On October 23-24, 2023, the University of Connecticut (“UCONN” or the “University”) sold the $97.14 million Special Obligation Student Fee Revenue Bonds, 2023 Series A (the “Bonds”) with Loop Capital Markets serving as Bookrunning Senior Manager. The Bonds were rated Aa3/A+ by Moody’s and S&P, respectively. The Bonds were issued to finance a portion of the cost of the design, construction, equipping and/or furnishing of a new student  residence hall and dining facility located on the Storrs campus as part of UConn 2000 Infrastructure Improvement Program, a $4.6 billion, three phase, 32-year capital budget program.

Working in conjunction with the University’s finance team, Loop crafted an expansive digital and print advertisement campaign that ran for 9 days – targeting both digital and print ads, including new digital such as radio, using Spotify and geofence. Loop also developed the University’s first-ever investor presentation for its Student Fee Revenue Bond credit, which was viewed by 40 investors. The Firm’s strong distribution capabilities led to a successful retail order period with $200.7 million of retail orders, including $32.3 million of individual retail and $168.4 million of professional retail orders. Of the total retail orders, $38.19 million were allotted, which represented nearly 40% of the total transaction size. The Institutional Order Period generated an additional $413.1 million in total orders, bringing the total orders to $613.7 million or 6.3x. Due to strong investor appetite, the Firm was able to tighten spreads by up to 10 bps throughout the curve since entering the retail order period. The transaction was priced during significant volatility in the fixed income markets given inflationary pressure and geopolitical concerns as the benchmark MMD and BVAL yields increased as much as 26-29 bps in only six trading sessions. The transaction also marked the first time the University utilized both MMD and BVAL as benchmark for pricing and the first time since five years that the University issued bonds for new money needs under this credit.

On October 17, 2023, Loop Capital Markets served as Senior Manager on Ohio Water Development Authority’s ( “OWDA”) $100 million Water Development Revenue Bonds, Fresh Water Series 2023A (the “Bonds”). The Bonds were rated Aaa (Stable) / AAA (Stable) by Moody’s and S&P, respectively. Proceeds from the transaction will fund lending to local government agencies in Ohio for water and sewer projects for its State Revolving Fund program.

In preparation for the marketing process, Loop Capital Markets assisted OWDA in creating a comprehensive electronic investor roadshow for the transaction, which was viewed by 22 institutional investors. In addition, the Firm’s banking team compiled an investor analysis that helped identify underrepresented investors. Throughout the pre-marketing process, the Firm provided OWDA with investor feedback.

Due to market volatility caused by greater than anticipated inflationary indicators and Middle East uncertainty preceding pricing, pricing was accelerated by one day to get ahead of a week of heavy municipal supply of more than $12 billion. The transaction was primarily sponsored by SMAs and Bond Funds with 41 institutional accounts (plus individual retail accounts) participating. Prior to adjustments, the Firm generated more than $760 million in priority orders resulting in 7.6x oversubscription. Given the strong results of the order period, the Firm was able to tighten spreads by up to 10 bps between pre-pricing and final pricing levels. Ultimately, 18 investors were new to the Fresh Water credit and 9 investors were new to OWDA.

On September 26, 2023, Loop Capital Markets acted as a co-manager on a four-tranche, $3 billion senior unsecured notes offering for Canadian Imperial Bank of Commerce. The bonds are rated A2/A-/AA-  across 3-, 5- and 10-year tranches.

Use of proceeds are earmarked for general corporate purposes.

On September 26, 2023, Loop Capital Markets acted as a senior co-manager on a two-tranche, $1.4 billion senior unsecured notes offering for Constellation Energy Generation, LLC. The bonds are rated Baa2/BBB across 10- and 30-year tranches.

Use of proceeds are earmarked for general corporate purposes and acquisition financing.

On September 26, 2023, Loop Capital Markets acted as a junior co-manager on a $1.8 billion senior bank notes offering for Citibank, N.A. The 10-year bond is rated Aa3/A+/A+.

Use of proceeds are earmarked for general corporate purposes.

On September 20, 2023, Loop Capital Markets acted as a co-manager on a $1.3 billion ABS offering for Tesla, Inc.’s (TALT Auto Lease Trust 2023-B). The bonds mature in 1-, 2-, 3- and 4-years across 5 classes.

Use of proceeds are earmarked for general corporate purposes.

On September 19, 2023, Loop Capital Markets acted as a co-manager on a $612 million ABS offering for Hewlett-Packard Financial Services Company’s (HPEFS Equipment Trust 2023-2). The bonds mature in 1- and 8-years across 6 classes.

Use of proceeds are earmarked for general corporate purposes.

On September 18, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $2 billion subordinated notes offering for Enbridge Inc. The bonds are rated Baa3/BBB-/BBB- across 60-year tranches.

Use of proceeds are earmarked for general corporate purposes and acquisition financing.

On September 14, 2023, Loop Capital Markets acted as a junior co-manager on a $1.5 billion perpetual preferred stock offering for Citigroup Inc. The securities are rated Ba1/BB+/BBB-.

Use of proceeds are earmarked to redeem outstanding securities and for general corporate purposes.

On September 13, 2023, Loop Capital Markets served as a co-manager on a $4.9 billion IPO for Arm Holdings PLC

Selling shareholders will receive the net proceeds from the offering.