Immediate News Release
Stamford, CT July 14, 2014—Mischler Financial Group (“MFG”), the minority broker-dealer and the securities industry’s oldest service-disabled-veteran-owned business enterprise (SDVBE), announced that Eric Michalisin, a sell-side industry veteran and a recognized specialist in international equities execution has joined the firm’s agency-only trading desk and has been appointed, Director, International Equities Sales/Trading. Mr. Michalisin will be based in the firm’s Stamford, CT office and work directly with Managing Director Rob Livio, who oversees the firm’s 24/6 international equities sales/trading platform.
During the 3 years immediately prior to joining Mischler, Mr. Michalisin was Director, International Equities for RBS Securities. During the 7 years prior, he was a senior member of the international equities desk for JP Morgan Chase. Mr. Michalisin began his sell-side career in 1996 as a Far East equities sales/trading specialist for Robert Fleming, Inc and remained with predecessor firm Jardine Fleming Securities throughout 2001.
Noted Joe Digiammo, Mischler’s global head of equities, “Eric’s major firm background, coupled with his unique insight to local market trading, as well as best execution for US-listed ADRs provides our institutional clients with yet another highly-experienced touch-point for those seeking to navigate global equities markets on a 24/6 basis.”
About Mischler Financial Group
Established in 1994, Mischler Financial Group, Inc. (“Mischler”) is the oldest and largest FINRA member firm certified as a Service Disabled Veterans Business Enterprise (SDVBE). Headquartered in Newport Beach, California with regional offices in Stamford, CT, Boston, MA, Chicago, IL and Detroit, MI,the firm serves leading institutional fund managers, corporate treasurers, public plan sponsors, endowments and foundations by providing agency-only execution within the global equities and fixed income markets; new issue underwriting and syndication within the US Equity and Debt capital markets; and asset management for liquid and alternative investment strategies. The firm’s website is located at http://mischlerfinancial.com
For Additional Information:
Dean Chamberlain, CEO
Quigley’s Corner 03.11.2014-PEPCO Lights Up Bond Market; Debt Deal Underwritten With Diversity Inclusion
Investment Grade New Issue Re-Cap
We’ve seen a proverbial avalanche of consistent issuance lately. Last Friday’s strong NFP report pushed the “weather factor” on the back burners and helped underscore a continually improving domestic economy. Better rated utilities all fared very well despite the most recent additions to global tumult – namely Ukraine, Russia and Crimea. Utility paper is in strong demand and there are no signs of investor indigestion from the sector or for that matter from the incredible amounts of new supply that’s been put away. In fact, according to Bank of America/Merrill Lynch, “regulated electrics generated 14 bps of positive excess returns which is 9 bps better that BAML’s high grade bond index. Investors, both large and small have found utilities a good place to put their money to gain portfolio diversification across both corporate and capital structures.” Investors have been clamoring for better rated corporate credits and utilities have been prominent and prolific as well bringing no less than 12 deals in the last six business days. Well, 13 happens to be my lucky number and as it were, the 13th utility announced this morning in the form of Potomac Electric Power which lights up the nation’s capital among others.
What’s more, Mischler Financial Group, Inc., the nation’s oldest and largest Service Disabled Veteran broker-dealer was named a Co-Manager and is thereby the session’s “Deal-of-the-Day.”
Potomac Electric (A2/A-) announced a $400 million 10-year First Mortgage Bond carrying IPTs in the +90 “area” before launching and pricing at the tightest side of +85-90 guidance. Active joint leads were J.P. Morgan, RBS and Wells Fargo as well as passive leads Citigroup and Goldman Sachs. Relative value was fairly straight-line on this as we looked to the outstanding Delmarva Power & Light (A2/A) 3.50% due 11/15/2023 and like Pepco, also a wholly owned-subsidiary of Pepco Holdings, Inc. Those FMB Notes were T+75 bid pre-announcement this morning (G+79.5) inferring a 5.5 bps NIC on today’s T+85 final pricing. In addition, I took a look at the POM 4.15% due 3/15/2043 that were T+80 bid this morning before today’s deal hit the tapes. The reason I mention this is that it points to a flat 10s/30s curve for the utility which is always good to know. The Company will use net proceeds from today’s new print to repay in full at maturity $175 million in aggregate principal amount of its 4.65% senior notes due April 15, 2014 plus accrued interest and unpaid interest. The remaining net proceeds will be used to repay outstanding commercial paper of which there was $196.5 million outstanding as of last Friday March 7th as well as for general purposes.
Final pricing was as follows: (more…)
Securities Industry Salutes Mischler Financial Group; “Best Broker-Dealer/Research” Awarded to Veteran-Owned Firm
Stamford, CONN-February 26, 2014—Mischler Financial Group, the securities industry’s oldest minority investment bank/institutional brokerage owned and operated by service disabled veterans (SDVs) announced its receipt of the 2014 Wall Street Letter Institutional Trading Award for Best Broker-Dealer/Research.
The award was determined by a panel of industry peers organized by global financial news publisher Pageant Media Ltd., who weighed the content offerings from sell-side firms specializing in equities and/or and fixed income insight. The top award to Mischler recognizes the firm’s debt capital markets and fixed income syndicate commentary, produced by Ron Quigley, Managing Director and Head of Fixed Income Syndicate for Mischler. Runner-ups for the Best Broker-Dealer Research category included investment banks Stifel Financial Corp. and Sandler O’Neil + Partners L.P.
Mischler Financial was also nominated for “Best Client Service” and “Best Broker-Dealer/Equities”; categories in which other contenders included global brands Bloomberg LP, Sunguard Financial Systems, Northern Trust Securities and Instinet, among others.
Noted Dean Chamberlain, CEO of Mischler Financial Group, “It’s a real privilege to be acknowledged for excellence by our peers and to be cited for our capabilities, particularly when looking at the roster of globally-recognized Industry leaders who were also nominated.”
This year’s Wall Street Letter Institutional Trading Awards program encompassed 20 categories and more than 100 nominees; winners were announced during a formal event on February 25 in New York City attended by more than 250 financial market professionals representing the industry’s top investment banks, brokerage firms, exchanges and trading system technology concerns.
About Wall Street Letter’s Institutional Trading Awards
The Wall Street Letter 2014 Institutional Trading Awards recognize excellence among providers to the institutional trading industry. Specifically, this event recognizes top brokerage firms, exchanges and financial technology companies for achievements and innovation over the last year. Wall Street Letter is one of 11 mastheads owned by Pageant Media Ltd and is distributed daily to more than 2,500 subscribers.
On Nov 16, 2013, minority broker-dealer Mischler Financial Group CEO Dean Chamberlain was joined by family and members of the MFG Stamford CT office to “rally the troops” along with government and business luminaries from the New York tri-state area in support of Children of Fallen Patriots Foundation (COFP) 5th Annual Greenwich Event.
Mischler Financial Group Promotes Industry Veteran Joe Digiammo to Head of Equities; Minority-Owned Firm’s Equities Market Footprint Continues to Broaden
Newport Beach, CA, December 2—Mischler Financial Group (“MFG”), the securities industry’s oldest minority investment bank and institutional brokerage owned and operated by service-disabled veterans announced today that Joseph Digiammo has been promoted to Head of Equities for the firm. A 20-year industry veteran who previously held senior equities sales/trading roles for Morgan Stanley, UBS and Susquehanna Investment Group, Digiammo joined Mischler in 2012 as a Managing Director in connection with the launch of the firm’s Boston office. In his new role, Digiammo will oversee MFG’s expanding team of equities sales/traders and coordinate the firm’s initiatives across the firm’s domestic and international equities execution platform.Digiammo will report directly to Mischler Financial’s CEO Dean Chamberlain.
Noted Chamberlain, “As our firm approaches our 20th anniversary and we continue to extend an even wider footprint within the primary equity capital markets, corporate share repurchase and secondary market trade execution space, Joe’s leadership skills, his broad knowledge of domestic and international block equities trading, coupled with his deep understanding of the needs of Tier 1 institutional managers makes him the ideal choice to lead our equities team.”
About Mischler Financial Group
Headquartered in Newport Beach, California with regional offices in Stamford, CT, Boston, MA, Chicago, IL and Detroit, MI, MFG serves leading institutional investment managers, corporate treasurers, public plan sponsors and select hedge funds by providing capital markets services, agency-only execution within the global equities and fixed income markets, and asset management for liquid and alternative investment strategies. The firm’s website is located at http://mischlerfinancial.com
Media Inquiries: Jay Berkman, JLC Group, 203.255.0034
Quigley’s Corner: Dec 2, 2013
Investment Grade New Issue Re-Cap
December kicked off today with yet another avalanche of IG new issuance that featured 4 issuers across 13 tranches and a total of $9.50billion. In fact, it hit for a rather unique cycle today in that we saw a single tranche, a two-part, four-part and six-part!! Today’s offerings emphasize the diverse menu of bonds we’re seeing served up to investors. Issuer diversity ranged from restaurants to pharmas; from a retail staple to banking. The aftermarket performance of today’s new issues tightened anywhere from 2 bps to as much as 8 bps in the case of CVS’ new 30-year tranche. CVS garnered a 19 billion book (4.75x).
Now, sit back, relax, kick up your feet and get a nice hot cup of Starbucks coffee because it was for the Seattle–based American global coffee company and coffeehouse chain that is our highlighted transaction. Mischler Financial Group, Inc. is proud to announce it had its first taste of Starbucks today, figuratively speaking of course, having been offered an active Co-Manager role on its two-part 3- and 5-year transaction. Starbucks Corp. (Baa1/A-) hit the tapes as a $750 million “will not grow” Senior Unsecured Global transaction and with the caveat that each tranche would be index eligible inferring at least a $250 million size. IPTs were in the +50 “area” on the 3s and +75-80 on the 5s before tightening substantially to the +40 and +65 “area respectively. At that point “area” was defined as +/- 2 bps. Both tranches reeled into the tightest side of those launch levels at +43 and +63 where they each priced. The 3-year was $400 million with the 5-year at $350 million.
The most recent Starbucks deals to price were three months ago in September but prior to that you’d have to look back six years to their 2007 issues. Relative value, as such, simply pointed to those prints. For the five-year we looked at the 6.25% due 8/15/2017 was T+23 bid pre-announcement or G+78 or negative 15 bps versus today’s +63 pricing level. The 3s/5s curve is about 25 bps taking you to today’s T+38 final pricing level and therein pointing to another negative 15 bps concession.
With 20,891 stores in 62 countries, and 13,279 of them in the U.S., Starbucks is the largest coffee company in the world. Given the broad range of its customer base and geographical locations, diversity and inclusion is not only a smart business decision for Starbucks but it’s at the core of its business plan. Just ask CFO-CAO Troy Alstead who will tell you that Supplier Diversity is a smart business decision. It helps the Company identify and deliver high quality products and services across all business channels. Its customer base, is as diverse as is its supplier mix. It begins the moment you walk into any Starbucks store in which its employees embrace diversity. It’s an essential component of who they and extends to its store locations in local neighborhoods. Think about that readers. Where is your local Starbucks? You see what I mean? It’s part of every community! It’s all inclusive.
Starbucks Most Diverse Print Ever!
Not only did Starbucks include several loan lending institutions as Co-Managers on today’s prints but it worked to mirror its customers by selecting its single most diverse fixed income print ever: Along with Mischler Financial Group, Inc., – the nation’s oldest and largest Service Disabled Veteran broker-dealer – Starbucks selected minority boutique investment banks that are known as “best-in-class” within each minority category. Lebenthal (woman-owned); Ramirez (Hispanic American) and Williams Capital (African American). It may be hard to believe – given the excellent product we all look forward to in the morning – but I’ll bet your Starbucks coffee will taste that much better knowing the people at the top of Starbucks have embraced a policy reflective of all of us.
Congrats to Starbucks management and Treasury/Funding for today’s piping hot print that just happens to have tightened 3 bps on the bid side of both the 3- and 5-year tranche. Final order books were heard to be $2.2 billion on the 3-year (5.5x bid-to-cover) and $2.4 billion on the 5-year (6.86x covered). Investors clamored for bonds and Mischler was happy to have been able to help introduce a total of 16 new investors to Starbucks’ investor profile. How’s THAT for diversity?
Thank you to Starbucks for today’s opportunity and a nice shout out to the Morgan Stanley syndicate desk for working so well and so efficiently with us today! MS was there the moment info was available and I’m happy to say it was a seamless and smooth experience!! As for all our investors, especially those that have helped build the foundation on which our premier distribution network has been built……well…..you all know how I feel – you’re the best! Thanks to all of you! –RQ
……..enjoy your vento mocha frappucino with soy mocha drizzle, matcha powder, protein powder, caramel brulee topping, strawberries and frappuccino chips!!! (more…)
To Honor Vets on Veterans Day, Mischler Financial Pledges 10% of Month’s Profits To Fisher House Foundation
For Immediate Release
May 6, Stamford, CT—Mischler Financial Group, the financial industry’s leading boutique investment bank and securities brokerage owned and operated by service-disabled veterans, today announced that in honor of the upcoming Memorial Day, the firm will contribute 10% of its May profits to Fisher House, the private-public partnership that provides temporary housing facilities at no cost for visiting family members of disabled veterans who are hospitalized for treatment in local VA medical centers.
Dean Chamberlain, CEO of Mischler Financial Group stated, “In connection with our year-round commitment to various programs that help service-disabled veterans, we’re honored to play a supporting role to Fisher House. This is a critically-important organization that enables veteran family members to provide crucial, onsite care and support for their injured loved ones while they undergo extended medical treatment at venues far from their homes.”
Noted Fisher House CFO David Fox, a U.S. Naval Academy alumni and former senior partner of financial industry consultant Greenwich Associates, “Having the financial support of a firm such as Mischler Financial not only adds wind to our sails, but when considering the legacy of the firm, their recognition speaks volumes to the importance of the Fisher House mission.”
Originated in 1990, Fisher House Foundation donates “comfort homes” built on the grounds of major military and VA medical centers. The Fisher House program now operates 60 venues throughout the country and serves more than 19,000 families; it has made available over 4 million days of lodging to family members since the program originated. By law, there is no charge for any family to stay at a Fisher House operated by the Department of Veterans Affairs. Fisher House also administers and sponsors Scholarships for Military Children, the Hero Miles program, and co-sponsors the Newman’s Own Award.
About Mishler Financial Group, Inc.
Established in 1994 and headquartered in Newport Beach, California with regional offices in Stamford, CT, Boston, MA, Chicago, IL, Detroit, MI, and Red Bank, NJ, Mischler Financial Group is a certified minority broker-dealer and Service Disabled Veterans Business Enterprise (SDVBE) providing capital markets services, agency-only execution within the global equities and fixed income markets, and asset management for liquid and alternative investment strategies. The firm’s clients include leading corporate treasurers, public plan sponsors, endowments and foundations. The firm’s website is located at http://mischlerfinancial.com
For Additional Information:
Dean Chamberlain, CEO
Jay Berkman / JLC Group
Mischler Financial Group is pleased to announce its sponsorship of the 23rd Annual Credit Summit for Fixed Income Investors taking place May 28-30, 2013 at Westin’s Copley Place in Boston, MA.
In addition to being a lead sponsor, Dean Chamberlain, CEO of Mischler Financial Group will serve as one of 4 expert panelists for a newly-created conference session “Leveraging the Power of Diversity & Inclusion” which will take place Wednesday May 29 from 12.30pm-1.30pm and will be moderated by Suni Harford, Regional Head of Markets, Citigroup, Inc. Joining Dean Chamberlain as panelists: Alexandra Lebenthal, President/CEO of Lebenthal & Company, Zeeshan Naqvi, Director Global Long Term Funding, GE Corporate Treasury; and Chris Williams, Chairman/CEO of The Williams Capital Group.
Lead sponsors in addition to Mischler Financial Group include Bank of America Merrill Lynch, Barclays, BMO Capital Markets, Citigroup, Deutsche Bank, CIBC, HSBC, J.P. Morgan, RBC Capital Markets, RBS, BMO Capital Markets, Williams Capital Group, TD Bank, CastleOak Securities, and Blaylock RV.
Those interested in attending this event can click here, or click on the above image to be directed to the conference website.
For Immediate Release
Newport Beach, CA, January 15–Mischler Financial Group (“MFG”), the securities industry’s oldest minority firm certified as a Service-Disabled Veterans Business Enterprise (SDVBE), announced today that Dean Chamberlain, who joined the firm as a principal in early 2011, has been appointed Chief Executive Officer, a role previously held by firm founder and Chairman Walter Mischler. A West Point graduate who served 6 years as an Officer in the U.S. Army before commencing his now 21-year career on Wall Street, Mr. Chamberlain was most recently the Head of Fixed Income/Americas for Nomura Securities International. He previously held executive roles at Bank of America and JPMorgan.
Commenting on the executive transition, founder Walt Mischler stated, “When considering his background, Dean is indisputably the most qualified and most capable person to guide our firm for the next generation. After sustaining injuries while serving as an Officer in our armed forces, he re-purposed himself and became a leader within the financial service industry. Dean’s ability to guide an aspiring Tier 1 institutional brokerage is evidenced by his long-standing track record, including the heightened recognition we’ve gained from Fortune 500 issuers, leading institutional investors and top Wall Street firms since Dean and his team first joined MFG.”
Newly-appointed CEO Dean Chamberlain stated, “This is a unique opportunity, both personally and professionally; it allows me to contribute 2 decades of Wall Street leadership experience to expand a platform that truly meets the diversity goals of issuers and investment managers who require the capabilities typical to traditional ‘bulge bracket’ firms. The special dividend is my being able to help extend the firm’s formidable legacy and support of vital causes that empower disabled armed service veterans and their families.”
About Mischler Financial Group
Established in 1994, and headquartered in Newport Beach, California with regional offices in Stamford, CT, Boston, MA, Chicago, IL and Detroit, MI, Mischler Financial Group is the oldest FINRA member firm certified as a Service Disabled Veterans Business Enterprise (SDVBE). The firm serves leading institutional investment managers, corporate treasurers, public plan sponsors, endowments and foundations by providing capital markets services, agency-only execution within the global equities and fixed income markets and asset management for liquid and alternative investment strategies.
News and Information Categories
- Mischler Muni Market Outlook: Municipal Bond Offerings Scheduled Week of April 24 04/24/2017
- Week’s IG Corporate Bond Issuance: Cooling Off Period; April Showers Bring May Flowers 04/22/2017
- FIG Funding 5.0- Mother Merrill Launches a MOAB (Mother of All Bonds) 04/20/2017
- FIGs 4.0; Investment Grade New Issue Re-Cap- Mischler Debt Market Comment 04/19/2017
- Mischler Muni Market Outlook-Pending Municipal Debt Offerings Scheduled This Week 04/17/2017
- Risk Appetites Sour as News Cycle Confounds, But US Equity Markets Remain Stable; Mischler Commentary 04/07/2017