.3 billion senior unsecured notes offering for Walmart Inc. The bonds are rated Aa2/AA/AA across 3-, 5-, 7-, and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On April 23, 2026, Loop Capital Markets acted as a co-manager on a two-tranche, $1 billion MTN offering for John Deere Capital Corporation. The bonds are rated A1/A/A+ across 3- and 5-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On April 23, 2026, Loop Capital Markets acted as a co-manager on a five-tranche, $6 billion senior unsecured notes offering for AT&T Inc. The bonds are rated Baa2/BBB/BBB+ across 7-, 10-, 20-, 30-, and 40-year tranches.
Use of proceeds are earmarked for general corporate purposes, debt repayment and acquisition financing.
On April 20, 2026, Loop Capital Markets acted as a senior co-manager on a two-tranche, $1.3 billion senior unsecured notes offering for Prologis, L.P. The bonds are rated A2/A across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 24-26th, 2026, Loop Capital Markets (“Loop” or the “Firm”) served as Bookrunning Senior Manager on the State of Illinois’ (the “State”) $1.2 billion General Obligation Bonds Taxable Series of April 2026A (the “Taxable Bonds”), Series of April 2026B and Series of April 2026C (the “Tax-Exempt Bonds”). The financing was rated A2 (Stable), A- (Stable), and A- (Stable) by Moody’s, S&P, and Fitch, respectively. Proceeds will be used to fund accelerated pension benefit payments, finance capital expenditures, information technology projects under the State’s capital programs and capital projects.
To assist with the pre-marketing process, the Firm worked with State and its Financial Advisor to develop an electronic investor roadshow posted concurrently with the POS, which was viewed by 74 distinct investors.
Market performance during the pricing process was characterized by alternating risk-on and risk-off sessions as sentiment shifted daily between de-escalation optimism and renewed Iran conflict concerns. Municipal issues struggled market-wide, with significant unsold balances and aggressive cuts up to 12bps. The Firm solicited indications of interest with spreads that were unchanged from pre-marketing levels for the Taxable Bonds. To maintain pre-pricing levels, Loop restructured the amortization of the Tax-Exempt Bonds to align with investor demand.
Ultimately, indications of interest for the Taxable Bonds generated $350.78 million of orders corresponding to 1.7x subscription. In aggregate, the Tax-Exempt Bonds generated $1.22 billion of orders corresponding to 1.2x subscription. In support of the transaction, Loop Capital Markets underwrote $34 million of Taxable Bonds and $20 million of Tax-Exempt Bonds, totaling $54 million.
On March 24, 2026, Loop Capital Markets acted as a co-manager on a two-tranche, $2 billion senior unsecured notes offering for Enbridge Inc. The bonds are rated Baa2/BBB+/BBB+ across 5- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes, debt repayment, acquisition financing and capital expenditure.
On March 17, 2026, Loop Capital Markets acted as a co-manager on a $2.5 billion perpetual subordinated convertible securities offering for HSBC Holdings PLC.
Use of proceeds are earmarked for general corporate purposes.
