Great Pacific Securities has excellent equity underwriting capabilities and has experience in both primary and secondary market issuance. In February 2011, GPS participated in the AIG underwriting. This was a 300 million share underwriting, of which 200 million shares were a secondary offering and 100 million shares were new issuance. Eleven years later, GPS worked with AIG again in the spin-off of Corebridge Financial. GPS participated as Co-Manager in the Corebridge transaction, the largest IPO of 2022.
GPS also worked on the U.S. Treasury’s disposition of Citigroup common stock (5.3 billion shares were sold during this part of the disposition process. 7.7 billion in total). GPS was selected as Co-Manager in the U.S. Treasury’s 2.4 billion share public offering of Citigroup common stock.
Fixed Income Underwriting
- Government Sponsored Agencies (GSE) The firm is a direct underwriter for Freddie Mac, Farmer Mac, Fannie Mae, and the Federal Home Loan Bank (FHLB) system. GPS can also access the window for any posting or perform a reverse inquiry should a date that is not posted be desired. Also if the appropriate security for a client is not readily available then the firm has the ability to structure and create the necessary security. GPS is a member of the Global Group for the FHLB, the reference note pool for Freddie Mac, and the Fannie Mae benchmarks. This gives the firm the ability to access many of the large deals directly from these Agencies.
- Mortgage Backed Underwriting GPS is a Co-Sponsor in the Ginnie Mae Multiclass Securities program. Through this program GPS can structure a CMO to meet the specific needs of its clients. CMO tranches can be created with specific prepayment and average life characteristics.
- Municipal Underwriting GPS has a national presence in the municipal underwriting space, underwriting for customers such as the State of California, Los Angeles County and the city of New York. Specifically, GPS is included in all underwriter pools for the State of California and has acted as Co-Manager in over 450 transactions.
- Corporate Underwriting The firm’s Corporate Debt underwriting capabilities are equally as impressive. The firm underwrites for corporations such as Southern California Edison, Pacific Gas and Electric and Citigroup.