Underwriter Pool Services and General Airport Revenue Bond Underwriting

The Ontario International Airport Authority (OIAA) is soliciting proposals to establish a qualified pool of underwriting firms to support anticipated General Airport Revenue Bond (GARB) financings totaling approximately $500 million, planned as two negotiated series in 2026 and 2027. This solicitation aims to identify firms capable of delivering comprehensive underwriting services, including bond structuring, marketing, pricing, credit rating agency liaison, syndicate management, and post-closing reporting. The contract term for the underwriter pool is three years, with options for one-year extensions and potential adjustments in pool membership. Selection to the pool does not guarantee transaction participation; final allocation of underwriting roles for each series will be based on proposal merit, firm qualifications, and demonstrated approach to bond issuance strategy. Proposals must demonstrate a deep understanding of OIAA’s financial and credit profile and present a well-considered approach to bond structuring, execution, and market positioning under varying conditions. Important evaluation factors include firms’ relevant experience with airport revenue bonds exceeding $100 million, credit rating agency strategies, distribution capabilities, and pricing competitiveness—with pricing discipline emphasized as a material component. The solicitation requires submission of key personnel biographies, conflict of interest disclosures, and detailed underwriting compensation structures, discouraging loss-leader pricing to promote sustainability. Proposals are limited to 15 narrative pages and must be submitted electronically by May 12, 2026. The scope includes adherence to specified financing assumptions, legal agreements, and certification requirements, though no Federal Acquisition Regulation clauses apply, as this is a municipal financing engagement managed from Ontario, California. The Authority prioritizes a holistic, trade-off approach to award, balancing price with technical and strategic quality to select long-term underwriting partners.