On July 18, 2022, Loop Capital Markets mandated as a joint lead manager on a 2-tranche $6.5 billion senior unsecured notes offering for Wells Fargo & Co. The bonds are rated A1/A+ across 8- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On July 18, 2022, Loop Capital Markets mandated as a joint lead manager on a $2 billion senior unsecured notes offering for Morgan Stanley. The 11-year bond is rated A1/A-/A 10 tranches.
Use of proceeds are earmarked for general corporate purposes.
On July 18, 2022, Loop Capital Markets served as a co-manager on a 2-tranche, $7 billion senior unsecured notes offering for JPMorgan Chase & Co. The bonds are rated A2/A- across 6- and 11-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On July 14, 2022, Loop Capital Markets served as a co-manager on a $2.5 billion senior unsecured Green bond offering for PepsiCo, Inc. The bonds are rated A+/A1 across 6-, 10- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes, including the repayment of commercial paper and to fund, in whole or in part, Eligible Green Projects.
On July 13, 2022, Loop Capital Markets acted as a co-manager on a 5-tranche $3.3 billion senior secured notes offering for PG&E Wildlife Recovery Funding. The bonds are rated AAA across 11-, 18-, 21-, 28-, and 32-year tranches.
Use of proceeds are earmarked for recovering and refinancing costs and expenses related to catastrophic wildfires, including wildfire risk mitigation capital expenditures.
On July 12, 2022, Loop Capital Markets acted as a co-manager on a 6-tranche $940 million ABS offering for Dell Equipment Finance Trust (DEFT) 2022-2. The (DEFT) 2022-2 Class A-1 notes are rated P-1/F-1+, 2022-2 Class A-2 notes are rated Aaa/AAA, 2022-2 Class A-3 notes are rated Aaa/AAA, 2022-2 Class B notes are rated Aa1/AA, 2022-2 Class C notes are rated Aa3/A, 2022-2 Class D notes are rated Baa1/BBB across 1-, 5- and 6-year maturities.
Use of proceeds are earmarked for general corporate purposes.
On July 12, 2022, Loop Capital Markets served as a co-manager on a $1.3 billion senior unsecured notes offering for Deutsche Bank AG. The 4-year bond is rated Baa2/BBB-/BBB+.
Use of proceeds are earmarked for general corporate purposes.
On July 11, 2022, Loop Capital Markets served as a co-manager on a $1.3 billion ABS offering for CarMax Auto Owner Trust (CARMX 2022-3). The CARMX 2022-3 Class A-1 notes are rated A-1+/F1+, 2022-3 Class A-2A notes are rated AAA/AAA, 2022-3 Class A-2B notes are rated AAA/AAA, 2022-3 Class A-3 notes are rated AAA/AAA, and 2022-3 Class A-4 notes are rated AAA/AAA across 1-, 3-, 5-, and 6-year tranches.
Use of proceeds are earmarked for general corporate purposes and the repayment of outstanding indebtedness.
On July 7, 2022, Loop Capital Markets served as a co-manager on a two-tranche, $600 million senior unsecured notes offering for Tampa Electric Co. The bonds are rated A3/BBB+ across 2- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes including the repayment of outstanding indebtedness under the company’s credit facilities.
On June 28, Loop Capital Markets (“Firm”) served as Senior Manager for a combined $280,845,000 offering of tax-exempt General Obligation Bonds issued by Sacramento City Unified School District (“District”), comprised of $225,000,000 Election of 2020 (Measure H), 2022 Series A Bonds (New Money) and $55,845,000 Refunding Bonds, (collectively, “the Bonds”) rated A3 (negative) by Moody’s, AA by S&P (based on BAM insurance), and AA (stable) by Kroll, respectively.
The Refunding Bonds current refunded the District’s 2012 GO Refunding Bonds, and the Series A Bonds were the first drawdown of the District’s $750 million Measure H authorization.
The Firm worked closely with the District’s Municipal Advisor to tailor the amortization of the Series A Bonds to give the District maximum flexibility for subsequent drawdowns of Measure H, keeping a keen eye on the $60 tax rate indicated to voters under Measure H. Both Loop and the District’s Municipal Advisor recommended applying for a Kroll rating due to our agreement with Kroll’s rating methodology for California K-12 GO Bonds, which focuses on an issuer’s underlying tax base ($40 billion AV in the case of the District), the statutory framework supporting the imposition, collection, and administration of voter-approved unlimited ad valorem tax levies, as well as the statutory lien and oversight mechanisms provided by State law. Our banking team recommended using an 8-year call for the Series A New Money Bonds to sync up with the District’s 2021 Bonds, setting up a potential future “consolidated current refunding.”
Following the posting of the POS, our bankers held a “teach in” call with our sales force to explain the ratings differential and to emphasize the very strong underlying security. To focus our premarketing efforts, we mapped out the top holders of the District’s 2012 GO Refunding Bonds (who will be refunded out), as well as the top holders of the District’s outstanding GO Bonds. Our underwriting desk added a discount 4% coupon and two 5.50% coupon Terms in response to reverse inquiry from an “anchor” order. Our sales force generated over $1 billion in orders from 38 unique accounts, including 12 previous investors and 26 new accounts compared to the District’s June 2021 sale. At the final pricing, the Refunding Bonds generated $4.7 million of gross taxpayer savings, or $3.8 million present value (6.38%). In support of our price views, the syndicate underwrote $21.2 million bonds (approximately 8% of the loan).
