Investment Banking Services

The Missouri Highways and Transportation Commission (MHTC) and the Missouri Department of Transportation (MoDOT) have issued a Request for Proposals (RFP) to establish a pre-qualified pool of investment banking firms to provide comprehensive financial services for bond transactions. The solicitation seeks firms to serve as book-running senior managers, co-senior managers, or co-managers for negotiated underwriting of refunding and new bonds across MHTC's multi-lien debt structure. Key services include bond structuring, document preparation, marketing, underwriting, obtaining credit ratings, and participating in bond closings. Proposals are due by April 13, 2021 at 2:00 PM CDT, with potential interview conferences scheduled from April 26-29, 2021. The evaluation criteria are comprehensive, with points allocated as follows: Commitment to Public Finance and Missouri (10 points), Experience and Expertise (20 points), Personnel Assigned (25 points), Distinguishing Attributes (15 points), Retail and Institutional Capabilities (25 points), and Financial Condition and Litigation/Investigations (5 points). The initial contract period will run from July 1, 2021 through June 30, 2024, with options for two additional one-year renewals.

The MHTC encourages participation from Minority Business Enterprises (MBE) and Women Business Enterprises (WBE), with recommended participation levels of 10% MBE and 5% WBE through subcontractors, suppliers, or joint ventures. As of February 2021, MHTC has approximately $1.57 billion in outstanding debt across various liens, including Senior, First, Second, Third, and GARVEE bonds, with credit ratings ranging from AA+ to AAA from major rating agencies. The commission anticipates issuing new bonds in fiscal year 2022, though selection to the pool does not guarantee participation in future bond issuances. Compensation for investment banking services will be negotiated at the time of each financing, with the potential for incentive-based compensation for variable rate programs. MHTC reserves the right to competitively sell bonds without utilizing firms from the selected pool and maintains sole discretion in selecting firms for each transaction. Proposals must not exceed 20 pages and can be submitted electronically through MissouriBUYS or by mail/courier service, with no walk-in submissions accepted due to COVID-19 restrictions.