More MBWE firms land New York City bond underwriter assignments

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Appointments for New York's new underwriting syndicates “reflect the strong performance of minority and women-owned business enterprises," city officials said in a statement.

The Mayor’s Office of Management and Budget, City Comptroller Scott Stringer’s office, the Transitional Finance Authority and the Municipal Water Finance Authority made the joint announcement on Friday that followed a request for proposals.

MWBEs will now comprise 33% of general obligation and TFA’s book-running senior managers and 40% of New York Water’s book-running senior managers.

This represents an increase from the previous selection process in 2016, where 30% of GO/TFA book-running senior managers and 33% of New York Water book-running senior managers were MWBE. In addition, based on Friday’s appointments, 32% of GO/TFA and NYW underwriting syndicate members are MWBE.

The city, TFA and NYW reserve the right to reward firms for their ideas and performance by making changes to appointments and assignments, officials said in the statement.

Book-running senior managers selected to underwrite the general obligation and TFA new-money transactions, in alphabetical order, are Bank of America Securities, Citigroup Global Markets, JPMorgan Securities LLC, Jefferies LLC, Loop Capital Markets LLC, Ramirez & Co., RBC Capital Markets, Siebert Williams Shank & Co. LLC and Wells Fargo Securities.

Specific book-running senior managers will be assigned before the announcement of each transaction.

Co-managers for the GO and TFA new money transactions are: Academy Securities Inc., Barclays Capital Inc., Blaylock Van LLC, BNY Capital Markets LLC, Cabrera Capital Markets Inc., Drexel Hamilton LLC, Fidelity Capital Markets, Goldman Sachs & Co., Great Pacific Securities, Janney Montgomery Scott LLC, Morgan Stanley & Co. LLC, Oppenheimer & Co.. Raymond James & Associates, Inc., Rice Financial Products Co., Roosevelt & Cross Inc., Stern Brothers, Stifel Nicolaus & Co., TD Securities and UBS Financial Services Inc.

In addition, the following firms have been selected as book-running senior managers for the first three GO or TFA refunding transactions: BofA Securities, Citi and Ramirez.

After the first three refunding transactions, OMB, the comptroller’s Office and TFA expect to select a subset of firms from the book-running senior managers to senior manage future refunding transactions.

Selections will be based on performance, and the quality of ideas/refunding analyses submitted, according to the statement.

Co-managers for GO and TFA refunding transactions will consist of all firms selected to underwrite GO and TFA new money transactions as a book-running senior manager or co-manager, except for the book-running senior managers selected to underwrite refunding transactions.

Book-running senior managers for New York Water bonds, in alphabetical order, are: Barclays, Loop Capital, Raymond James and Siebert Williams Shank.

In addition, the following senior managers have been selected to compete for book-running senior manager assignments New York Water bond sales: BofA Securities, Goldman Sachs and UBS — collectively, the “senior manager merit bracket.” Officials expect to award such competitive assignments to these firms following completion of deals senior-managed by the four book-running senior managers, based on the quality of ideas submitted, performance in NYW bond sales and responses to periodic mini-RFPs that NYW releases.

Co-managers selected to underwrite NYW bonds are Academy Securities, Blaylock Van, Citi, Drexel Hamilton, Fidelity Capital Markets, Great Pacific Securities, JPMorgan Securities, Jefferies, Morgan Stanley, Ramirez & Co., RBC Capital Markets, Rice Financial Products, Roosevelt & Cross, Stern Brothers, Stifel, TD Securities, U.S. Bancorp and Wells Fargo Securities.

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City of New York, NY Sell side New York City Transitional Finance Authority General obligation bonds New York City Municipal Water Finance Authority New York MWBEs