Underwriter Syndicate

The Oregon State Treasury has issued a Request for Proposals (RFP 170-4401-23) seeking qualified financial firms to serve as Underwriter Syndicate members for future bond issuances by the Oregon Housing and Community Services Department (OHCS) and the Oregon Department of Veterans' Affairs (ODVA). Eligible firms must be registered with the SEC, FINRA, or MSRB and can apply for roles including Senior Manager Underwriters, Co-Senior Manager Underwriters, Co-Manager Underwriters, and Selling Group Members. The procurement covers underwriting services for various bond programs, including single-family housing, veteran's loan, and multifamily revenue bonds, with a focus on jurisdictions in Marion County and the City of Salem. Proposals are due by June 20, 2023, at 12:00 PM PT, with a planned Notice of Intent to Award on approximately July 24, 2023. The evaluation criteria will focus on firms' experience, program knowledge, key personnel qualifications, financing strategies, distribution capabilities, and innovative ideas for improving the state's bond programs.

The RFP includes specific diversity and inclusion requirements, mandating that proposers complete an Employer Information Report detailing workforce demographics and an OMWESB (Oregon Minority, Women, and Emerging Small Business) Outreach Plan. Certified firms under ORS 200.055 by the Oregon Certification Office for Business Inclusion and Diversity (COBID) are encouraged to participate, with proposers required to outline steps for soliciting certified minority-owned, woman-owned, service-disabled veteran-owned, or emerging small businesses for potential subcontracting opportunities. The Notice of Intent to Award document reveals that Jefferies, JP Morgan, and Morgan Stanley have been selected as Senior Managers, with a Co-Manager Pool including 22 additional firms such as Academy Securities, Barclays, CITI, Piper Sandler, and Wells Fargo. While specific contract values were not disclosed, the RFP suggests that bond proceeds will be used for loans, with issuance costs and financing fees to be paid by the respective departments during closing. Firms selected will be eligible to participate in future bond issuances for OHCS and ODVA.