Description
The Governor’s Office of Management and Budget (GOMB) is seeking qualified financial institutions to act as underwriters for its bond issues and other capital markets and debt management initiatives. The selected underwriters will be divided into two pools: Senior Managers/Book Runners and Co-Managers. The State anticipates qualifying up to 15 firms as Senior Managers and up to 15 firms as Co-Managers. The selected underwriters will provide various services, including book-running, marketing, and underwriting of debt. The initial term of the pool will be four years, with the option to renew for up to four years. The State reserves the right to adjust the final size of its pool to best meet its needs.
Some key responsibilities of the underwriters include:
• Providing comprehensive book-running services related to the structuring, marketing, selling, and underwriting of debt
• Participating in the development of marketing and pricing plans
• Marketing the State’s bonds
• Underwriting bonds, if necessary
• Providing certifications as required by bond counsel
• Providing post-pricing market support for underwritten bonds
The State is looking for underwriters with experience in tax-exempt and taxable obligations, and the ability to demonstrate a level of capital and legal underwriting capacity to support the level of liability associated with each level of a particular underwriting syndicate.
Some key evaluation criteria include:
• The firm’s experience and qualifications
• The firm’s ability to provide comprehensive book-running services
• The firm’s ability to demonstrate a level of capital and legal underwriting capacity
• The firm’s commitment to diversity and inclusion
• The firm’s ability to provide post-pricing market support for underwritten bonds