Minority- and women- owned underwriting firms can expect to co-manage or senior manage more negotiated New York bond deals, following the signing of an executive order yesterday by Gov. David Paterson designed to "level the playing field." He also came out in favor of changes to regulations that would make it easier for foreign reinsurers to do business in the state.
"What the state is trying to do is be fair to all of the firms," Paterson said, referring to underwriters. He said that of $22 billion of bonds sold by the state and state authorities since 2004, only 4% were senior managed or co-senior managed by minority- or women-owned firms.