On April 8, 2025, Loop Capital Markets served as the Senior Manager for NYC’s $1.57 billion GO Bonds Fiscal 2025 Series G, Subseries G-1 and Fiscal 2012 Series D, Subseries D-3A (rated Aa2/AA/AA/AA+ by M/S/F/K with a stable outlook from all rating agencies). The proceeds of the bonds will be used for capital purposes, to convert the variable rate debt to fixed rate debt and to pay certain costs of issuance.
The Firm worked with the City and its municipal advisors to develop an electronic investor roadshow posted concurrently with the POS and PRC, which was viewed by 34 distinct investors
Throughout the pre-marketing process, the Firm provided the City with preliminary reads from investors, summarizing investors expected to participate and rationale from the non-participating accounts.
Both the municipal and Treasury markets experienced a significant rally the week leading up to the pricing, driven by a flight to quality into the bond markets; however, during the pricing period, this was reversed as MMD and Treasuries reached levels not seen since March 2020. The NYC transaction was the largest transaction for the week of April 7th – the initial expected supply for the week was just under $11 billion, with $8.9 billion negotiated and $2 billion competitive.
The bond sale period was comprised of a retail order period on Monday, April 7 and an institutional order period (“IOP”) on Tuesday, April 8. During both retail order and institutional order periods, all $1.57 billion of the bonds were offered. In total, there were 583 unique orders totaling $4.3 billion or about 2.8x oversubscription with all the maturities fully subscribed – the subscription levels ranged from 1x to 5.7x. Due to volatile market conditions and optimal pricing levels achieved, it was decided that no adjustments would be made to the initial IOP scale. Numerous transactions were either pulled or went day-to-day. Loop Capital Markets showed market leadership by working closely with the City of New York, their municipal advisors and the investors to achieve an optimal pricing level and successfully pricing the $1.57 billion transaction for the City.
On March 24, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.8 billion fixed/floating rate senior unsecured notes offering for Canadian Imperial Bank of Commerce. The bonds are rated A2/A-/AA- across 4-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On March 24, 2025, Loop Capital Markets acted as a co-manager on a $850 million FMB offering for San Diego Gas & Electric Company. The 10-year bond is rated A1/A/A.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 20, 2025, Loop Capital Markets was mandated as a book-runner on a two-tranche, $800 million senior unsecured notes offering for Aviation Capital Group LLC. The bonds are rated Baa2/BBB- across 2- and 5-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 18, 2025, Loop Capital Markets acted as a co-manager on a three-tranche, $2.1 billion high yield fixed/floating rate senior unsecured notes offering for Ford Motor Credit Company LLC. The bonds are rated Ba1/BBB-/BBB- across 3- and 7-year tranches.
Use of proceeds are earmarked for general corporate purposes.
On March 18, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.1 billion senior unsecured notes offering for Xcel Energy Inc. The bonds are rated Baa1/BBB/BBB+ across 3- and 10-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 17, 2025, Loop Capital Markets acted as a co-manager on a $700 million senior unsecured notes offering for Republic Services, Inc. The 10-year bond is rated Baa1/BBB+/A-.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 12, 2025, Loop Capital Markets acted as a co-manager on a two-tranche, $1.5 billion FMB offering for Southern California Edison Company. The bonds are rated A2/A-/A- across 5- and 30-year tranches.
Use of proceeds are earmarked for general corporate purposes and debt repayment.
On March 11, 2025, Loop Capital Markets served as a co-manager on a $1.5 billion follow-on stock offering (including the green shoe) for Primo Brands Corporation.
Selling shareholders will receive all of the net proceeds from the offering.
On March 10, 2025, Loop Capital Markets was mandated as a book-runner on a two-tranche, $1.5 billion senior unsecured notes offering for Advanced Micro Devices, Inc. The bonds are rated A2/A across 2- and 3-year tranches.
Use of proceeds are earmarked for general corporate purposes and acquisition financing.
