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SWS Underwrites $667.7 Million Bond Offering for the Dormitory Authority of the State of New York

Siebert Williams Shank & Co. (SWS), the leading women- and minority-owned investment banking firm in the nation, has announced that it has underwritten $667.7 million in Personal Income Tax Revenue Bonds for the Dormitory Authority of the State of New York (Authority).

These Bonds we part of a larger $3 billion offering, jointly structured with J.P. Morgan. SWS and J.P. Morgan served as Book-Running Senior Managers for $667.7 Series 2022B (Taxable) Bonds and $2.4 billion Series 2022A (Tax-Exempt) Bonds, respectively. The $3 billion will be used to fund 17 capital projects and refund two outstanding series of Authority Bonds.

“Siebert was honored to lead an underwriting syndicate for the Series 2022B Bonds comprised entirely of minority, women, and service-disabled veteran owned firms. Seamless collaboration with the underwriting syndicate on both series included joint-structuring of the entire $3 billion financing, as well as effective pricing and execution that resulted in a successful transaction for the State in an incredibly turbulent market,” said Jamiyl Flemming, Senior Vice President of Siebert Williams Shank.

Leading up to pricing, the market was extremely volatile. Following the Russian invasion of Ukraine on February 24th, Dow futures fell 800 points in pre-market trading, while energy prices soared, with crude oil prices rising to $110.60 per parrel on March 2nd. Additionally, rising inflation continues to be a pressing concern for investors as the Fed’s first rate hike of 25 basis points was anticipated before the Federal Open Market Committee meeting on March 16th.

Before pricing, SWS and J.P. Morgan presented multiple scenarios to the financing team including various amortizations, savings patterns, couponing options, and call options. SWS and J.P. Morgan held weekly market update calls starting a month before pricing, in addition to separate working group calls. Strong investor interest allowed SWS to tighten spreads in most maturities of the Series 2022B Bonds.

About Siebert Williams Shank

SWS is an independent non-bank financial services firm that offers investment banking, sales and trading, research, advisory, and asset management services. It was created through a merger in late 2019 of the nation’s top-ranked woman and minority-owned municipal finance firm and the top-ranked minority-owned corporate bond firm. To learn more visit


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