Company News


Municipal

New Issues

3/27/17
$95,200,000
Santa Monica CCD
Co-Senior Serials 2019-2037 (TE) Serials 2018-2029 (Txble)
3/27/17
$122,940,000
New York City HDC
Co-Manager Serials 2020-2028 Terms 2032 2037 2042 2047 2052
3/27/17
$22,500,000
New York City HDC
Co-Senior Serials 2018-2028
3/27/17
$30,000,000
Rhode Island Infrstructure Bank
Senior-Co Serials 2018-2036
3/27/17
$618,805,000
Golden State Tobacco Securitization
Co-Manager Serials 2018-2029

Capital Markets

New Issues

Debt

3/17/2017
$11b - Verizon Communications - CoMgr

3/10/2017
$700m - Realty Income - CoMgr
$2b - McDonald's - CoMgr

3/3/2017
$4.5b - American Express Credit - CoMgr
$300m - Connecticut Light & Power - CoMgr
$300m - Westar Energy - CoMgr

Equity

Insights

CREDIT AND MARKET STRATEGY
MUNICIPAL MARKET WEEKLY

March 20, 2017

Munis Underperform Inside 5yrs, Healthcare Reform Thoughts...

Weekly Recap

Treasuries staged a mini rally last week following dovish FOMC comments and as expected, an 25 bps increase in the Fed Funds rate, while the BOE and ECB were more hawkish. Fixed income markets now expect an additional two 25bps Fed rate hikes in 2017. Economic releases were mixed with slightly higher than expected CPI (0.206%). Mutual fund outflows of $191 mil. in the last two weeks, sluggish retail participation, and...

Healthcare Reform

The Congressional Budget Office projects a large increase in the number of uninsured patients in addition to a reduction of $880 bil. over 10 yrs -- Under the House’s proposed American Health Care Act (AHCA), designed to repeal and replace ACA / Obamacare. Moody’s said the proposed bill is “credit negative” for States because it creates a new Medicaid cost-sharing formula that shifts a greater share of Medicaid expenditures to States based on a per capita funding model vs the current cost-sharing model. The proposed House bill also changes...

This Week

This week’s $4.5 bil. new issue calendar is 30% below the 12 week moving average led in the negotiated space by NY State EFC SRF bonds ($594 mil.), Oregon Lottery Rev Bonds ($232 mil.), and NC Turnpike ($232 mil.) The competitive space is...

Supply

Over the next 30 days, we see gross supply at $8.57 bil. and net muni market supply at -$7.89 bil. The states that stand to experience the largest change in outstanding debt include...


Full Weekly Report

Quarterly Review

SAMUEL A. RAMIREZ & COMPANY, INC.
QUARTERLY MACROECONOMIC OUTLOOK
FINANCIAL STRATEGIES GROUP – 4th QUARTER 2016

Dear Clients,

Please find attached Ramirez & Co.’s Quarterly Macroeconomic Outlook. In our report, we continue to monitor the US economy, global events and the Fed’s outlook on the economy and rates:

  • The unexpected outcome of the US presidential election has profound effects on the markets, domestically and internationally.  In the long term, US bond markets anticipate heightened growth and inflation.  The equity markets take off, with small caps and financials leading the way.  Internationally, sovereign rates in Japan and Europe climb into positive territory in the 10-year maturities
  • Major banks, the Fed and the markets raise their rates expectations for 2017 and beyond, with the Wall Street banks and markets slightly below the Fed’s forecasts.  The Fed anticipates three 25 bps hikes in 2017, while the major banks anticipate two.
  • Business and household surveys begin to reflect pro-growth fiscal and economic reforms, but the passing and long-term effects remain unclear.

Members of our Financial Strategies Group, Niso Abuaf, Konstantin Semyonov and Duncan Sinclair, would be happy to discuss further any of the material with you.

Full Quarterly Report
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