Successful $2.46 Billion Offering Saves New York City $263 Million in High-Cost Debt Service
Ramirez & Co. Leads $2.46 Billion Bond Sale Saving New York City $263 Million
In a groundbreaking move, Samuel A. Ramirez & Co., Inc. (“Ramirez & Co.”) successfully led the sale of $2.46 billion in future tax secured subordinate bonds for the New York City Transitional Finance Authority (“TFA”). This historic bond sale, which closed on July 30, 2024, will result in a total debt service savings of over $263 million for the city.
This marks Ramirez’s largest municipal bond issuance as lead manager, with the sale including approximately $2.25 billion of tax-exempt fixed rate bonds and $210 million of taxable fixed rate bonds. The success of this offering is a testament to Ramirez’s reputation as a major player in the national municipal bond market.
“We are proud and honored to have led the largest-ever public debt issuance for New York City,” said Sam A. Ramirez, President and CEO of Ramirez & Co. “Congratulations to the TFA on this historic occasion and to our industry partners that supported us.”
Jefferies and Wells Fargo Securities also played key roles as co-senior managers on the transaction, further solidifying the success of the bond sale.
Founded in 1971, Ramirez & Co. is a nationwide, full-service investment bank, brokerage, and advisory firm with a strong presence in the municipal finance sector. Headquartered in New York City, the firm has offices across the country and is known for its expertise in underwriting, sales and trading, and asset management.
This monumental bond sale not only demonstrates Ramirez & Co.’s leadership in the industry but also highlights the financial benefits it brings to New York City. With millions in debt service savings, the city can now allocate those funds to other important initiatives for the benefit of its residents.
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