Sales and Trading

At Rice Financial, it is our belief, and it has been our experience, that investors build relationships and support firms that can provide both bonds and information on a consistent basis. We have been able to successfully blend our national and regional relationships with issuers and investors to become a value-added member of every financing team to which we are assigned. Rice Financial’s sales and trading representatives average 26 years* of experience and share a history working at major Wall Street firms.

Our consistent performance continues to earn the firm senior, book-running appointments in some of the nation’s most prestigious underwriting syndicates. As a senior manager, Rice routinely generates retail and priority institutional orders sufficient to place the entire transaction, distributing bonds widely among retail and institutional investors.  Many of our senior managed engagements have involved delicate, in-depth interactions with the rating agencies to successfully introduce new credits or provide greater understanding of challenging credit situations. As senior manager, we cast a wide net in marketing bonds across the spectrum of investors, while tailoring coupons, amortization and redemption structures to meet or attract individual pockets of demand based on market conditions.

Institutional Coverage

Rice Financial covers the largest institutional buyers in the United States. We also maintain numerous second- and third-tier client accounts, affording us a distinct niche in the marketplace in our ability to generate net designated and professional retail orders. We are actively involved in major accounts each day, often executing buy or sell programs on an exclusive basis to help investment managers meet portfolio objectives.

Retail Coverage

In response to the disappearance of retail buyers during the financial crisis of 2008, Rice Financial engaged in an intensive marketing program to reach the retail market. Our sales team targets retail investors through dozens of investment advisors, private wealth management (PWM) groups within large asset management organizations, and bank trust departments. As a group, the investment advisors and PWMs Rice Financial serves have more than 4,400 high-net-worth retail clients.

Marketing Approach

As a smaller firm, Rice Financial takes a comprehensive approach to marketing issues as a senior manager, engaging several of our senior bankers, sales and underwriting personnel throughout the entire marketing process. Unlike larger firms that may price two or three deals a day, Rice is able to dedicate the full attention of its desk and banking professionals to each of our issuers’ transactions leading up to and at the time of pricing.  Rice begins premarketing an issue two to three weeks prior to the formal pricing date. The objective is to find the most aggressive buyers (retail and institutional) in every maturity range. In addition to very specific discussions with investors in the price discovery process, we involve our senior bankers in discussions with major buyers regarding the issuer’s credit profile and bonds covenants.

From the onset of each pricing, Rice strives to sell bonds across the entire range of maturities and allot bonds to as many investors as possible. As part of Rice’s approach to marketing a client’s bonds, we look to expand the issuer’s existing investor base to bring new institutional and retail buyers. Further, Rice’s philosophy in managing a transaction is to encourage participation of co-managing underwriters by enlisting their input regarding pricing (beyond merely soliciting price views) and coupon structure at all points along the yield curve. Rice engages in continuous dialogue with the managers during pricing, making the syndicate aware of maturities that are not subscribed for, and discussing specific customer interest that can be moved to those maturities.

Secondary Market Support

Secondary market trading is a priority at Rice Financial.  We place no distinction between the primary market and secondary market, and call upon our capital between these two markets in a way that facilitates the underwriting and distribution of a client’s bonds in the most efficient and cost effective manner possible.  The firm’s secondary market trading activities allow us to provide a source of liquidity in the secondary market for our state and local government clients as well as our institutional and retail investors.  Our secondary market portfolio is liquidated and replenished frequently through the firm’s normal original issue and secondary market activities.

 

 

 

 

 

 

 *Calculated by adding the total years of experience of each sales desk employee obtained from professional biographies and averaging that number.
**Source: Securities Data Company

 

Transaction Highlights

$28,000,000
Tuskegee University

Tuskegee University

Refinancing
8/4/17
$747,025,000
State of Connecticut

State of Connecticut

General Obligation
Bonds
$100,000,000
Grambling State Univeristy

Grambling State Univeristy

Refinancing and
New Money Loan
11/30/16
$36,600,000
South Carolina State University

South Carolina State University

Loan Refinancing
9/27/16
$420,214,000
NY Convention Center Development Corp.

NY Convention Center Development Corp.

Senior and Subordinate
Lien Revenue Bonds
9/14/16
$47,455,000
City of Charleston (SC)

City of Charleston (SC)

Waterworks and Sewer
System Refunding Bonds
8/25/16
$744,375,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Aviation Revenue
Refunding Bonds
8/4/16
$25,000,000
Jarvis Christian College (TX)

Jarvis Christian College (TX)

Refinancing and
New Money Loan
7/28/16
$863,860,000
Metropolitan Transportation Authority (NY)

Metropolitan Transportation Authority (NY)

Transportation
Revenue Bonds
7/21/16
$309,834,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Subordinate Special
Obligation Refunding Bonds
7/15/16
$500,955,000
NYS Environmental Facilities Corp.

NYS Environmental Facilities Corp.

State Revolving Fund
Revenue Bonds
6/15/16
$59,035,000
City of Charleston (SC)

City of Charleston (SC)

Waterworks and
Sewer System
Refunding Bonds
5/12/16
$56,820,000
City of Charleston (SC)

City of Charleston (SC)

Waterworks and
Sewer System
Refunding Bonds
3/18/16
$27,285,000
Kern Community College District (CA)

Kern Community College District (CA)

Refunding Certificates
of Participation
1/13/16
$38,000,000
Livingstone College (NC)

Livingstone College (NC)

Refinancing and
New Money Loan
12/3/15
$96,000,000
Alabama A&M University

Alabama A&M University

Refinancing and
New Money Loan
9/24/15
$31,270,000
Charleston Public Facilities Corp (SC)

Charleston Public Facilities Corp (SC)

Installment Purchase
Revenue Bonds
9/3/15
$21,000,000
Lawson State Comm. College (AL)

Lawson State Comm. College (AL)

Refinancing and
New Money Loan
7/16/15
$140,105,000
City of Charleston (SC)

City of Charleston (SC)

Water/Sewer System
Capital Improvement
Revenue Bonds
7/16/15
$205,350,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Aviation Revenue
Refunding Bonds
6/25/15
$20,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2015
$14,727,000
Philander Smith College (AR)

Philander Smith College (AR)

Refinancing
6/11/15
$536,840,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Aviation Revenue
Refunding Bonds
6/10/15
$12,665,000
West Hills Community College District (CA)

West Hills Community College District (CA)

General Obligation
Refunding Bonds
5/28/15
$19,000,000
University of the Virgin Islands

University of the Virgin Islands

New Money Loan
2/27/15
$1,005,755,000
Dormitory Authority of the State of New York

Dormitory Authority of the State of New York

PIT Refunding Bonds
1/7/15
$761,140,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Aviation Revenue Bonds
12/3/14
$30,035,000
Arkansas Baptist College

Arkansas Baptist College

Refinancing and
New Money Loan
12/3/14
$115,090,000
Hampton University (VA)

Hampton University (VA)

Refunding Revenue Bonds
10/20/14
$12,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2014
$55,390,000
City of Atlanta (GA)

City of Atlanta (GA)

General Obligation
Refunding Bonds
10/28/14
$2,035,330,000
NYC Sales Tax Asset Receivable Corporation

NYC Sales Tax Asset Receivable Corporation

Sales Tax Asset
Revenue Bonds
9/24/14
$300,000,000
New York City Municipal Water Finance Authority

New York City Municipal Water Finance Authority

Water and Sewer
System Revenue Bonds
9/16/14
$26,150,000
Johnson C. Smith University (NC)

Johnson C. Smith University (NC)

Refinancing and
New Money Loan
8/28/14
$155,665,000
District of Columbia

District of Columbia

Income Tax Secured
Revenue Refunding Bonds
8/19/14
$18,500,000
Voorhees College (SC)

Voorhees College (SC)

Refinancing and
New Money Loan
6/26/14
$200,000,000
State of Connecticut

State of Connecticut

General Obligation
Bonds
6/11/14
$7,500,000
Grambling State University (LA)

Grambling State University (LA)

New Money Loan
5/29/14
$44,635,000
Durham County (NC)

Durham County (NC)

General Obligation
Refunding Bonds
5/14/14
$201,470,000
Miami-Dade County (FL)

Miami-Dade County (FL)

Seaport Variable Rate
Revenue Bonds
5/8/14
$32,335,000
Toledo Public Schools (OH)

Toledo Public Schools (OH)

GO School Facility
Improvement Ref. Bonds
5/8/14
$347,385,000
NYS Environmental Facilities Corp.

NYS Environmental Facilities Corp.

State Revolving Fund
Revenue Bonds
3/19/14
$812,140,000
Dormitory Authority of the State of New York

Dormitory Authority of the State of New York

PIT Refunding Bonds
3/13/14
$13,500,000
Central State University (OH)

Central State University (OH)

Refinancing
9/24/13
$19,000,000
Morehouse College (GA)

Morehouse College (GA)

Refinancing
9/10/13
$56,000,000
Benedict College (SC)

Benedict College (SC)

Refinancing and
New Money Loan
6/27/13
$89,990,000
City of Jackson (MS)

City of Jackson (MS)

Special Obligation Bonds
6/26/13
$60,065,000
Hampton University (VA)

Hampton University (VA)

Refinancing
5/30/13
$350,900,000
City of Houston (TX)

City of Houston (TX)

Public Improvement
GO and QECB Bonds
4/25/13
$642,420,000
Empire State Development Corporation (NY)

Empire State Development Corporation (NY)

PIT Revenue Bonds
3/13/13
$64,940,000
City of Jackson

City of Jackson

Convention Center
Refunding Bonds
2/22/13
$36,165,000
Jackson Public Schools (MS)

Jackson Public Schools (MS)

Special Obligation Bonds
1/9/13
$50,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2012
$1,125,000,000
City of New York (NY)

City of New York (NY)

General Obligation Bonds
10/4/12
$2,000,000,000
Port Authority of New York and New Jersey

Port Authority of New York and New Jersey

Consolidated Bonds
9/7/12
$55,000,000
Texas Southern University

Texas Southern University

New Money Loan
9/27/12
$1,268,445,000
Metropolitan Transportation Authority (NY)

Metropolitan Transportation Authority (NY)

Transportation Revenue
Refunding Bonds
9/20/12
$7,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2012
$40,000,000
Stillman College (AL)

Stillman College (AL)

Refinancing
9/13/12
$9,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2012
$50,000,000
Freddie Mac

Freddie Mac

Taxable Fixed
Income Investment
2011
$60,000,000
Meharry Medical College (TN)

Meharry Medical College (TN)

New Money Loan
8/30/12
$50,000,000
Freddie Mac

Freddie Mac

Taxable Fixed
Income Investment
2011
$50,000,000
Fannie Mae

Fannie Mae

Taxable Fixed
Income Investment
2011
$10,000,000,000
State of California

State of California

Revenue Anticipation
Notes
8/16/12
$1,236,898,000
Triborough Bridge and Tunnel Authority (NY)

Triborough Bridge and Tunnel Authority (NY)

General Revenue
Refunding Bonds
8/3/12
$25,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2011
$100,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2011
$25,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2011
$31,026,000
Inglewood Public Financing Authority (CA)

Inglewood Public Financing Authority (CA)

Lease Revenue
Refunding Bonds
7/24/12
$523,245,000
State of Connecticut

State of Connecticut

General Obligation
Refunding Bonds
6/12/12
$22,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2010
$16,060,000
Florida Memorial University

Florida Memorial University

New Money Loan
6/7/12
$30,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
(Two Transactions)
2010
$46,725,000
City of Charleston (SC)

City of Charleston (SC)

Stormwater System
Revenue Bonds
5/24/12
$155,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2009
$1,797,740,000
State of Illinois

State of Illinois

GO Refunding Bonds
5/1/12
$16,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2008
$69,145,000
Virgin Islands Water and Power Authority

Virgin Islands Water and Power Authority

Electric System Revenue
and Refunding Bonds
4/26/12
$30,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2008
$150,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2008
$33,130,000
Midtown Redevelopment Authority (TX)

Midtown Redevelopment Authority (TX)

TIF Contract Revenue
and Refunding Bonds
7/27/11
$250,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2008
$29,535,000
City of St. Louis (MO)

City of St. Louis (MO)

Airport Revenue
Refunding Bonds
6/23/11
$25,000,000
Fannie Mae

Fannie Mae

Taxable Fixed
Income Investment
2007
$41,560,000
Houston Community College (TX)

Houston Community College (TX)

Maintenance Tax Notes
2/10/11
$25,000,000
Fannie Mae

Fannie Mae

Taxable Fixed
Income Investment
2007
$25,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2007
$29,000,000
District of Columbia

District of Columbia

PILOT Revenue
Bond Anticipation Notes
3/22/10
$100,000,000
Farmer Mac

Farmer Mac

Taxable Fixed
Income Investment
2007