Company News


Municipal

New Issues

10/26/20
$20,000,000
Denton Co HFC Multi-Hsg
Pxg Thu 10/29
10/26/20
$443,040,581
Wisconsin Center District
2028-2040 2050 2055 2060 CABS Pxg Tue 10/27 A2 AA NR
10/26/20
$700,000,000
New York City TFA Future Tax
2022-2026, 2034-2050 Rtl Op Mon 10/26 & Tue 10/27 Pxg Wed 10/28 Aa1 AAA AAA
10/26/20
$218,250,000
New York City TFA Future Tax
2026-2032 Rtl Op Mon 10/26 & Tue 10/27 Pxg Wed 10/28 Aa1 AAA AAA
10/26/20
$1,794,935,000
Los Angeles CCD
2021-2039 IOI Wed 10/28 Pxg Thu 10/29 Aaa AA+

Capital Markets

New Issues

Debt

10/16/2020
$1b - Morgan Stanley - CoLead

9/29/2020
$500m - D.R. Horton - CoMgr

9/23/2020
$500m - TD Bank - CoMgr

9/22/2020
$2b - Bank of America - CoLead
$4b - T-Mobile USA - CoMgr

9/9/2020
$2.25b - TD Bank - CoMgr

Equity

Insights

CREDIT AND MARKET STRATEGY
MUNICIPAL MARKET WEEKLY

October 19, 2020

Global:

Markets were mostly in risk off mode on the week as investors digested a litany of news and data, including dimming hopes for federal fiscal stimulus, economic data indicating an uneven recovery, mostly good Q3 corporate earnings, worsening Covid-19 numbers in the US and Europe, and the growing possibility of a “blue wave” in Nov. Equities ended mostly flat while Treasuries rallied across the curve, led by the 30yr bond yield which declined -5 bps to 1.52%. Treasury Sec. Mnuchin said reaching a fiscal stimulus deal before the Nov. 3 election will be difficult.   

Municipals:

Tax-exempts posted small gains but lagged Treasuries on the week mostly due to an outsized new issue calendar of $18.3 bil., led by deals from Denver Airport, Kansas City Airport, and Baptist Healthcare. The calendar included $5.4 bil. of taxable, or 30% of the total. Fund inflows on the week were +$614 mil. and total +$13.4 bil. YTD. MMD was bumped -1 bps in 5yrs and out. Gross supply YTD is $381 bil, or +24.9% y/y driven by taxable issuance at +185% y/y.   

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.