Siebert Williams Shank anticipates record underwriting year in Texas

Despite pandemic and upheaval in the Texas economy, Siebert Williams Shank & Co. is anticipating a record year in the state for the minority and women-owned firm that senior managed several major deals recently.

“A minority or women-owned firm has never done more than $2 billion in Texas, and we’re on pace for more than $3 billion of senior managed par,” said Keith Richard, managing director and head of Texas Region for SWS. “In my 20-plus years in public finance, this is the strongest demand I’ve seen for municipal bonds.”

Statewide, volume from all issuers was up nearly 54% in the first half of the year to $25.5 billion, according to the data collection firm Refinitiv. Texas ranked second among states behind California. With 12 transactions valued at more than $1.75 billion, SWS ranked fourth in the state among senior managers for the first half.

“While we had a pause in April, our market has been surprisingly strong,” Richard said. “I’m actually surprised. Our deals have been incredibly robust.”

As the second half of the year began, Siebert was senior manager on a Dallas-Fort Worth Airport refunding of $489.5 million of tax-exempt revenue bonds that produced net present value savings of 27%, so significant that the airport advanced the sale of two other deals valued at roughly $1.6 billion.

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Written By Richard Williamson The Bond Buyer July 27, 2020