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Mischler Municipal Debt Outlook Week of Oct 11
October 2016      Muni Market   

Mischler Municipal Debt Market Update for the holiday-shortened week commencing 10.11.16 looks back to last week’s metrics and provides a lens focused on selected municipal bond offerings for this week. As always, the Mischler Muni Market snapshot provides public finance investment managers, institutional investors focused on municipal debt and municipal bond market participants a summary of prior week’s muni bond activity, including credit spreads, money flows and a curated view of pending municipal finance offerings scheduled for this week’s pending issuance.

The negotiated market is led by $1.3 billion general obligation bonds for the State of Illinois.  The competitive market is led by $138.0 million revenue bonds for Campbell County Sanitation District, Arizona on Wednesday.

Below and attached is neither a recommendation or offer to purchase or sell securities. Mischler Financial Group is not a Municipal Advisor. For additional information, please contact Managing Director Richard Tilghman at 203.276.6656

For reading ease, please click on image below

mischler-municipal-debt-market-outlook-10112016

Mischler Financial Group debt capital market expertise, inclusive of Debt Origination, Distribution, Primary Market Access and Secondary Market trading across the full spectrum of fixed income markets is courtesy of our 18-member team of debt market veterans is what makes MFG’s Fixed Income Group a compelling partner to Fortune issuers, corporate treasurers, municipal debt issuers and the world’s leading institutional investors.

To illustrate our presence within the Debt Capital Markets space: since 2014 alone,  Mischler has led, co-managed and/or served as selling group member for more than $500 Billion (notional value) in new debt and preferred shares issued by Fortune corporations, new companies via IPO, as well as debt issued by various municipalities and US Government agencies.

Mischler Financial Group is a federally-certified Service-Disabled Veteran Owned Business Enterprise (SDVOBE) and a recognized minority broker-dealer. Mischler Muni Market updates are provided as a courtesy to institutional clients of Mischler Financial Group, Inc.

Post title: Mischler Municipal Debt Outlook Week of Oct 11

Mischler Muni Market : Select Offerings Scheduled Week of Sept 19
September 2016      Muni Market   

Mischler Muni Market Update for week commencing 09.19.16 looks back to last week’s metrics and provides a lens focused on selected municipal bond offerings for this week. As always, the Mischler Muni Market snapshot provides public finance investment managers, institutional investors focused on municipal debt and municipal bond market participants a summary of prior week’s muni bond activity, including credit spreads, money flows and a curated view of pending municipal finance offerings scheduled for this week’s pending issuance.

The negotiated market is led by $700.0 million taxable bonds for Providence St. Joseph Health Obligated Group and $649.9 million tax-exempt and taxable bonds for Pennsylvania Turnpike
Commission. The competitive market is led by $1.1 billion bonds for Dormitory Authority of the State of New York in 3 bids on Thursday.

Below and attached is neither a recommendation or offer to purchase or sell securities. Mischler Financial Group is not a Municipal Advisor. For additional information, please contact Managing Director Richard Tilghman at 203.276.6656

For reading ease, please click on image below

mischler muni market update

Mischler Financial Group debt capital market expertise, inclusive of Debt Origination, Distribution, Primary Market Access and Secondary Market trading across the full spectrum of fixed income markets is courtesy of our 18-member team of debt market veterans is what makes MFG’s Fixed Income Group a compelling partner to Fortune issuers, corporate treasurers and the world’s leading institutional investors.

To illustrate our presence within the Debt Capital Markets space: since 2014 alone,  Mischler has led, co-managed and/or served as selling group member for more than $500 Billion (notional value) in new debt and preferred shares issued by Fortune corporations, new companies via IPO, as well as debt issued by various municipalities and US Government agencies.

Mischler Financial Group is a federally-certified Service-Disabled Veteran Owned Business Enterprise (SDVOBE) and a recognized minority broker-dealer. Mischler Muni Market updates are provided as a courtesy to institutional clients of Mischler Financial Group, Inc.

This Week’s Investment Grade Corporate Debt Tone: Firm & Tight; Mischler Comment
August 2016      Debt Market Commentary   

Quigley’s Corner 08.05.16: Investment Grade Corporate Debt Tighter on The Bid Side

 

Investment Grade New Issue Re-Cap

IG Primary & Secondary Market Talking Points – Market Tone Very Firm; 86% of Week’s 50 New Issues Tighter on the Bid Side.

“The Best and the Brightest” –  Syndicate Forecasts and Sound Bites for Next Week 

 New Issues Priced

This Week’s IG New Issues and Where They’re Trading

Lipper Report/Fund Flows – Week ending August 3rd     

Investment Grade Credit Spreads (by Rating/Issuer)

IG Secondary Market Trade Lab

Economic Data Releases

Rates Trading Lab

New Issue Pipeline

M&A Pipeline

We wrap up a resounding week for IG new issuance.  The climate is ripe for continued success for companies looking to print now.  Sure, we’ll have the late August vacations to slow things down a bit before the ramp up to what should be a VERY busy run from September through Thanksgiving but August is NOT yet over.  This week we saw a total of 47 IG Corporate and 3 SSA issues price.  86% of them trended tighter versus their final pricing spread levels in this afternoon’s secondary trading market. That is what syndicate desks mean when they say, “the market is firm!” The syndicate midpoint average forecast for next week’s IG Corporate supply is $22.80b.  They ARE the best.  However, I will say that the trend in here is – without a doubt – to the upside. So would I be surprised to see $30b price?…..Not at all.  But what the heck, when I give YOU access every Friday to those 23 professionals who price your deals and who sit in the most highly pressurized job on Wall Street, why listen to just little ole me?  The Best & Brightest have spoken.  See their projections and read their words in their below weekly section.  And thank you to all 23 of them for accommodating my request for early responses.  At 54 years of age I am wrapping up a tough 66 hour work week are tough BUT it was well worth it.  The Quigley family thanks all 23 syndicate participants for letting me out a bit early today to travel with my family up to Vermont. The guy in the corner needs some R&R in the Green Mountain State this weekend.  We appreciate the patronage of all the issuers who offered us such meaningful roles in the past couple of weeks and ditto that to those lead managers who really gave new meaning to getting us involved on the distribution front. You all know who you are. Thanks to each and every one of you.

……………..I tell ya, the oldest Service Disabled Veteran broker-dealer keeps breaking new ground.  When you give us a chance  to prove our capital market capabilities, we are the Little Engine That Could.  Thanks for entrusting Mischler Financial, the financial industry’s oldest minority broker-dealer owned/operated by Service-Disabled Veterans on your deals.


IG Primary & Secondary Market Talking Points – Market Tone Very Firm with 86% of This Week’s 50 New Issues Tighter on the Bid Side.

firm-tight-tone-investment-grade-debt

 

  • The average spread compression from IPTs thru the launch/final pricing of today’s 1 IG Corporate new issue was 15.00 bps.
  • BAML’s IG Master Index was unchanged at +151.  +106 represents the post-Crisis low dating back to July 2007.
  • Standard & Poor’s Global Fixed Income Research widened 4 bps to +203 versus +199.  The +140 reached on July 30th 2014 represents the post-Crisis low.
  • Investment grade corporate bond trading posted a final Trace count of $16.4b on Wednesday versus $17.8b Thursday and $14.5b the previous Thursday.
  • Taking a look at the secondary trading performance of this week’s IG Corporate and SSA issues, of the 50 deals that printed, 43 tightened versus NIP for a 00% improvement rate while only 6 widened (12.00%) and 1 was not available or N/A (2.00%).
  • For the week ended August 3rd, Lipper U.S. Fund Flows reported an inflow of $2.472b into Corporate Investment Grade Funds (2016 YTD net inflow of $23.27b) and a net outflow of $2.464b into High Yield Funds (2016 YTD net inflow of $7.232b).

 

Syndicate IG Corporate-only Volume Estimates for This Week and August

 

IG Corporate New Issuance This Week
8/01-8/05
vs. Current
WTD – $48.95b
August 2016 vs. Current
MTD – $48.95b
Low-End Avg. $25.13b 194.79% $60.48b 80.94%
Midpoint Avg. $26.22b 186.69% $61.13b 80.07%
High-End Avg. $27.30b 179.30% $61.78b 79.23%
The Low $15b 326.33% $45b 108.78%
The High $45b 108.78% $75b 65.27%

 

“The Best and the Brightest” –  Syndicate Forecasts and Sound Bites for Next Week 

 

I am happy to announce that, once again, the “QC” received unanimous responses from the 23 syndicate desks surveyed in today’s Best & Brightest poll.  21 of those participants are among 2016’s top 22 ranked syndicate desks according to today’s Bloomberg’s U.S. IG U.S. Investment Grade Corporate Bond underwriting league table.  In fact, all of today’s 23 participants finished in the top 25 of last year’s final IG Corporate Bloomberg league table.  The 2016 League table can be found on your terminals at “LEAG” + [GO] after which you select #201 (US Investment Grade Corporates).  Today’s cumulative underwriting percentage of the participating desks was 80.95% which simply means they’re the ones with visibility.  But it’s not only about their volume forecasts, it’s also about their comments!  This core syndicate group does it best; they know best; so they’re the ones you WANT and NEED to hear from.  It’s a great look at the week ahead.

*Please note that these are Investment Grade Corporate Debt only. They do not include SSA issuance unless otherwise noted.

 As always “thank you” to all the syndicate desks that participated in today’s survey.  I greatly appreciate your time to contribute and for making this edition of the “QC” among the most widely read! You are helping to promote Mischler’s value-added DCM proposition while adding readership to the “QC” that won Wall Street Letter’s Award as Best Broker Dealer Research in our financial services industry for the third consecutive year! That’s 2014, 2015 and 2016 !!  More importantly, however, you’re helping the nation’s oldest Service Disabled Veteran broker-dealer grow in a more meaningful and sustainable way.  So, thank you all! -RQ

 

The question posed to the “Best and the Brightest” early this morning was:

 

“Good morning and TGIF!  So, payrolls bounced, wages soared and the domestic labor market seems to be improving.  The BOE yesterday cut its benchmark rate 0.25%. But there’s “chatter” out there that the BOE might extend its sterling bond purchases to include “other currencies.”  This in lieu of Carney’s statement that he is “adverse to negative rates” and “helicopter money.” Could USD denominated bonds be on the BOE’s shopping list?  Today’s U.S. numbers were really good but in the grand scheme of things, as they saying goes, the world is “going deeper into the rabbit hole.”


This week we priced $50.65b of all-in IG Corporate and SSA issuance. IG Corps were $48.65b which eclipsed this week’s syndicate midpoint average forecast of $26.22b by 85.55%. We also beat the high estimate of $45b this week by 8%.

Here are this week’s IG Corporate-only key primary market driver averages:

 

  • NICS:  3.17 bps
  • Oversubscription Rates: 2.86x
  • Tenors:  11.57 years
  • Tranche Sizes: $1,020mm

 

Week-on-week demand for IG corporate credit primary paper was off against last week but remained strong posting an average bid-to-cover rate of 2.86x vs. 3.63x. Average NICs widened by 1.94 bps to an average 3.17 bps versus last week’s 1.23 bps.  Average tranche sizes increased thanks to the large multi-tranche deal from MSFT, to $1,020mm versus $875mm last week.  Average tenors decreased to 11.57 years versus last week’s 13.95 years but still over the 10.  For the week ended August 3rd, Lipper U.S. Fund Flows reported an inflow of $2.472b into Corporate Investment Grade Funds (2016 YTD net inflow of $23.27b) and a net outflow of $2.464b into High Yield Funds (2016 YTD net inflow of $7.232b).

Week-on-week, BAML’s IG Master Index is 1 bps wider or +151 vs. last Friday’s +150 close.  Spreads across the four IG asset classes widened 1.75 bps to 37.75 vs. 36.00. Looking at the 19 major industry sectors, spreads widened 1.63 bps to an average 46.84 bps off their post-Crisis lows versus 45.21 bps versus last Friday’s close.               

Finally, what are your thoughts and number or range for next week’s IG Corporate issuance?  Thoughts mean a lot and are always welcome and appreciated!

……..……and here are their formidable responses: (more…)

Mischler Financial: Now A NY State Certified Veteran Owned Broker Dealer
December 2014      Company News   

In connection with the May 12 2014 enactment of the New York State-Service-Disabled Veteran-Owned Business Act, the Office of Governor Andrew M. Cuomo announced on Dec 2 2014 that Mischler Financial Group, Inc. became one of the very first New York State certified veteran-owned broker dealer and SDVOB under the New York State Office of General Services, Division of Service-Disabled Veterans’ Business Development.

“Creating this program for New York’s service-disabled veterans is another way to show our deep appreciation for the brave men and women who serve our country,” Governor Cuomo said. “By providing these opportunities, New York is again leading the way in how our nation supports those who serve, and I am proud to announce the first businesses certified under this initiative.”

The May passage of the NYS Service-Disabled Veteran-Owned Business Act establishes a 6 percent goal for participation on State contracts by service disabled veteran owned firms in addition to other measures to support these companies. The federal government’s goal for awarding contracts to veteran-owned businesses is only three percent and no other state in the nation offers as robust a program which includes set-aside contracts to these small businesses.

In a statement made by Office of General Services Commissioner RoAnn M. Destito, “I am pleased OGS has certified the first businesses under Governor Cuomo’s Service-Disabled Veteran-Owned Business Act. It is only right that service-disabled veterans receive public support and be fully and meaningfully involved in public procurement and State contracts.”

In a separate announcement made by the New York Federal Reserve Bank on Nov 17, 2014, Mischler was selected to participate in the NYFRB’s recently-announced Mortgage Operations Counterparty Pilot Program. Mischler was 1 of 3 firms selected for this program, which is anticipated to run for about 1 year. In June 2013, Mischler had been selected to participate in the New York Fed’s Treasury Operations Counterparty Pilot Program.

Mischler Financial Group, Inc., a registered broker-dealer established in 1994 is the financial industry’s oldest investment bank and institutional brokerage owned and operated by service-disabled veterans. Mischler was one of 21 enterprises to receive the New York State certification, which formalizes the eligibility of respective business to participate in contracting opportunities with New York State and related New York State agencies. The certification reference number is 41005.

Mischler Financial Group, Inc. specializes in primary Debt Capital Market (DCM) issuance of Government, Agency, Corporate and Municipal bonds, Equity Capital Market (ECM) underwriting and also provides institutional clients of the firm, including corporate treasurers, with agency-only secondary market execution in fixed income instruments (government securities, corporate bonds, asset-backed, mortgage-backed and municipal securities), as well as agency-only best execution for corporate share repurchase programs (10b-18), and block trading in US listed and International equities.

To qualify as a Service-Disabled Veteran-Owned Business, the owner or owners must have received a compensation rating of 10 percent or greater from the United State department of Veterans Affairs or have incurred an injury while in uniform equivalent to a compensation rating of 10 percent or greater from the United States Department of Veterans Affairs. National Guard veterans may also be eligible upon confirmation of a service-disability by the New York State Division of Veterans’ Affairs.

A full list of the 21 newly-certified businesses can be viewed HERE. More information on the program, including the application for certification, is available online here. Businesses can also contact the Office of General Services directly by calling (844) 579-7570.This release originally appeared on the State of New York’s website here.

(more…)

Giving Back to Veterans, Hollywood-Style
January 2014      Giving Back   

The Mischler Financial Group team salutes Steve Peck, son of legendary film actor Gregory Peck, for his role in giving back to military veterans.

Visit NBCNews.com for breaking news, world news, and news about the economy

Mischler Embraces Children of Fallen Patriots Foundation at Star-Studded Fundraiser
December 2013      Company News, Giving Back, News and Information   
(l)Gen. Stanley McChrystal (ret), Annie McChrystal and Dean Chamberlain Family

(l)Gen. Stanley McChrystal (ret), Annie McChrystal and Dean Chamberlain Family

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 Christmas Holiday Message to US Military and SDVs: Thank You.
December 2013      Company News, Giving Back   

The entire Mischler Financial Group team extends a special holiday salute to all the men and women currently serving in the US Military, those who have served, those injured in the line of duty,  and to the family members of those who have served and made the ultimate sacrifice to protect all of us.

There is no greater honor than serving to defend the freedoms that we hold so dear.

Thank you. We wish you a Merry Christmas and a Happy Holiday Season. We hope the New Year brings you health and happiness.

Walt Mischler, (SDV), Founder & Chairman

Dean Chamblerlain (SDV), Principal & CEO

Doyle Holmes, President & COO

In Honor of Vets on Memorial Day: Mischler Maps To Fisher House
May 2013      Company News, Giving Back, News and Information   

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.”

fisherhouse logoAbout Fisher House

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

dchamberlain@mischlerfinancial.com

Media Inquiries:

Jay Berkman / JLC Group

Tel: 203.255.0034

 

Mischler Financial Group To Sponsor AFSA 23rd Annual Credit Summit For Fixed Income Investors; Special Panel: Leveraging the Power of Diversity & Inclusion
April 2013      Company News, News and Information   

AFSA summit

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.

Mischler Financial Group Announces Dean Chamberlain Elevated to CEO; Securities Industry’s Oldest Minority SDVBE Taps Top Wall Street Veteran
January 2013      Company News, News and Information   

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.”

dean-chamberlain

CEO Dean Chamberlain

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.

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