1st Minority Owned Firm in Wall Street History to Rank in Top 10 Among Municipal Bond Underwriters
Siebert Brandford Shank and Co. LLC (www.sbsco.com) has earned the distinction as the 1st minority owned firm in the history of Wall Street to reach the ranks of the top 10 municipal bond underwriters.
The firm founded in 1996 was ranked 8th among all firms as a Senior Manager of negotiated new issues, according to the Bond Buyer. In 2010, the firm participated in public financings worth an aggregate value of $100.9 billion.
SBSCO, with offices in 20 domestic cities is the fastest growing firm in municipal underwriting, senior managing $9.14 billion of municipal bonds in 2010, up 55.5% from 2009 ($5.88 B) and up 181.3% from 2008 ($3.25 B). Over the past year SBSCO has added some 30 municipal bond professionals to help expand its growing business.
“Siebert Brandford Shank’s historic entry into the national Top 10 rankings among major municipal underwriters is truly a reflection of the talent, intelligence and experience that our team brings to the table. The major bond financings we have worked on this past year are financing the next generation of airports, roads, bridges, highways, water and sewer facilities that create jobs and rebuild our nation’s aging and deteriorating infrastructure. More and more municipalities recognize our expertise in managing large and complex project financings,” said SBSCO President and CEO Suzanne Shank.
Among major benchmarks the firm was ranked:
# 2 for Average Deal Size ($207.7 Million) second only to Goldman Sachs;
#4 in Airport issues;
#5 in General Purpose Muni Issues;
#7 in Transportation issues;
#7 Among Co-Managers of Muni Issues;
# 8 in Build America Bonds;
#8 in Negotiated Deals;
#10 in All Issues (Negotiated and Competitive);
#1 Among all minority and women businesses on Wall Street, a position the firm has held since 1998.
“What is most significant is the sheer magnitude, importance and size of the deals that Siebert Brandford Shank managed in 2010” said SBSCO Chairman Napoleon Brandford. “Not only is Siebert Brandford Shank the fastest growing senior manager of municipal bond offerings on Wall Street, but our average deal size was second to only Goldman Sachs. In the transportation sector Siebert Brandford Shank stands out having led some of the nation’s most prominent bond issues.”
SBSCO’s record setting 2010 included senior managing some of the nation’s largest municipal bond issuances:
State of California General Obligations Bonds - $4.5 billion Issue (Joint Bookrunner);
City of Chicago general obligation bonds - $793 million;
Michigan Finance Authority - $743 million;
City of New York General Obligation Bonds – $675 million;
State of Connecticut General Obligation Bonds - $567 million (Joint Bookrunner);
New York State Environmental Facilities Corporation - $329 million;
Prominent 2010 SBSCO Transportation and Airport Led Municipal Bond Issues:
Los Angeles International Airport senior lien bonds revenue bonds - $930 million;
San Diego County Airport - $573 million;
Massachusetts Port Authority - $317 million;
Illinois Tollway - $279 million (Joint Bookrunner);
Pennsylvania Turnpike - $244 million;
Wayne County Airport - $231 million;
Clark County Airport - $132 million;
Final 2010 Rankings of the Top Ten Negotiated Senior Managers on Wall Street Include (According to The Bond Buyer):
Citi Bank of America
JP Morgan Securities LLC
Goldman Sachs & Co.
RBC Capital Markets
Siebert Brandford Shank & Co.
Wells Fargo & Co.
Morgan Keegan & Co. Inc.
Siebert Brandford Shank & Co., LLC is a national underwriter of municipal bonds with offices in 20 cities.
The firm has provided municipal underwriting and financial advisory services to state and local governments across the nation for the funding of education, housing, health services, transportation, utilities, capital facilities, redevelopment and general infrastructure since 1996. The firm maintains headquarters in Oakland and New York City with offices in Anchorage, Atlanta, Baton Rouge, Chicago, Dallas, Detroit, Fort Worth, Fort Lauderdale, Honolulu, Houston, Los Angeles, Miami, Newark, Philadelphia, Sacramento, San Antonio, San Diego, Seattle, St. Louis, Washington, DC.