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 27, 2017

Trump Dump Positive For Munis, Hospitals

Weekly Recap

The Trump Bump turned into The Trump Dump late last week as investors became spooked by failure of the Republican-led Congress to pass healthcare reform, buying Treasuries while selling equities and the dollar. Markets are now reassessing whether or not the fractured Republican-led Congress will be able to coalesce around pro-growth, Trump agenda items, notably tax-reform. Amidst all of the hoopla, the Fed (as expected) on Wed voted to raise the Fed Funds rate by 25 bps and, based on the “dot plot,” is on track for another two 25 bps increases in 2017. Fed statements indicate a shifting...

Supply

This week’s new issue calendar of $6.1 bil. is led in the negotiated space by Connecticut ($750 mil.), San Jose, CA ($640 mil.), Golden State Tobacco ($618 mil.), and NJ Turnpike ($525 mil.). The competitive calendar is led by...

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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