On January 26, 2023, the City of St. Louis Missouri (the “City”) and St. Louis Lambert International Airport (the “Airport”) sold its $64.935 million Airport Revenue Bonds, comprising of $60.080 million of Airport Revenue Bonds, Series 2023A (Non-AMT) and $4.855 million of Airport Revenue Bonds, Series 2023B (AMT) (the “Bonds”) with Loop Capital Markets serving as Book Running Senior Manager. The Bonds are rated A2 (Stable) and A (Stable) by Moody’s and Fitch, respectively recognizing the enplanement recovery and route expansion at the Airport.
Bond proceeds will be used to (i) finance the costs of the construction and improvement of the Airport, (ii) fund the purchase of a debt service reserve surety for the Bonds, and (iii) pay costs of issuance for the Bonds. The Firm assisted the City and Airport in creating the rating agency and investor presentations. The transaction was well received with almost all 33 investors having viewed the POS and investor presentation during the pre-marketing process. Additionally, the City and Airport answered questions received from investors during the pre-marketing process. The Firm provided the City, Airport and Financial Advisors read sheets with investor feedback throughout the pre-marketing period.
The City and Airport received strong interest with over $136 million of priority orders or 2.1x overall subscription. Investors primarily consisted of Bond Funds and SMAs. Due to strong investor interest, spread to MMD was reduced between 2 and 4 basis points, at spots along the yield curve, between pre-pricing and final pricing. The Bonds had an All-In TIC of 4.14%.
On January 26, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $3.7 billion fixed/floating rate notes offering for US Bancorp. The bonds are rated A2/A+/A+ across 6- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 23, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $3 billion fixed/floating rate notes offering for Truist Financial Corp. The bonds are rated A3/A- across 6- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 23, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $1.3 billion fixed/floating rate notes offering for State Street Corp. The bonds are rated A1/A/AA- across 3- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 19, 2023, New Jersey Economic Development Authority (“NJEDA”) sold its $160 million State Lease Revenue Bonds (Offshore Wind Port Project), 2023 Series A (Federally Taxable) (Green Bonds – Climate Bond Certified) (the “Bonds”) for which Loop Capital Markets served as Bookrunning Senior Manager. The Bonds are issued under the state appropriation credit for the State of New Jersey and represent the NJEDA’s inaugural issuance for the New Jersey Wind Port Project (“NJWP Project”), the first purpose-built offshore wind port in the U.S. Bond proceeds will finance a portion of the preconstruction and construction costs for Phase 1 and Phase 2 of the NJWP Project. The bonds received the highest Green Bond designation by the Climate Bond Initiative with a Second Party Opinion provided by Kestrel and the bonds are also the first Climate Bond under the Marine Renewable Energy Sector Criteria in the U.S.
The Bonds are rated Baa1 and BBB+ by Moody’s and S&P, respectively, with positive outlooks. Loop’s banking team assisted the NJEDA in creating a thorough investor presentation to explain the two phases of development of the NJWP Project, the Green Bond and Climate Bond designation, the lease/lease-back structure of the Bonds between the State and the NJEDA, and the fundamental economic strength of the State. The transaction was well received with significant investor interest as illustrated with over 65 unique investor views of the POS and investor presentation and Loop coordinated four 1 x 1 investor calls and handled multiple investor queries. Overall, the bonds had strong subscription levels. Loop tightened the credit spreads by up to 20 bps from IOIs to Guidance and by an additional 5 bps at the Launch/final pricing.
On January 17, 2023, Loop Capital Markets was mandated as a lead-manager on a $1.5 billion fixed/floating rate notes offering for Morgan Stanley. The 4-year bond is rated A1/A-/A+.
Use of proceeds are earmarked for general corporate purposes.
On January 17, 2023, Loop Capital Markets acted as a co-manager on a $3 billion fixed/floating rate notes offering for Bank of America Corporation. The 4-year bond is rated A2/A-/AA-.
Use of proceeds are earmarked for general corporate purposes.
On January 17, 2023, Loop Capital Markets acted as a co-manager on a two-tranche, $1.7 billion senior unsecured notes offering for Target Corporation. The bonds are rated A2/A/A across 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On January 10, 2023, Loop Capital Markets acted as a co-manager on a $1.5 billion senior non-preferred notes offering for Deutsche Bank AG. The 6-year bond is rated Baa1/BBB-/BBB+.
Use of proceeds are earmarked for general corporate purposes.
On January 10, 2023, Loop Capital Markets was mandated as a book-runner on a $1 billion high yield senior unsecured notes offering for Venture Global Calcasieu Pass LLC. The 7-year bond is rated Ba2.
Use of proceeds are earmarked to repay outstanding credit facilities and hedge termination costs in connection with term loan repayments.
