A decision more than a year ago to invest in financial modeling that addresses New York’s complicated finance laws paid off for Loop Capital Markets Inc.
New York City closes a $963 million general obligation refunding today that was the first in recent history to use a minority-owned firm to run the numbers. The deal was also a departure from the city’s typical refunding procedure in that it used a mini-request for proposals. The result was that the city reached outside its top underwriting tier to select Barclays Capital and Loop to lead manage the deal. Barclays managed the order book and marketing effort while Loop’s primary responsibility was to structure the deal.