Loop Capital Markets L.L.C. along with co-book-running senior manager, Barclays Capital completed the issuance of $962 million of general obligation refunding bonds for New York City.
Rather than approach one of the select investment banking firms the comptroller’s has relationships with, the city held an open invitation for firms to conduct the bond underwriting where firms were given
cash flows and charged with developing a solution that provided the city with the best structure and greatest savings. “It was the ultimate level playing field,†says James Reynolds, Jr., CEO of Loop Capital (No. 1 on the BE Investment Banks list with $2.248 billion in lead issues). “We heard back very quickly, certainly within a couple of weeks that we were chosen to have the best structure for the city and they wanted to retain us to provide structuring on the bond deal.â€According to New York City Comptroller John C. Liu, Loop Capital Markets earned the underwriting deal on the strength of its proposal. “I am especially pleased that the highest-evaluated proposal was submitted by a minority-owned firm, which was named co-book-running senior manager for the sale. That would not have happened under the usual rotation of local managers,†said Liu in a statement. “This effort underscores the value of leveling the playing field with open competition, ensuring best price and service for our taxpayers.â€
Reynolds says the transaction is a positive one — not just for Loop Capital, but for all minority owned firms looking to do business with the Big Apple. “New York City sent out a clear message that they are aware of the fact that talent and hard work come in lots of different sizes and shapes and they allow for the best ideas to move forward.â€