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Item 23 - Pension Debt Refinancing Update and Underwriter Selection
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Item 23 - Pension Debt Refinancing Update and Underwriter Selection
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4/9/2024 4:32:45 PM
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
23
Date
5/18/2021
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STIFEL <br />Public Finance Investment Banking: <br />36 Offices Across 28 States <br />243 Professionals <br />Institutional Sales & Trading: <br />12 Municipal Underwriters <br />22 Muni Sales Professionals <br />9 Muni Traders <br />Private Client Group: <br />300+ Offices <br />:Finance 2,300+ Professionals <br />e Client Group $300+ Billion AUM <br />�ment Banking 1.6 Million Accounts <br />ituional Sales Offices <br />y&Fixed Income) 1,118 Retail Muni Traders <br />Fixed Income Group: <br />200 Taxable Sales Professionals <br />While Stifel is headquartered in St. Louis, our California municipal finance group is the backbone of our national practice. <br />Our storied history in Southern California is a result of the acquisitions of Stone & Youngberg (2011) and De La Rosa & Co. <br />(2014), the top two underwriting firms in California. The merger of these two firms with Stifel created the largest California <br />banking team with one of the largest distribution platforms in the municipal securities industry. Stifel's commitment to <br />the sector and more specifically to California, is evident by our continued leadership as the #1 underwriter of California <br />municipal bonds in all the areas that matter most to the City. <br />Stifel is #1 in All the Areas that Matter Most to the City <br />#1 Underwriter in California. No firm underwrites more California municipal bonds than Stifel. Our experience with <br />California entities comprises all financings. Since 2018, Stifel has underwritten 569 California transactions, nearly 250 more <br />than our nearest competitor. This translates into roughly 1 out of every 4 issues that comes to market. <br />#1 Underwriter of California Taxable Bonds. If we narrow experience down to taxable transactions, Stifel once again leads <br />the pack. Since 2018, Stifel has priced 118 issues totaling $3.6 billion in par value in California. <br />#1 Underwriter of California POBs. Since 2018, Stifel has led 7 POB transactions for California issuers totaling $989M <br />making us the #1 underwriter of California POBs by number of issues and par. <br />600 569 140 8 <br />118 <br />500 120 7 <br />100 85 6 <br />400 324 <br />80 6 <br />300 262 253 62 <br />60 52 4 <br />200 38 3 <br />131 qp <br />100 1 <br />i 20 2 <br />1 <br />STIFEL Raymond RBC Piper citi STIFEL Raymond RBC Piper Citi <br />James Sandler James Sandler <br />Source: SDC, from 11112018 to 31812021, ranked by number of issues. <br />7 <br />5 5 <br />4 <br />3 <br />STIFEL Ramirez BofA Hilltop Cabrera <br />Our primary contacts John Kim and Tom Jacob have worked their entire careers in Southern California, assisting <br />municipalities such as the City. Provided below is a snapshot of their POB experience over the past three years. We <br />provide additional detail on their specific pension experience in our responses to question 4(i). <br />City of Santa Ana I Proposal to Provide Underwriting Services Page 2 <br />
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