The Bond Buyer Friday announced the finalists for its 17th annual Deal of the Year awards.
Issuers were honored in eight categories, and all the award winners are also finalists for the national Deal of the Year Award, which will be announced at a Dec. 6 ceremony held at 583 Park Avenue in New York City. The winner will also be revealed online at BondBuyer.com later that evening.
For more than a decade and a half, the editors of The Bond Buyer have selected outstanding municipal bond transactions for special recognition. The 2018 awards, which considered deals that closed between Oct. 1, 2017, and Sept. 30, 2018, drew nominations that represent the full diversity of the communities and public purposes that are served by the municipal finance market.
“The competition this year was stiff, with many very qualified deals under consideration,” said Michael Scarchilli, Editor in Chief of The Bond Buyer. “We chose the finalists for innovation, the ability to pull complex transactions together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used.”
For the eighth year, the Deal of the Year gala will also include the presentation of the Freda Johnson Award for Trailblazing Women in Public Finance. This year marks the fourth in which the organization is honoring two public finance professionals; one from the public sector and one from the private. The 2018 honorees are Oakland director of finance Katano Kasaine and Noreen White, co-president of Acacia Financial Group.
The finalists are:
NORTHEAST REGION
The Triborough Bridge and Tunnel Authority’s $107.3 million issuance of general revenue variable rate bonds. With Libor being phased out, this financing marks the municipal market’s first-ever issuance of bonds based on the SOFR index, and the sixth SOFR-based deal in the overall fixed income market.
SOUTHWEST REGION
The city and county of Denver’s $2.5 billion deal on behalf of Denver International Airport, which has become one of the nation’s major airline hubs and a powerful economic engine for the region. The deal marked the largest AMT bond transaction and the largest airport revenue bond ever issued.
MIDWEST REGION
The Michigan Finance Authority’s $288.6 million sale on behalf of Wayne County. The deal funded the county’s new $500 million criminal justice complex in Detroit and marked a milestone for the previously distressed government, paving the way for another high-profile display of Detroit's revival.
SOUTHEAST REGION
The state of West Virginia’s $1.3 billion of deals as part of its $2.6 billion Roads to Prosperity highway program. The state’s largest-ever infrastructure initiative, it will finance hundreds of new and backlogged transportation projects, creating new jobs in all 55 counties and boosting the state’s economy.
FAR WEST REGION
The California Municipal Finance Authority’s $1.18 billion private activity bond offering on behalf of the Los Angeles International Airport to fund an Automatic People Mover (APM). It is the first APM procured as a P3 in the U.S., and the largest P3 deal ever in California.
HEALTH CARE FINANCING
The Wisconsin Health and Educational Facilities Authority’s $1.2 billion transaction on behalf of Advocate Aurora Health. The deal was a recapitalization of Aurora Health debt after its merger with Advocate Health to create a unified capital structure.
NON-TRADITIONAL FINANCING
The Placer County, Calif., Public Financing Authority’s $39.8 million issuance of taxable revenue refunding green bonds to fund its mPOWER program. The transaction can serve as a “take-out financing” template for municipalities that choose to self-administer PACE programs.
SMALL ISSUER FINANCING
California’s Jefferson Union High School District’s $5 million issuance, believed to be the first voter-approved teacher-staff housing general obligation bonds in the nation. The deal provides an alternative path for school districts to address local rental housing shortages.
