Jefferies’ Pitch on Big Texas Muni Deal: No Gun, Oil Policies That Raise GOP Ire.

Jefferies Financial Group Inc. may not seem the obvious choice to handle what is poised to be the biggest municipal-bond deal ever in Texas.

It’s not one of the largest Wall Street banks, nor is it a top-five player in the nationwide muni market. What’s more, the nearly $13 million fee that Jefferies proposed for handling the $3.4 billion offering wasn’t even the lowest. Several larger banks, including Morgan Stanley and UBS Group AG, asked for a smaller payment.

But Jefferies’ ultimately successful pitch to win the deal — which also touted its deep expertise in complicated bond structures — contained a point that many other large, national banks couldn’t put in their proposals: It has never run afoul of new, Republican-backed state laws seeking to punish Wall Street for limiting its work with the fossil fuels and firearms industries.

Continue reading.

Bloomberg Markets

By Amanda Albright and Danielle Moran

August 11, 2022



Copyright © 2024 Bond Case Briefs | bondcasebriefs.com