Company News


Municipal

New Issues

1/18/21
$3,500,000
Crockett ISD
2021-2034 Pxg Thu 1/21
1/18/21
$150,590,000
Port Auth of NY & NJ
Pxg Thu 1/21 TE/ AMT/ TXBLE
1/18/21
$872,025,000
Port Auth of NY & NJ
Pxg Thu 1/21

Capital Markets

New Issues

Debt

1/20/2021
$7.5b - Morgan Stanley - CoLead

1/19/2021
$3.51b - Wells Fargo - CoMgr

1/5/2021
$900m - Southern California Edison - CoMgr

1/4/2021
$2b - Metlife Global Funding - CoMgr
$3b - Home Depot - CoMgr

12/9/2020
$725m - Realty Income - CoMgr

Equity

Insights

CREDIT AND MARKET STRATEGY
MUNICIPAL MARKET WEEKLY

January 25, 2021

Risk-on sentiment wobbled but remained intact on the MLK-holiday shortened week as Joe Biden was inaugurated as the 46th US President. A new era in US politics began as the Biden-Harris administration signaled to the world that US economic, foreign, and domestic policy should be more predictable for at least the next four years. Trump was the first outgoing President in 150 years to skip a successor’s inauguration. Biden began his term by signing a pile of executive orders to reverse some Trump policies and to kick-start accelerated Covid-19 vaccination efforts. Biden’s nominees for cabinet positions have either been confirmed or are on track for confirmation, including Janet Yellen for Treasury.

Munis gained on the week and outperformed Treasuries (-2.9 ratios avg) due to continued robust fund inflows of +$2.38 bil. (+6.12 bil. YTD) and modest new issue of $9.6bil ($19.7 bil. YTD). The new issue calendar was led by deals from NJ Turnpike, NY & NJ Port Authority, and Houston Community College Syst. Secondary trading flow and bid-wanted par was about -25% below average. 

Full Weekly Report

Quarterly Review

SAMUEL A. RAMIREZ & COMPANY, INC.
QUARTERLY MACROECONOMIC OUTLOOK
FINANCIAL STRATEGIES GROUP – 3rd QUARTER 2020

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 disruption from COVID-19 is set to cause the steepest fall in global GDP since WWII.  The Fed projects -6.5% growth in 2020, followed by 5.0% 3.5% in 2021 and 2022              • The Fed projects an unemployment rate of 9.3% by the end of 2020 vs its December projection of 3.5%, and expects the unemployment rate to decline to 6.5%, 5.5%, and 4.1% respectively in 2021, 2022, and in the longer run
• The Fed funds rate remains unchanged at 0%-0.25%, and will remain there through 2022, according to the median FOMC estimate
• Broad based fiscal stimuli will likely reach 20% of GDP.  About half of it will be monetized by the Fed


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
TOP

To all clients:

Samuel A. Ramirez & Company, Inc. (Ramirez & Company) continues to monitor all federal, state, and local COVID-19 guidance. Currently all employees are working remotely. The firm is operating business as usual, providing all products, services and capabilities for our clients across the globe. We will continue to provide updates to you, as needed, in the coming days and weeks.

For more information, please refer to the Ramirez & Co. Business Continuity Client Disclosure: ramirezco.com/BusinessContinuity. If you have any questions, please contact your Sales or Relationship Manager or email info@ramirezco.com.

Ramirez & Company, Inc. Management

At Ramirez we firmly stand united in the fight against racial injustices and the marginalization of minority communities. As a minority owned firm we are committed to ensuring that future generations do not have to face these obstacles and we believe that we all need to work together to make America a more just and fair country. Ramirez understands that Black Lives Matter and that more progress needs to be made to change the fundamental problems of racial and class inequalities in housing, education, healthcare and our justice system. This is a critical moment in time and it is imperative we collectively take the steps to make change and move the needle.


CEO Letter to Employees Addressing this Crisis

Diversity Statement

Ramirez Charity and Community Involvement Statement

June 8, 2020

Dear Ramirez Employees:

I want to let you know that I - and all of Ramirez leadership - stand with the Black Community. We are sickened by what happened to George Floyd, Ahmaud Arbery, and the other recent victims of horrible racial violence the past few years and for many years before these events. We abhor the systemic racism and social injustices in America that Black and Brown people are subjected to. We stand with the peaceful protestors and agree that we all need to work together to make America a more just and fair country. As a first generation American Puerto Rican, I understand the issues minorities today are facing. I have been fortunate to be a successful entrepreneur, but while growing our firm I have had to confront many cases of discrimination and inequality in the American business world. Fifty years ago I remember being told not to name the firm Ramirez, because "no-one would do business with a Hispanic firm." I understand the progress that has been made, but much more progress needs to be made to change the fundamental problems of racial and class inequities in housing, education, healthcare and our justice system. This is a critical moment in time and it is imperative we collectively take the steps to make change and move the needle. There is no tolerance at Ramirez for racial discrimination of any type and, at a minimum, it is our responsibility and obligation to increase our outreach to the minority community in our charitable giving, internships, hiring, and professional development programs. To that end we will:


We will work together as a company on ideas for how to be most effective in making change. Thank you to all of you who make Ramirez a success and we welcome and appreciate your ideas.
More to come.
Sam Ramirez
Founder & CEO - Samuel A. Ramirez & Co., Inc.

Diversity Statement:

As one of the oldest and largest Hispanic institutions on Wall Street, we are proud of our origins and strive to lead the way in benefiting those most in need. Being 92% minority owned & 100% employee owned, we take pride that 100% of our regional offices are being led by a minority or military veteran. When focusing on the senior leadership roles at Ramirez & Co and Ramirez Asset Management there is an impressive 60% minority representation. We believe that this diverse workforce is a key ingredient to our success and thus over the last ten year periods 40+% of all new hires have been minorities. We have a robust internal program that provides junior minority employees mentorship opportunities with senior leaders that help them navigate the industry and advance within the firm. This pipeline of talent starts with our intern program where over the last ten years 65% of all interns have been minorities with the current class being representative of that. Overall 40+% of the total Ramirez family is composed of minorities.

We are committed to continuing to be industry leaders in the inclusion of minorities in the financial industry and firmly believe that this is a key part of our future success.

Charitable Giving Statement:

Now more than ever is the time to concentrate on giving to causes that have the potential to improve our country and create the most value for future generations. Over the last five years Ramirez has focused our giving to organizations whose missions include the education of minority populations, community support, healthcare and mentorship programs. A total of over 100 charities with 18+ unique causes were supported with almost $850k+ in total donations made. Ramirez is committed to increasing our support of organizations that are focused on racial and class inequities in housing, education, healthcare and our justice system.