chooses bond underwriting team
George K. Baum & Company and A.G. Edwards were select to lead the
Missouri Housing Development Commission’s bond managing underwriting
team for the next three years during the Commission’s April 16 meeting.
The firms were selected as Co-Senior Managing Underwriters by a
unanimous vote of the Commission.
MHDC issued almost $258.8 million in single family mortgage revenue
bonds and $57.6 million in multifamily tax-exempt bonds in 2003.
Standard & Poor’s recently upgraded the issuer credit rating on MHDC
from ‘AA’ to ‘AA+’ in a report released by the agency March 31.
Banc of America Securities, Citigroup Global Markets, Edward Jones, Loop
Capital Markets, Oppenheimer & Co., Inc., and Merrill Lynch were
selected as Co-Managers.
Additionally, four firms were chosen as part of a selling group
including Piper Jaffray, Stern Brothers & Co., UMB and Stifel, Nicolaus
& Company, Inc.
Missouri Housing received 25 proposals in response to the Request for
Proposals. Each submission was reviewed and evaluated by staff and
MHDC’s financial advisors, CSG Advisors and Columbia Capital Management
LLC. Firms were evaluated on their qualifications and experience, sales
and distribution capability, strategies for funding single family and
multifamily programs, operation of underwriting syndicate, fee schedule
and computer analytic capability..
Special capabilities sought by the Commission included a firm’s presence
in the state of Missouri, their national perspective in the housing bond
field, minority or woman owned firms, and those firms with a history of
sales of Missouri bonds.
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