City of Wilmington, Delaware $37,030,000 General Obligation Bonds, Series 2018 Janney Role: Senior Manager

Janney served as a senior manager on the City of Wilmington, Delaware’s (the “City”) transaction consisting of $37.030 million General Obligation Bonds, Series 2018. Janney lead a syndicate of three underwriters including Stifel and M&T Bank. Due to significant changes in the market that negatively impacted the transaction, the offering, originally scheduled to price in the first quarter of 2018, was delayed until October 10, 2018, when Janney, the City and its Financial Advisor felt the market had stabilized enough for the City to have a favorable pricing. The transaction received ratings of “Aa2” by Moody’s and “AA” by Standard & Poor’s. The $37.030 million transaction was structured as tax-exempt, fixed rate serial bonds. The proceeds of the Bonds were used to finance various capital projects, to fund on a long-term basis the City’s General Obligation Bond Anticipation Notes, Series of 2017 and to currently refund the City’s outstanding General Obligation Bonds, Series of 2007A. The new money bonds totaled $24.275 million in par amount, while the refunding bonds totaled $12.755 million in par amount and produced over $380,000 in net present value savings or 3.00% of refunded par amount.

The transaction was priced during a week with heavy supply ($11.9 billion, up from the prior week of $7.6 billion) and garnered substantial attention receiving over $92 million in orders, of which $2.9 million in retail orders. As senior manager, Janney placed over $70 million in orders, and the deal was 2.5x oversubscribed, with some maturities as much as 5.9x over. As a result, Janney’s underwriting desk was able to lower spreads up to four basis points on a number of maturities to achieve lower yields to the benefit of the City.

This was Janney’s fourth senior managed transaction for the City since 2015 having completed the Wilmington Parking Authority’s, Guaranteed Revenue Bonds, Series of 2015, the City’s General Obligation Bonds, Series of 2015 and Series of 2017.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

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