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Ramirez & Co. Leads Largest Bond Sale Ever for New York City Transitional Finance Authority

BY Business Wire | CORPORATE | 07/30/24 03:49 PM EDT

Successful $2.46 Billion Offering Saves New York City $263 Million in High-Cost Debt Service

NEW YORK--(BUSINESS WIRE)-- Samuel A. Ramirez & Co., Inc. (?Ramirez & Co.?), led the ground-breaking $2.46 billion sale of future tax secured subordinate bonds for the New York City Transitional Finance Authority (?TFA?). Proceeds from the TFA?s largest ever bond sale, which closed on July 30, 2024, will pay off high-cost debt, for a total debt service savings in excess of $263 million.

This was Ramirez?s largest municipal bond issuance as lead manager. The sale consisted of approximately $2.25 billion of tax-exempt fixed rate bonds and $210 million of taxable fixed rate bonds.

?Ramirez is proud and honored to have led the largest-ever public debt issuance for New York City. We are grateful to the TFA for considering our long-standing reputation as a major force and trusted partner in the national municipal bond market when selecting our team,? said Sam A. Ramirez, President and Chief Executive Officer of Ramirez. ?Congratulations to the TFA on this historic occasion and to our industry partners that supported us --- including BNY, our clearing partner and Trustee for this issue.?

Jefferies and Wells Fargo Securities served as co-senior managers on the transaction.

About Samuel A. Ramirez & Company, Inc.

Founded in 1971, Ramirez is a nationwide, full service investment bank, brokerage and advisory firm serving institutional clients and retail investors across six core areas: municipal finance, investment banking, fixed income sales and trading, institutional equities, wealth management and asset management. The firm is recognized as one of the industry's preeminent and best-capitalized boutique underwriters, having cultivated a banking, underwriting, sales and trading, and strategy team that is unique in its integration. Headquartered in New York City, Ramirez has additional offices in Albany, Austin, Boston, Chicago, Dallas, Houston, Los Angeles, Orlando, Philadelphia, San Antonio and West Palm Beach. More information about the firm is available at https://www.ramirezco.com.

Source: Samuel A. Ramirez & Company, Inc.

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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