Dormitory Authority Selects New Underwriter Panel

Firms owned by Minority Members and Women Broadly Represented

The Dormitory Authority of the State of New York (DASNY) today announced the selection of a new panel of underwriters to assist the Authority in the sale of bonds it issues on behalf of New York State and a portfolio of private not-for-profit institutions.

The selection of underwriters followed a Request for Proposals that was undertaken as DASNY adopted a new approach to underwriter selection that is designed to eliminate barriers to entry and level the playing field in order to increase the participation of minority- and women-owned firms in its debt issuances. This action by the Dormitory Authority was prompted by the work of Governor David A. Paterson’s Executive Order 10 Task Force which was established in June 2008 and is chaired by DASNY Executive Director Paul T. Williams, Jr.

“This is a transformative moment for the Dormitory Authority and for the State of New York,” said DASNY Executive Director Paul T. Williams, Jr. “Our new panel of underwriters significantly expands opportunity for firms owned by minority members and women and gives the Authority access to the world-class skill and talent we need to execute bonds deals for our clients.”

The Authority’s new panel of underwriters will also work under guidelines enacted through Gov. Paterson’s Task Force which requires performance evaluations for every transaction.

“Having underwriters work under Task Force guidelines will greatly serve the people of New York by strengthening competition, improving accountability, and increasing the transparency of our financings,” said Paul Williams.

Fifty-one firms responded to DASNY’s RFP from which the authority empanelled 13 Senior Managers, 22 Co-Managers, and 16 Selling Group companies:

Senior Managers:

Banc of America Securities LLC
Barclays Capital
Citi
DEPFA First Albany Securities LLC
Goldman Sachs & Co.
JPMorgan
Loop Capital Markets LLC
Morgan Stanley
MR Beal & Company
Ramirez & Co., Inc.
RBC Capital Markets
Siebert Brandford Shank & Co., LLC
Wachovia Bank, NA

Co-Managers:

Apex Securities Inc. (dba Rice Financial)
BB & T Capital Markets
Cabrera Capital Markets LLC
Duncan-Williams, Inc.
Fidelity Capital Markets Services
George K. Baum & Company
Grigsby & Associates
Jackson Securities
Janney Montgomery Scott LLC
KeyBanc Capital Markets Inc.
Lebenthal & Co., LLC
Morgan Keegan & Company, Inc.
Oppenheimer & Co., Inc.
Piper Jaffray & Co.
Prager, Sealy & Co., LLC
Raymond James & Associates, Inc.
Roosevelt & Cross, Incorporated
Southwest Securities
Sterne, Agee & Leach, Inc.
Stifel, Nicolaus & Company, Inc.
Stone & Youngberg
TD Securities LLC

Selling Group Members:

Backstrom McCarley Berry & Co., LLC
Cain Brothers & Company, LLC
David Lerner Associates, Inc.
Doley Securities, LLC
Edward Jones
Estrada Hinojosa & Company, Inc.
Herbert J. Sims & Co., Inc.
Jesup & Lamont Securities Corp., Inc.
Knight BondPoint, Inc.
M&T Securities, Inc.
Mesirow Financial, Inc.
Pershing LLC
Sandgrain Securities Inc.
SBK Brooks Investment Corp.
Toussaint Capital Partners, LLC
Ziegler Capital Markets Group

Any Senior Manager, Co-Manager or Selling Group member is eligible to serve as Senior Manager for one of the Authority’s private not-for-profit clients if selected by the private client as Senior Manager.

Members of the new underwriter panel will serve for a two-year cycle with an option for one six-month renewal and an additional six-month renewal only upon extraordinary circumstances. The previous panel of underwriters worked on a three-year cycle.

DASNY is annually one of the largest issuers of municipal bonds in the nation. In 2008, the Authority ranked second in the nation with $6.8 billion of bonds issued.

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The Dormitory Authority, founded in 1944, is the largest higher education, health care and public-purpose bonding and construction authority in the nation. The Dormitory Authority has a construction pipeline of 730 projects valued at $7.4 billion. The Authority has an outstanding bond portfolio of more than $37 billion.