Siebert Williams Shank Bankers, Clients Achieve Strong First Half of 2023
Ranked #1 in Airports and Senior & Co-Manager with 65% of Market Penetration, #5 Co-Manager of Negotiated Issuance & Top 10 Among All Municipal Issuers
Corporate Team #1 Investment Grade Co-Manager of DEI & #1 DEI Equity Co-Manager
New York, NY – July 25, 2023 -- Siebert Williams Shank & Co. (SWS), the nation’s leading woman-and-minority-owned, non-bank financial firm, has set an aggressive pace during the first half of 2023, catapulting the firm to the top of many key industry rankings for both its capital markets and municipal sales operations.
In corporate finance, SWS was the #1-ranked DEI co-manager of investment grade debt in the first half according to Refinitiv. Highlights included eight Lead-Manager roles and underwriting nearly $1 billion of Pfizer’s $31 billion, 8-part bond offering.
The firm was also ranked #1 among DEI broker-dealers in equity underwriting for the first half of the year, according to Refinitiv, based on the number of transactions. Two of its largest participations during the period were the initial public offering (IPO) of Kenue Inc, the spin-off of long standing SWS client Johnson & Johnson, and the March follow-on offering of AerCap Holdings N.V. The firm gained several new ECM clients during the period, notably Skyward Specialty Insurance Group, participating in both their January IPO and June follow-on offering.
Among buybacks, SWS, for the first time, assisted in the execution of an Accelerated Share Repurchase (ASR) program via its strategic arrangement with the structured products group of a leading Tier 1 broker dealer.
Suzanne Shank, President and CEO said, “Siebert Williams Shank has been strategically growing multiple key practice areas throughout 2023, with an exceptional market presence and results for clients. When other firms may have been pulling back due to their perception of market conditions, we have recognized this as an opportunity to expand our presence.”
For municipal finance, the firm ranked #1 as senior manager for airports for the first half of 2023, as senior manager and sole tender dealer manager for the City of Houston Airport System’s $756 million Series 2023AB transaction, and senior manager for Greater Asheville Regional Airport Authority’s $175 million Series 2023 issuance. SWS was also recently appointed as senior manager for an upcoming issuance for Wayne County Airport Authority, the firm’s third consecutive senior managed mandate for this issuer.
On a combined senior and co-manager basis, SWS is ranked #1 with 65% of market penetration and
was among top 10 managers, as the #9 senior manager and #1 MWBE senior manager, #5 co-manager of negotiated issuance, and #11 senior manager of negotiated transactions.
Some of the most sizable transactions include: $1.8 billion State of California GO Bonds; $1.6 billion City of New York GO Bonds Series 2023 F&G; $740.456 million Sales Tax Securitization Corporation Bonds for the City of Chicago; $756.050 million City of Houston Airport System Revenue & Refunding Bonds Series 2023A&B; $688.320 million City of New York GO Bonds – Fiscal 2023 Series C&D; and $437.295 million Tarrant County Hospital Limited Tax GO Bonds Series 2023.
In the first half of 2023, the firm ranked as #2 senior manager and #4 co-manager throughout the State of Texas, completing 27 transactions for over $8.2 billion in par-amount, with eight (8) significant transactions for Spring ISD ($293 mm), Tarrant County Hospital District ($437 mm), Lockhart ISD ($70 mm), Fort Bend ISD ($98 mm), City of Pflugerville ($150 mm), Texas Water Development Board ($153 mm), Pflugerville ISD ($337 mm) and Houston Airport Authority ($756 mm) for which the firm served as both Senior Manager and Tender Deal Manager.
An Agency Medium Term Note Desk was established by the corporate team, and the municipal team added new regional offices in Sacramento and Indianapolis. Additionally, SWS was proud to launch In Conversation with SWS, a podcast that involves open discussion amongst employees and guests about relevant topics pertaining to the business, which can be heard on popular podcast streaming platforms including Spotify and Apple Music.
Dually headquartered in New York, NY and Oakland, CA, SWS is an independent non-bank financial services firm that offers investment banking, sales and trading, research, and advisory services. SWS counts 74 Fortune 100 companies among its clients.