August 7, 2020 – New York City announced results of its recent procurement process this morning – selecting underwriting firms that will serve multi-year engagements to underwrite City (General Obligation), Transitional Finance Authority personal income tax-backed bonds and Water\/Sewer bonds.<\/p>\n\n\n\n
At first glance, Bank of America, Citi and Ramirez – a minority firm – performed well – chosen to “senior manage” the City’s two primary credits – the GO and TFA – while also being in a smaller group of underwriters that will exclusively underwrite the next few refunding transactions. Two other minority firms – Siebert Williams and Loop Capital – were selected to underwrite GO, TFA and Water Bonds assignments.<\/p>\n\n\n\n
The notable surprise was Charlotte-based Wells Fargo, selected to be a GO\/TFA senior manager even as the bank remained in the cross-hairs of regulators and operating under a Federal Reserve-imposed asset cap. New York City’s investment banking giants – Goldman Sachs and Morgan Stanley – were not selected to senior manager City bonds, although Goldman was selected to “compete” for a future Water Bond transaction.<\/p>\n\n\n\n
The official press release named the core City underwriters as follows:<\/p>\n\n\n\n
The Book-Running Senior Managers selected to underwrite the GO and TFA new money transactions, in alphabetical order, are: BofA Securities, Citigroup Global Markets, J.P. Morgan Securities LLC, Jefferies LLC, Loop Capital Markets LLC, Ramirez & Co., Inc., RBC Capital Markets, Siebert Williams Shank & Co., LLC and Wells Fargo Securities. Book-Running Senior Managers for specific transactions will be assigned prior to the announcement of each transaction.<\/em><\/p>\n\n\n\n The city selected more minority firms on today’s selection, relative to the previous selection, saying:<\/p>\n\n\n\n The appointments made today reflect the strong performance of minority and women-owned business enterprises (MWBE), which will now comprise 33% of GO and TFA\u2019s Book-Running Senior Managers and 40% of NYW\u2019s Book-Running Senior Managers.\u00a0 This represents an increase from the previous selection process in 2016, where 30% of GO\/TFA Book-Running Senior Managers and 33% of NYW Book-Running Senior Managers were MWBE. In addition, based on today\u2019s appointments, 32% of GO\/TFA and NYW underwriting syndicate members are MWBE.<\/em><\/p>\n\n\n\n Contact Karen Bigelow at KBigelow@buymuni.com.<\/p>\n","protected":false},"excerpt":{"rendered":" August 7, 2020 – New York City announced results of its recent procurement process this morning – selecting underwriting firms…<\/p>\n","protected":false},"author":8,"featured_media":903,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[94,103,12,102],"tags":[],"class_list":["post-901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-dealer","category-investment-banking","category-issuers","category-underwriting","wpcat-94-id","wpcat-103-id","wpcat-12-id","wpcat-102-id"],"jetpack_featured_media_url":"https:\/\/buymuni.com\/wp-content\/uploads\/2020\/08\/20200807-BM-Cups.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":false,"_links":{"self":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=901"}],"version-history":[{"count":2,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/901\/revisions"}],"predecessor-version":[{"id":904,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/posts\/901\/revisions\/904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=\/wp\/v2\/media\/903"}],"wp:attachment":[{"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buymuni.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\n\n\n