ULY 2015 INTRODUCTIONN. the Capital. policy. framework. II. Action Items. Overview. D. Swap Program
|
|
- Clifford Tyler
- 6 years ago
- Views:
Transcription
1 JU ULY 2015 FINANCIAL ADVISOR REPORT THE AVIATION ENTERPRISE The Finance Committee has requested that the Financial Advisor for the Aviation Enterprise provide a monthly report on the status of the financing of the Capital Construction Program (CCP) and any related issues concerning the Airports Authority s Aviation Enterprise capital financing activities. The Financial Advisor presents this Monthly Report, focusing on the specific debt management projects underway, the debt policy framework guiding these projects and the financing of the CCP in general. This paper is organized as follows: INTRODUCTIONN DISCUSSION SUMMARY I. Executivee Summary II. Action Items A. III. Informational Items A. Series 2015B-D Financing B. Expiring Bank Facilities IV. Monthly Update A. CCP: Actuals vs. Projections B. Short-term Liquidity Forecast C. Variable Rate Programs D. Swaps Monthly Swap Performance Exhibits A. Airports Authority s Capital Construction Program B. Airport System Revenuee Bonds Summary of Bonds Outstanding g Refunding Monitor C. Variable Rate Programs Overview Historical Performance D. Swap Program Airports Authority Swap Profile Historic Performancee of 2009 Swaps
2 I. EXECUTIVE SUMMARY Action Items to report. Informational Items Series 2015B-D Financing. On June 30, Morgan Stanley, the Airports Authority s book running senior manager, priced on behalf of the syndicate $345.7 million of Series 2015B-D new money and refunding bonds. Proceeds of the new money bonds will fund expected CCP expenditures through July Proceeds of the refunding bonds will refund the Series 2005A, 2005B, 2005C and 2005D Bonds and outstanding commercial paper. The refunding of the fixed rate bonds produces total gross savings of $33.9 million or $ 25.0 million on a present value basis, which equates to 8.8 percentt of the refunded par amount. In association with issuance of the Series 2015B-D Bonds, the rating agencies affirmed the Airports Authority s credit ratings of A1 ( stable), AA- (stable) and AA- (stable) from Moody s, S&P and Fitch. The all-in True Interest Cost for the Series 2015B-D Bonds is 4.07 percent. The Series 2015B-D transaction will close on. Expiring Bank Facilities. On May 21, the Airports Authority solicited interest from banks regardingg the replacement or renewal of existing bank facilities. The Airports Authority has three bank facilities totaling $426 million that expire over the next two years: one expires in September 2015 and two expire in On June 12, 2015, twelve banks submitted proposals, eleven of which offered to provide a Letter of Credit and six of whichh offered a direct loan index floater. The choice of product and bank recommendations will be presented to the Finance Committee and Board at the September meetings. The Airports Authority targets closing on the new or extended bank facilities in September 2015.
3 No Action Items to report this month. II. AC CTION ITEMS
4 III. INFORMATIONAL ITEMS (III.A) Series 2015B-D Financing On June 30, Morgan Stanley, the Airports Authority s book running senior manager, priced on behalf of the syndicate $345.7 million of Series 2015B-D new money and refunding bonds. Proceeds of the new money bondss will fund CCP expenditures through July Proceeds of the refunding bonds will refund the Series 2005A, 2005B, 2005C and 2005D Bonds and outstanding Commercial Paper. The Series 2015B-D transaction will close on July 15, A summary of the transaction is shown in the table below. Series 2015B Refunding 2015C Refunding 2015C Refunding 2015D Refunding 2015B New Money 2015C CP Takeout Total Par Issued ($millions) $ $ Series Refunded 2005A 2005B 2005D 2005C Refunded Par ($millions) $ $ PV Savings ($ $millions) $ $ PV Savings (%) 8.4% 8.1% 15.4% 10.6% % Refunding Results. The refunding produces total gross savings of $33.9 million or $25..0 million on a present value basis, which equates to 8.8 percent of refunded par. Annual debt service savings in the near term are $7.2 million from 2016 through 2019 and $1..4 million from 2020 through New Money Results. The new money portion of the Series 2015B Bonds was issued in the par amount of $74.5 million. Proceeds will fund expected CCP expenditures and capitalized interest through July Ratings. As part of the transaction process for the Series 2015B-D Bonds, the rating agencies affirmed the Airports Authority s credit ratings: Moody s: A1 (stable) S&P: AA- (stable) Fitch: AA- (stable) Sales Details. Despite volatility in the market reflecting financial uncertainty in Greece and in Puerto Rico, demand for the Airports Authority s bonds was steady throughout the orderr period. In total, the underwriting syndicate generated $438 million of orders from 43 institutional investors plus an additional $9.3 million in retaill orders. Demand for the
5 Airports Authority s bonds allowed the underwriters to lower interest resulted in an attractive overall borrowing cost of 4.07 percent. rates which (III.B) Expiring Bank Facilities The Barclays letter of credit that supports the Seriess 2010C Bonds expires in September Two other bank facilities are scheduled to expire in 2016: the Bank of America and Wells Fargo facilities supporting the Series 2003D Bonds and the Series 2011A Bonds, respectively. These three bank facilities total $426 million. Bank Provider Facility Program/ Amount Costs Series ($MM) (bps) Barclays Capital LOC 2010 C VRDO $ Bank of America Index Floater 2003 D1 $ * Wells Fargo Index Floater 2011A $ * * spread to the 72 percent of LIBOR Index. Expiration Date September 23, 2015 December 16, 2016 September 21, 2016 On May 21 the Airports Authority issued a Request for Proposals (RFP) to qualified financial institutions. On June 12, 2015, twelve banks submitted proposals, eleven of whichh offered to provide a Letter of Credit and six of which offered a direct loan index floater. The choice of product and bank recommendations will be presented to the Finance Committee and Board at the September meetings. The Airports Authority targets closing on the new or extended bank facilitiess in September Date July 15 September 16 September 22 Task Procurement status update Product/ /Bank recommendation to the Finance Committeee and Board for approval of substantially final transaction documents Close
6 IV. MONTHLY UPDATES (IV.A) CCP: Actuals vs. Projections Exhibit A sets forth the major CCP projects underway at the Airports Authority, as well as historical CCP actual versus projected expenditures. For 2015, CCP expenditures are budgeted at $248.8 million including construction and capitalized interest costs. Expenditures in June 2015 totaled $8.2 million including accrued capitalized interest expenditures. 15-Jan 15-Feb 15-Mar 15-Apr 15-May 15-Jun 15-Jul 15-Aug 15-Sep 15-Oct 15-Nov 15-Dec 2015 Totals (Thru June) 2015 CCP Projections vs. Actuals ($ millions) General Ledger Originall Actual 1 Projection Variance Variance (%) $4.00 $14.51 ($10.51) (72. 43%) (15.75) (71. 75%) (11.03) (57. 96%) (17.51) (70. 86%) (10.89) (69. 41%) (8.01) (49. 41%) $38.40 $ ($73.70) (65. 74%) 1 As provided by the Airports Authority.
7 (IV.B) Short-term Liquidity Forecast The following (including the table and chart) is based on information provided to the Financial Advisors by Finance Staff. As of the beginning of July 2015, the Airports Authority had $119.6 million of cash-on- hand 2 and $179 million of additional available liquidity in the form of undrawn CP Series Two capacity. Beginning of Month Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Note: the ta Short-term Liquidity Forecast ($ millions) CP Available Cash Projected to Draw PFCs Grants Available Expenditures (End Bal) (23.93) (27.71) ( 19.94) (23.62) (20.73) (20.74) able above does not reflect the new money bond sale in Cash-on-hand includes proceeds of the Series 2014A Bonds received in July and Funds 63 and 64.
8 (IV.C) Variable Rate Programs In addition to approximate ly $883.3 million of outstanding variable rate debt, the Airports Authority can issue up to $2000 million of f CP Two Notes which are currently on-the-shelf. Outstanding unhedged variable rate debt of $292.5 million represents approximately 6..0 percent of the Airports Authority s $4.9 billion of outstanding indebtedness. Gross Variable Rate Exposure Rate Debt Percentage: Rate Debt $4,028,490, D VRDOs (Hedged) 125,205, C2 VRDOs (Hedged) 96,690, D Index Floater (Hedged) 158,775, A Index Floater (Hedged) 210,135,000 Rate $4,619,295,000 Variable Rate Debt Percentage: 2003D Index Floater 59,750, C1 VRDOs 59,575, B Index Floater 173,185,000 CP Notes 0 Variable Rate $292,510,000 Combined Total $4,911,805, % 6.0% 100.0% The Airports Authority s current unrestricted cash balances of $709.5 million in short- variable rate exposure. Currently, unrestricted cash balances exceed the amount of term investmentss can be netted against variable rate debt exposure to produce a net unhedged short-term debt. Exhibit C-2 illustrates for the current year rolling three-month average spreads to SIFMA of the Airports Authority s variable rate programs, as well as historic spreads to SIFMA by quarter. (IV.D) Swaps Monthly Swap Performance 2002 Swap: Under the terms of the swap agreement, the Airports Authority pays to the counterparty a fixed rate of 4.45 percent on the outstanding notional amount of the swap. In return, the Airports Authority receives from the counterparty 72 percent of one-month LIBOR based upon the outstanding notional amount of the swap. The 2002 Swap originally hedgedd the Series 2002C Bonds and now hedges the 2011A-2 Indexed Floaters whichh refunded the Series 2002C Bonds in full. Thee Airports Authority pays 72 percent of LIBOR plus 82 basis points on the Indexed Floaters. The effective rate of the swap is therefore equal to the fixed swap rate of 4.45 percent plus the spread of 82 basis points: 5.27 percent.
9 2009 Swaps: Under the terms of the swap agreements, the Airports Authority pays to the counterparties an average fixed rate of 4.10 percentt on the outstanding notional amount of the swap. In return, the Airports Authority receives from the counterparties 72 percent of one-month LIBOR based upon the outstandingg notional amount of its respective swaps. The 2009 Swap originally hedgedd the Series 2009A Bonds and 2009D Bonds. The Series 2009A Bonds were partially refunded by the Series 2010C2 Bonds and the remaining portion was fully refunded by the Series 2011A-3 Bonds. The 2009 swaps now hedgee the 2011A-3 Indexed Floaters and the 2009D and 2010C2 Variable Rate Demand Obligations (VRDOs). On the Indexed Floaters, the Airports Authority pays 72 percent of LIBOR plus 82 basis points. The effective rate of the swap related to these Bonds is therefore equal to the fixed swap rate of 4.10 percent plus the spread of 82 basis points: 4.92 percent. Exhibit D-2 provides the historical monthly cash flow history of the 2009 swaps associated with the hedged VRDOs (currentlyy the 2009D and 2010C2) Swap: Under the terms of the swap agreement, the Airports Authority pays to the counterparty a fixed rate of 4.11 percent on the outstanding notional amount of the swap. In return, the Airports Authority receives from the counterparty 72 percent of one-month LIBOR based upon the outstanding notional amountt of the swap. The 2010 Swap hedges the Series 2010D Indexed Floaters. The Airports Authority pays 72 percent of LIBOR plus 32.5 basis points on the Indexed Floaters. The effective rate of the swap is therefore equal to the fixed swap rate of 4.11 percent plus the spread of 32.5 basiss points: 4.44 percent Swap: Under the terms of the swap agreement, the Airports Authority pays to the counterparty a fixed rate of 3.86 percent on the outstanding notional amount of the swap. In return, the Airports Authority receives from the counterparty 72 percent of one-month LIBOR based upon the outstanding notional amountt of the swap. The 2011 Swap hedges the Series 2011A-1 Indexed Floaters. The Airports Authority pays 72 percent of LIBOR plus 82 basis points on the Indexed Floaters. The effective rate of the swap is therefore equal to the fixed swap rate of 3.86 percent plus the spread of 82 basiss points: 4.68 percent.
10 Exhibit A Airports Authority ss CCP Major projects under construction at Reagan National include: Runway and 4-22 Runway Safety Area Enhancements Major projects under construction at Dulles International include: East and West Baggage Basement In Line High Volume Baggage Screening; Cargo Buildings 1-4 Exterior Rehabilitation; ; Dedicated Fire System Surge Prevention; Hydrant Fuel Line Improvements; and Combined Taxilane C and Taxiway Z Reconstruction Historical CCP Projections vs. Actuals ( ) ($ millions) General Ledger Projectionn Variance Variance (%) Actual 2001 Totals Totals 2003 Totals 2004 Totals 2005 Totals Totals 2007 Totals 2008 Totals 2009 Totals Totals 2011 Totals Totals 2013 Totals 2014 Totals $370.8 $295.6 $282.7 $349.3 $555.8 $672.2 $719.4 $537.7 $349.8 $220.2 $167.4 $118.8 $152.3 $113.0 $429.8 $346.5 $321.9 $349.9 $574.4 $713.2 $689.7 $672.8 $474.2 $327.3 $299.4 $274.6 $235.9 $209.5 ($58.9) ($50.9) ($39.2) ($0.6) ($18.6) ($41.0) $29.7 ($135.1) ($124.3) ($107.1) ($131.9) ($155.8) ($83.6) ($96.5) (13.7%) (14.7%) (12.2%) (0.2%) (3.2%) (5.7%) 4.3% (20.1%) (26.2%) (32.7%) (44.1%) (56.7%) (35.4%) (46.1%) 1) Historical projections for do not reflect periodic revisions. 2002: the last revision for 2002 projected $271 million of capital spending for the year. 2003: the last revision for 2003 projected a total of $ million. 2) Projection reflects December 2005 budget amendment.
11 Exhibit B-1 Airport System Revenue Bonds Summary of Bonds Outstanding Security: Lien: Ratings: General Airport Revenue Bonds ("GARBs") are secured by the pledge of Net Airport Revenues Senior Moody's A1 (Stable) S& &P AA- (Stable) Fitch AA- (Stable) Series Date 2003D 10/01/ A 01/25/ B 12/06/ C 12/06/ A 07/03/ B 09/27/ A 06/24/ B 04/01/ C 07/02/ D** 07/02/ A 07/28/ B 07/28/ C*** 09/22/ D** 09/22/ F-1 11/17/ A** 09/21/ B 09/21/ C 09/29/ D 09/29/ A 07/03/ B 07/03/ A 07/11/ B 07/11/ C 07/11/ A 07/03/ A 01/29/ B 07/15/ C 07/15/ D 07/15/15 Original Par Amount 150,000, ,000, ,000,000 37,865, ,460, ,000, ,000, ,825, ,435, ,825, ,400, ,005, ,000, ,000,000 61,820, ,635, ,640, ,390,000 10,385, ,035,000 20,790, ,205,000 27,405,000 11,005, ,250, ,780, ,235,000 35,975,000 30,490,000 Current Par Amount Tax Status 59,750,000 AMT 153,555,000 AMT 284,320,000 AMT 32,915,000 Non-AMT 107,850,000 AMT 393,540,000 AMT 199,630,000 AMT 221,845,000 Non-AMT 287,605,000 Non-AMT 125,205,000 Non-AMT 332,095,000 Non-AMT 177,795,000 AMT 156,265,000 C1 (AMT), C2 (Non-AMT) 158,775,000 Non AMT 61,820,000 Non-AMT 210,135,000 AMT 173,185,000 AMT 163,585,000 AMT 9,245,000 Non-AMT 291,035,000 AMT 17,310,000 Non-AMT 207,205,000 AMT 27,405,000 Taxable 11,005,000 Non-AMT 539,250,000 AMT 163,780,000 AMT 279,235,000 AMT 35,975,000 Non-AMT 30,490,000 Taxable Credit Coupon Enhancement* Variable BAML Index Floaters FSA FGIC FGIC Ambac Ambac BHAC (partial) Variable TD LOC Variable Barclays LOC Variable Wells Fargo Index Floaters Variable Wells Fargo Index Floaters Variable PNC Index Floaters Purpose New Money New Money/CP Refunding New Money Advance Refunding Current Refunding New Money New Money/CP Refunding New Money Refund PFC Notes Refund PFC Notes New Money/OMP Current Refunding Current Refunding New Money/Current Refunding OMP New Money/Current Refunding New Money/Current Refunding Current Refunding Current Refunding Current Refunding Advance Refunding New Money/Current Refunding Current Refunding Advance Refunding Current Refunding Refunding/Call Extension New Money/Current Refunding Current Refunding/CP Takeout Current Refunding Total 5,742,855,000 4,911,805,000 * Approximately 22% of the GARB portfolio is additionally secured through bond insurance. ** All of the Series 2009D, 2010D and 2011A are subject to a floating-to-fixed rate swap. *** $96.7 million of the Series 2010C is subject to a floating-to-fixed rate swap. As % of Total Portfolio Insurer Percentage Ambac 10.2% BHAC 2.3% FGIC 6.5% FSA 3.1% Uninsured 77.9% As % of Insured Portfolio Insurer Percentage Ambac 46.2% BHAC 10.3% FGIC 29.3% FSA 14.2% TIC of Rate Debt 4.45%
12 Exhibit B-2 Airport System Revenue Bonds Refunding Monitor Refunding Candidates Non-AMT The Series 2005B and 2005D Bonds are callable on October 1, 2015 at par. These bonds were refunded on a current basis by the Series 2015C Bonds upon the settlement date of. Theree are no advance refunding opportunities at this time. 3 Refunding Candidates AMT The Series 2005A Bonds are callable on October 1, 2015 at par. Thesee bonds were refunded on a current basis by the Series 2015B Bonds upon the settlement date of July 15, Refunding Candidates Taxable The Series 2005C Bonds are callable on October 1, 2015 at par. Thesee bonds were refunded on a current basis by the Series 2015D Bonds upon the settlement date of July 15, Below are the refunding guidelines previously accepted by the Board: Traditional Financing Products Minimum PV % Savingss Greater of Call Premium or 1% Call Premium + 1% Call Premium + 2% Call Premium + 3% Time Between Call Date and Issuance of Refunding Bonds 0 to 90-days (Current) 90-days to 1-year 1-year to 2-years > 2-years Non-Traditional Financing Products Minimum PV % Savings Call Premium + 1% - 2% Call Premium + 2% - 3% Call Premium + 3% - 4% Call Premium + 4% - 5% 3 The Series 2006C, Series 2012B and Series 2013C Bonds are Non-AMT. However, they may not be advance refunded since the proceeds were used to advance refund other Airports Authority Bonds. The Series 2009B, Series 2009C, Series 2010A and Series 2010F1 Bonds were issued as private activity Non-AMT Bonds and cannot be advance refunded.. The Series 2011D Bonds are advance refundable, but given the length of time to the call date, they are not a viable refunding candidate at this time.
13 Exhibit C-1 Variable Rate Programs Overview Summary of Dealers, Credit Enhancement and Bank Facilities Details of Dealers Program/ Amountt Dealer Series ($MM) Remarketing Fees Merrill Lynch Bank of America CP: Series Two* Index Floater: 2003 D1 Bonds Up to $200 $ % Bank of America VRDO: 2009D Bonds** $ % Barclays Wells Fargo Wells Fargo PNC VRDO: 2010C Bonds Index Floater: 2010D Bonds Index Floater: 2011A Bonds Index Floater: 2011B Bonds $ $ $ $ % * The CP Series One has been suspended and the CPP Series Two iss authorized to be issued up to $200 million effective March 6, ** The Series 2009D Bonds in a daily mode have a 0.10 percent remarketing fee and those bonds in a weekly mode have a 0.08 percent remarketing fee. Details of Facilities Bank Provider Facility Program/ Amount Costs Series ($MM) (bps) Sumitomo LOC CP: Series Two $ Bank of America Index Floater 2003 D1 $ * TD Bank LOC 2009 D VRDO $ Barclays Capital LOC 2010 C VRDO $ Wells Fargo Index Floater 2010 D $ * Wells Fargo Index Floater 2011A $ * PNC Index Floater 2011B $ * * This is a fixed spread to the 72 percent of LIBOR Index. Note: The fees above reflect the increases due to the Moody s downgrade. Expiration Date March 6, 2017 December 16, 2016 December 2, 2017 September 23, 2015 September 23, 2017 September 21, 2016 October 2, 2017
14 Exhibit C-2 Variable Rate Programs Historical Performance The following tables illustrate (i) rolling three-monthh average spreads to SIFMA and (ii) rolling 12-month average spread to SIFMA includingg credit and remarketing fees Interest Rates (by quarter) Quarterr 2003D1 BofA 2009D1 BoA 4 Index Weekly 12-month Rolling Averagee Jan 15 Mar 15 Apr 15 Jun % 0.802% 0.755% 0.684% 0.681% 0.685% 2009D2 BoA Daily 2010C1 Barclay 2-Day 2010C22 Barclayy Weeklyy 2010D Wells Index 2011A Wells Index 2011B PNC Index CP 2 ML 0.701% 0.788% 0.782% 0.475% 0.894% N/ /A 0.400% 0.699% 0.784% 0.779% 0.427% 0.922% 0.422% 0.412% 0.698% 0.796% 0.786% 0.382% 0.877% 0.377% 0.374% SIFMA 0.046% 0.021% 0.075% Year Historical All-in Costs (annually) 2003 D D-2 MS C UBS/ 6 BoA 2009D1 BoA Weekly 0.761% 0.724% 0.415% 0.405% 0.413% 0.390% 2.291% n. a. n. a. n. a. n. a % 1.439% 0.684% 0.662% 0.671% 0.648% 1.243% 2.079% 1.207% 0.960% 0.649% 0.603% 0.370% 0.474% 0.426% 0.463% 0.364% 0.398% 0.436% 0.438% 0.415% 0.427% 2009D2 BoA Daily 2010C1 Barclay 2-Day 2010C2 Barclay Weekly 0.703% 0.783% 0.780% 0.676% 0.707% 0.709% 0.682% 0.624% 0.629% 0.668% 0.599% 0.606% 1.307% 2010D Wells Index 2011A Wells Index CP 1 JPM CP 2 ML (Tax.) 0.621% 0.881% n. a % 0.866% n. a % 0.828% n. a % 0.721% 0.293% 0.694% n. a. n. a. n. a. n. a. n. a % 1.659% 1.470% 1.989% CP A/2 ML SIFMA 0.597% 0.05% 1.347% 0.09% 1.339% 0.16% 1.468% 0.17% 0.323% 0.26% 0.791% 0.40% 0.116% 2.21% 0.281% 3.62% 0.381% 3.45% 0.306% 2.47% 0.258% 1.24% 4 On December 18, 2012, Bank of America purchased the 2003D-1 Bonds as Indexed Floaters. On April 16, 2009, Wells Fargo took over the remarketing of the 2003D-1 remarketingg of the 2003D-2 Bonds from Morgan Bonds from Goldman Sachs. 5 On April 23, 2009, Morgan Keegan took over the Stanley; on July 30, 2009, Wachovia took over the remarketingg from Morgan Keegan and became the LoC Provider replacing Regions Bank. As of October 1, 2010, the 2003D-2 Bondss were no longer outstanding. 6 Bank of America replaced UBS as Remarketing Agent in April 2008.
15 The following tables illustrate (i) rolling three-monthh average spreads to SIFMA, and (ii) rolling 12-month average spread to SIFMA excludingg credit and remarketing fees Quarter 12-month Rolling Average Jan 15 Mar 15 Apr 15 Jun % 0.102% 0.055% % % % Year 2003 D D-2 MS % 0.047% 0.054% 0.055% 0.063% 0.040% 1.673% 0.239% % n % % 0.00 Interest Rates (by quarter) 2003D1 BofA Index 7 October Historical Interest Rates (by calendar year) 2002C UBS/ BoA % 1% 1.193% 0% 0.713% 3% 0.091% 4% % 2% 0.037% 5% 0.040% 2009D1 BoA Weekly 2009D1 BoA Weekly % % 0.021% 0.004% % 2009D2 BoA Daily 2010C1 Barclay 2-Day 2010C2 Barclay Weekly 2010D Wells Index % 0.008% 0.002% % 0.074% % 0.004% %% 0.102% % 0.016% 0.006% % 0.057% 2009D2 2010C1 2010C D BoA Barclay Barclay Wells Daily 2-Day Weekly Index % % 0.000% % 0.060% % % %% 0.046% % % %% 0.007% % % %% % % n..a. n..a. n..a. n..a. n..a. n..a. n..a. 2011A 2011B Wells PNC Index Index 0.074% N 0.102% 0.102% 0.032% 0.057% 0.057% % 2011A CP 1 Wells JPM Index 0.061% 0.046% 0.008% CP 2 ML N/A 0.020% CP 2 ML (Tax.) 031% 073% 073% 0.252% 474% 1.449% 1.260% 1.739% SIF- MA 0.046% 0.021% 0.075% CP A/2 ML SIF MA 0.040% 0.05% 0.144% 0.09% 0.189% 0.16% 0.315% 0.17% 0.113% 0.26% % 0.40% % 2.21% % 3.62% % 3.54% % 2.47% % 1.24% 1 7 On December 18, 2012, Bank of America purchased the 2003D-1 Bonds as Indexed Floaters. On April 16, 2009, Wells Fargo took over the remarketing of the 2003D-1 remarketingg of the 2003D-2 Bonds from Morgan Bonds from Goldman Sachs. 8 On April 23, 2009, Morgan Keegan took over the Stanley; on July 30, 2009, Wachovia took over the remarketingg from Morgan Keegan and became the LoC Provider replacing Regions Bank. As of October 1, 2010, the 2003D-2 Bondss were no longer outstanding. 9 Bank of America replaced UBS as Remarketing Agent in April 2008.
16 Exhibit D-1 Swap Program Airports Authority Swap Profile The table below summarizess the Airports Authority s current swap portfolio. All of the Airports Authority s swaps require payment of a fixed rate by the Airports Authority to the counterparty and the receipt of a variable rate by the Airports Authority based upon 72 percent of LIBOR. Trade Date 7/31/01 Effective Date 8/29/02 Terminationn Date ( final maturity ) 10/1/21 Swap Providers Bank of America Ratings Moody s/s&p/ Fitch A2/A/A Outstanding Notionall Amountt ($millions) $38.8 Current Hedgedd Termination Series Value 10 Rate 2011A-2 ($4,649,000) 4.445% 6/15/06 10/1/09 10/1/39 JPMorgan Chase Bank of America Aa3/A+/A+ A2/A/A $173.9 $100.6 $ A D 2010C22 ($53,281,000) ($30,896,000) ($84,177,000) 4.099% 6/15/06 10/1/10 10/1/40 Wells Fargo Aa3/AA-/AA- $ D ($50,467,000) 4.112% 9/12/07 10/1/11 10/1/39 Wells Fargo Aa3/AA-/AA- $ A-1 ($30,416,000) 3.862% Aggregate Swapss $590.8 ($169,709,000) The table below presents the all-in effective rate of the swaps. The 2002, 2010 and 2011 swaps hedge only indexed floaters. The 2009 swaps hedge both indexedd floaters and VRDOs (separatee all-in effective rates are presentedd for each). The interestt rate paid on each of the indexed floaters is equal to 72 percent off LIBOR plus an agreed upon spread. The effective rate is therefore equal to the fixed swap rate pluss the agreed upon spread (82 basis points on the 2011A Bonds and 32.5 basis points on the 2010D Bonds). In Exhibit D-2, we track the monthly performance and all-in effective rate of the 2009 swap in relation to the hedged VRDOs. Notional All-In Effectivee Amount Hedged Series Effective Date Rate ($millions) Rate* 8/29/02 10/1/09 10/1/09 10/1/10 10/1/11 $38.8 $52.6 $221.9 $158.8 $ A-22 (Indexed Floaters) 2011A-3 (Indexed Floaters) 2009D& &2010C2 (VRDOs) 2010D (Indexed Floaters) 2011A-11 (Indexed Floaters) 4.445% 4.099% 4.099% 4.112% 3.862% 5.265% 4.919% 4.918% 4.437% 4.682% *The Effective Rate takes into account the agreed upon spread on indexed floaters and remarketing and bank facility costs on the VRDOs. 10 Am ounts as of May 29, 2015; A negative value represents a payment by y the Airports Authority to the counterparty if the swap is terminated in the current market; a positive value represents a receipt by the Airports Authority if the swap is unwound in the current market.
17 Exhibit D-2 Swap Program 2009 Swap Effective Interest Rate to-date and Monthly Performance The Airports Authority s 2009 Swap is a fixed-payor interest rate swap. Under the 2009 Swap: (a) the Airports Authority pays a fixed rate of interest, percent, to the swap counterparty; and (b) in return, the swap counterparty pays the Airports Authority a variable rate of interest equal to 72 percent of one-month LIBOR. The variable rate received from the counterparty is designed to closely correlate to the interest rate the Airports Authority pays on the underlying variable rate bonds, thereby creating essentially fixed rate debt ( synthetic fixed rate debt). The Swap Agreement was dated June 15, 2006, and became effective on October 1, The 2009 Swap counterparties were Bear Stearns and Bank of America. However, Bear Stearns was bought by JP Morgan in March The following table represents the 72 percent of one-month LIBOR rate received from the counterparties, the average monthly interest rate on the hedged variable rate bonds paid by the Airports Authority (excludes hedged indexed floaters), and the resulting effective all-in interest t rate on the swap. The 2009 swap hedges the Series 2009D Bonds and the Series 2010C2 Bonds. The swap previously hedged the Series 2009A Bonds until these bonds were refundedd by the 2011A-3 Indexed Floaters (the calculated effective rate does take intoo account the 2009A Bonds prior to their refinancing) ).
18 Hedged VRDOs and Swaps Period 1-month LIBOR 72% 1-month LIBOR Average All-In Aggregatee Average Effective Interest All-In Effectivee Rate Interest Rate Swap Rate Rate 1 3 to Date 6/1/15 7/1/15 5/1/15 6/1/15 4/1/15 5/1/15 3/1/15 4/1/15 2/1/15 3/1/15 1/1/15 2/1/ % 0.18% 0.18% 0.18% 0.17% 0.17% 0.13% 0.13% 0.13% 0.13% 0.12% 0.12% 0.80% 0.84% 0.78% 0.75% 0.75% 0.75% 4.099% 4.099% 4.099% 4.099% 4.099% 4.099% 4.768% 4.804% 4.752% 4.723% 4.726% 4.729% 4.918% 4.920% 4.921% 4.923% 4.926% 4.929% Historical Data: 1/1/14-1/1/ % 1/1/13-1/1/ % 1/1/12-1/1/ % 1/1/11-1/1/ % 1/1/10-1/1/ % 10/1/09 1/1/ % 0.11% 0.14% 0.17% 0.17% 0.20% 0.17% 0.78% 0.78% 0.82% 0.87% 1.41% 1.59% 4.099% 4.099% 4.099% 4.099% 4.099% 4.099% 4.77% 4.74% 4.75% 4.80% 5.31% 5.52% 4.95% 4.99% 5.06% 5.21% 5.35% 5.52% 11 One-month LIBOR is weighted average of weekly one-month LIBOR as reset each Tuesday for a Thursday effective date. 12 The 2009D-1 and 2010C-22 variable rate bonds are currently in a weekly mode, with interest rate resets eachh Wednesday for a Thursday effective date. The 2009D-2 variable rate bonds are currently in a daily mode. The 2009A variable rate bonds were in a weekly mode, with interest rate resets each Tuesday for a Wednesday effective date. The interest rate is the all-in interest rate including bank facility costs. 13 Totals will not add due to the t day count difference of 30/360-day basis for the fixed swap rate and actual/actual day basis for the floating swap rate.
Report to the Finance Committee Review of Variable Rate Debt. MTA Finance Department Patrick J. McCoy, Director April 24, 2017
Report to the Finance Committee Review of Variable Rate Debt MTA Finance Department Patrick J. McCoy, Director April 24, 2017 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest
More informationSchool District of Pl Palm Beach hcounty: Market Update and. Debt Portfolio
School District of Pl Palm Beach hcounty: Market Update and Strategic Review of Debt Portfolio April 10, 2009 Topics Market Overview Debt Summary Existing Debt Overview Strategic Approach to Managing Debt
More informationDerivatives Portfolio Report. MTA Finance Department Patrick J. McCoy, Director October 22, 2018
Derivatives Portfolio Report MTA Finance Department Patrick J. McCoy, Director October 22, 2018 MTA s derivatives program reduces budget risk by employing interest rate and fuel hedging strategies MTA
More informationThe attached quarterly report provides a summary of outstanding interest rate swaps.
Report Office of the CFO Swap Quarterly Report Summary The attached quarterly report provides a summary of outstanding interest rate swaps. Purpose In accordance with Resolution No. 8773, as amended, and
More informationReport to the Finance Committee Review of Variable Rate Debt
Report to the Finance Committee Review of Variable Rate Debt April 22, 2013 MTA 0 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest possible interest cost on its debt and
More informationReport. Office of the CFO. Swap Monthly Report. Summary. Attachments
Report Office of the CFO Swap Monthly Report Summary The attached monthly report provides a summary of outstanding interest rate swaps in accordance with Resolution No. 8773, as amended, and Section 5922
More informationReport to the Finance Committee Review of Variable Rate Debt
Report to the Finance Committee Review of Variable Rate Debt April 27, 2015 MTA 0 MTA s Variable Rate Debt Policy (1) The Authority desires to achieve the lowest possible interest cost on its debt and
More informationThe attached quarterly report provides a summary of outstanding interest rate swaps
Report Office of the CFO Swap Quarterly Report Summary The attached quarterly report provides a summary of outstanding interest rate swaps Purpose In accordance with Resolution No. 8773, as amended, and
More informationI N T R O D U C T I O N T O T A X - E X E M P T B O N D S
I N T R O D U C T I O N T O T A X - E X E M P T B O N D S July 2010 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L This material is not a product of the Research Departments of J.P. Morgan
More informationMarket Update and Restructuring Options for Auction Rate Securities January 30, 2008
Market Update and Restructuring Options for Auction Rate Securities January 30, 2008 presented by Public Financial Management 300 S. Orange Avenue, Suite 1170 Orlando. FL 32801 (407) 648-2208 (407) 648-1323
More informationThe attached quarterly report provides a summary of outstanding interest rate swaps.
Report Chief Financial Office Quarterly Swap Report Summary The attached quarterly report provides a summary of outstanding interest rate swaps. Purpose In accordance with Resolution No. 8773, as amended,
More informationSchool Board of Palm Beach County Finance Committee Meeting November 4, 2016
School Board of Palm Beach County Finance Committee Meeting November 4, 2016 300 S. Orange Avenue Suite 1170 Orlando, FL 32801 407-648-2208 407-648-1323 fax Table of Contents I. Market Update II. Summary
More informationReport. Chief Financial Officer. Swap Monthly Report. Summary. Attachment
Report Chief Financial Officer Swap Monthly Report Summary The attached monthly report provides a summary of outstanding interest rate swaps in accordance with Resolution No. 8773, as amended, and Section
More informationAttachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the
Attachment A Financial Markets & Debt Portfolio Update October 21, 2016 Introduction Public Financial Management Inc. (PFM), financial advisor to the Contra Costa Transportation Authority (CCTA) has prepared
More informationSchool District of Palm Beach County - Swap Update
Photo Here School District of Palm Beach County - Swap Update May 20, 2005 presented by Public Financial Management Citigroup & UBS Financial Services Public Financial Management, Inc. PFM Asset Management
More informationJanuary 25, 2017 Financial Markets & Debt Portfolio Update Contra Costa Transportation Authority Introduction Public Financial Management Inc. (PFM),
January 25, 2017 Introduction Public Financial Management Inc. (PFM), financial advisor to the (CCTA) has prepared the following report as an update of market conditions through December 30, 2016. The
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationAlternative Variable Rate Products
Alternative Variable Rate Products September 16, 2011 Summary of Alternative Variable Rate Products External Liquidity Products Market Access Liquidity Products Investor Liquidity Products Variable Rate
More informationQuarterly Swap Report for the period ending March 31, The attached quarterly report provides a summary of outstanding interest rate swaps.
Report CFO Group Quarterly Swap Report for the period ending March 31, 2018 Summary The attached quarterly report provides a summary of outstanding interest rate swaps. Purpose In accordance with Resolution
More informationReport to the Finance Committee 2018 Year End Review. MTA Finance Department Patrick McCoy, Director January 22, 2019
Report to the Finance Committee 2018 Year End Review MTA Finance Department Patrick McCoy, Director January 22, 2019 MTA Debt Overview $38.8 billion Debt Outstanding on Core Credits (as of 12/31/2018)
More informationFinancial Markets & Debt Portfolio Update August 23, 2016 Introduction Public Financial Management Inc., (PFM), financial advisor to the Contra Costa
Administration and Projects Committee STAFF REPORT Meeting Date: September 1, 2016 Subject Summary of Issues Recommendations Financial Implications Options Attachments Accept Quarterly Financial Markets
More informationBond Market Update. 112 th Annual Conference. John Hallacy. Michael Decker. Cindy Harris. Patrick Early. 10:30 12:10 May 7, 2018 Ferrara Theater
10:30 12:10 May 7, 2018 Ferrara Theater 112 th Annual Conference May 6-9, 2018 St. Louis, Missouri Moderator/Speakers: John Hallacy Program Manager & Contributing Editor, The Bond Buyer Michael Decker
More informationACI NA FINANCE SEMINAR CURRENT MUNICIPAL MARKET UPDATE
ACI NA FINANCE SEMINAR CURRENT MUNICIPAL MARKET UPDATE OCTOBER 11, 2009 Current Municipal Market Overview Current Airport Market Overview Impact of ARRA on the Airport Finance Market Tab A Tab B Tab C
More informationCOUNCIL COMMUNICATION
COUNCIL COMMUNICATION Title: City of Roseville Annual Swap Reporting Requirements FY16 Contact: Vanessa Lieberman 916-774-5189 vlieberman@roseville.ca.us CC #: 7905 File #: 0202 Meeting Date: 8/17/2016
More informationMunicipal Auction Rate Securities and Variable Rate Demand Obligations Interest Rate and Trading Trends
SEPTEMBER 21 Municipal Auction Rate Securities and Variable Rate Demand Obligations Interest Rate and Trading Trends Prepared by the SEPTEMBER 21 ARS and VRDO interest Rate and Trading Trends page 1 INTRODUCTION
More informationReport to the Finance Committee Review of Variable Rate Debt. MTA Finance Department Patrick J. McCoy, Director April 23, 2018
Report to the Finance Committee Review of Variable Rate Debt MTA Finance Department Patrick J. McCoy, Director April 23, 2018 MTA s Variable Rate Debt Policy The Authority desires to achieve the lowest
More informationTax Rebate Liability Liquidity Facility Type of Resolution Series Swap Provider (Insurer) Facility Exp. Date Derivative Instruments
Tax Rebate Liability Under the Internal Revenue Code of 1986, the MTA may accrue a liability for an amount of rebateable arbitrage resulting from investing low-yielding, tax-exempt bond proceeds in higher-yielding,
More informationDerivatives Use Report
Derivatives Use Report Summary Dashboard July 31, 2016 Prepared By Enterprise Risk Management Hedging Summary July 31, 2016 Introduction As determined by the 's Derivatives Use Policy (The Policy) which
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More information91 EXPRESS LANES FUND (An Enterprise Fund of the Orange County Transportation Authority) FINANCIAL STATEMENTS. Year Ended June 30, 2010
91 EXPRESS LANES FUND (An Enterprise Fund of the Orange County Transportation Authority) FINANCIAL STATEMENTS (An Enterprise Fund of the Orange County Transportation Authority) Audited Financial Statements
More informationSchool District of. Preliminary 2011 Financing Program
School District of Palm Beach County, Florida Preliminary 2011 Financing Program presented by Public Financial Management 300 S. Orange Avenue Suite 1170 Orlando, FL 32801 407-648-2208 407-648-1323 fax
More informationDEBT SUPPLEMENT REPORT. of the CITY OF ST. PETERSBURG, FLORIDA. for the Fiscal Year Ended September 30, 2007
DEBT SUPPLEMENT REPORT of the CITY OF ST. PETERSBURG, FLORIDA for the Fiscal Year Ended September 30, 2007 Prepared by Department of Finance CITY OF ST. PETERSBURG, FLORIDA COUNCIL-MAYOR FORM OF GOVERNMENT
More informationMetropolitan Transportation Authority
Tax Rebate Liability Under the Internal Revenue Code of 1986, the MTA may accrue a liability for an amount of rebateable arbitrage resulting from investing low-yielding, tax-exempt bond proceeds in higher-yielding,
More informationVariable and Fixed Rate Refundings and Remarketing Agent Replacement. Board of Directors September 24, 2013
Variable and Fixed Rate Refundings and Remarketing Agent Replacement Board of Directors September 24, 2013 Proposed Financings for FY14 Description Issue/Approximate Size Date of Board Action Pricing or
More informationREPORT FOR THE FINANCE COMMITTEE
M E T R O P O L I T A N W A S H I N G T O N A I R P O R T S A U T H O R I T Y REPORT FOR THE FINANCE COMMITTEE Recommendation to Approve the Proposed Resolution Authorizing Direct Purchase of Bonds, Substitution
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationOhlone Community College District
Ohlone Community College District General Obligation Bond Refinancing Overview June 8, 2016 Outstanding General Obligation Bonds Issue Date Issue Amount Description Call Date Maturity Outstanding 6/19/2002
More informationApril 2014 Investment Report
April 2014 Investment Report EXECUTIVE SUMMARY (April 30, 2014) 30, 2013) Citizens total portfolio market value for April 2014 was $14.62 billion with an average duration of 1.8 years and average credit
More informationEXHIBIT F-2 IDENTIFICATION OF HEDGE FOR TAX-EXEMPT BOND ISSUE
EXHIBIT F-2 IDENTIFICATION OF HEDGE FOR TAX-EXEMPT BOND ISSUE The following hedge ("Contract") is hereby identified on the records of the issuer of the Hedged Bonds: 1. Issuer. Pennsylvania Intergovernmental
More informationAPRIL 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
APRIL 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with the
More informationDivision of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
More information2018 Investment and Economic Outlook
2018 Investment and Economic Outlook Presented 3/19/18 Jeffrey Neer, CFA Client Portfolio Manager 410-237-5592 jeffrey.neer@pnc.com 1 Monetary Policy: Key Factors Inflation U.S. U.S. Labor Market 2.4%
More informationDebt Profile Update. March 24, 2011
Debt Profile Update March 24, 2011 2 Debt Profile As of January 2010 Goals (Set January 2010) Reduce variable rate debt (synthetic fixed rate) Diversify variable rate debt liquidity providers Debt Management
More information2013 Hot Topics in Higher Education Finance
2013 Hot Topics in Higher Education Finance March 27, 2013 Doug Brown Terri Wesolik Director Senior Vice President Wells Fargo Securities Wells Fargo Bank, N.A. 41-97-6643 213-614-3327 douglas.brown@wellsfargo.com
More informationFUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" Sep-18 FUEL PRICE RISK MANAGEMENT POLICY REPORT Sep-18 (Office of Management and Budget 09/30/2018) The Fuel Price Risk Management Policy approved
More informationFUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE"
FUEL PRICE RISK MANAGEMENT POLICY REPORT "FUEL HEDGE" December 2018 FUEL PRICE RISK MANAGEMENT POLICY REPORT December 2018 The Fuel Price Risk Management Policy approved by the Board on February 16, 2006
More informationOverview and Career Opportunities in Public Finance
Overview and Career Opportunities in Public Finance Presented by Coleman Cordell Managing Director Orlando, Florida February 3, 2006 Mr. Coleman Cordell Managing Director of Florida Responsible for Committing
More informationCDO Market Overview & Outlook. CDOs in the Heartland. Lang Gibson Director of Structured Credit Research March 25, 2004
CDO Market Overview & Outlook CDOs in the Heartland Lang Gibson Director of Structured Credit Research March 25, 24 23 featured record volumes despite diminishing arbitrage Global CDO Growth: 1995-23 $
More informationJANUARY 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
JANUARY 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationLondon Property Management Association (LPMA) INTERROGATORY #29 List 1. Issue 18 Is the forecast of long term debt for appropriate?
Exhibit I Tab 18 Schedule 2.01 LPMA 29 Page 1 of 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 London Property Management Association (LPMA) INTERROGATORY #29 List 1 Issue 18 Is the forecast
More informationMARCH 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
MARCH 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with the
More informationSUFFOLK COUNTY WATER AUTHORITY ANNUAL INVESTMENT REPORT FISCAL YEAR ENDED MAY 31, 2013
ANNUAL INVESTMENT REPORT FISCAL YEAR ENDED MAY 31, 2013 ANNUAL INVESTMENT REPORT OF THE SUFFOLK COUNTY WATER AUTHORITY FOR THE FISCAL YEAR ENDED MAY 31, 2013 AUTHORIZATION Title 7, Section 2925, Paragraph
More informationMTA Bridges and Tunnels General Revenue Refunding Bonds, Series 2001B and Series 2001C 4.00% per annum
MTA Bridges and Tunnels General Revenue Refunding Bonds, Series 2001B and Series 2001C 4.00% per annum MTA Bridges and Tunnels General Revenue Refunding Bonds, Series 2002F 5.404% and 3.076% per annum
More informationDerivatives Use Report
Derivatives Use Report Summary Dashboard November 30, 2016 Prepared By Enterprise Risk Management Hedging Summary November 30, 2016 Introduction As determined by the ersity's Derivatives Use Policy (The
More informationInvestor Conference Call
Investor Conference Call Quarter Ended June 30, 2015 August 24, 2015 Dennis Dahlen, Senior Vice President / Chief Financial Officer 2 Regarding Use of this Electronic Presentation Certain statements included,
More informationSIFMA Model Risk Disclosures Pursuant to MSRB Rule G-17. [Floating Rate Notes 1 ]
SIFMA Model Risk Disclosures Pursuant to MSRB Rule G-17 [Floating Rate Notes 1 ] The following is a general description of the financial characteristics of Floating Rate Notes (FRNs), as well as a general
More informationPolicy No.: ADMINISTRATIVE POLICY Original Date: May 17, Page: 1 of 10 Owner: Financial and Administrative Services
Policy No.: 7.2.21 ADMINISTRATIVE POLICY Original Date: May 17, 2017 DEBT MANAGEMENT Revision Date: New Policy Page: 1 of 10 Owner: Financial and Administrative Services 1. PURPOSE; OBJECTIVES The Port
More informationStructuring and Marketing a Negotiated Bond Issue
Structuring and Marketing a Negotiated Bond Issue Presentation to: Tina K. Neal Senior Vice President Piper Jaffray & Co. 3245 Maidens Road Powhatan, VA 23139 Tel: 804-598-7601 Fax: 804-598-8261 tina.k.neal@pjc.com
More informationAmerican Association of Ports Authorities. Current State of Port Financing Alternatives. June 9, David C. Miller Managing Director
American Association of Ports Authorities Current State of Port Financing Alternatives June 9, 2008 David C. Miller Managing Director Presentation Topics Overview of Current Conditions in the Muni Market
More informationRecent Debt Summary & Related Issues
Recent Debt Summary & Related Issues Recent Financings $147,390,000 Series 2007E COPs November 2, 2007 presented by Public Financial Management 300 S. Orange Avenue, Suite 1170 Orlando. FL 32801 (407)
More informationOfficial Statement. Issue 34A/B
Official Statement ISSUE 34A/B REFUNDING Airport Commission City and County of San Francisco San Francisco International Airport Second Series Variable Rate Revenue Refunding Bonds Issue 34A/B Rental Car
More informationEconomic Calendar. Time CST Release Period
Desk Commentary Fixed Income & Currencies Municipal Products Municipal Markets Weekly Update Market News Despite continuing geopolitical uncertainty, equity markets managed to post consistent gains throughout
More informationCredit mitigation and strategies with credit derivatives: exploring the default swap basis
Credit mitigation and strategies with credit derivatives: exploring the default swap basis RISK London, 21 October 2003 Moorad Choudhry Centre for Mathematical Trading and Finance Cass Business School,
More informationChesapeake Bay Bridge & Tunnel District Statement of Revenues, Expenses, and Changes in Net Position As of June 30, 2016 & 2015
Chesapeake Bay Bridge & Tunnel District Statement of Revenues, Expenses, and Changes in Net Position & 2015 Three Months Ended Twelve Months Ended June, 2016 June, 2015 June, 2016 June, 2015 Operating
More informationINTEREST RATE & FINANCIAL RISK MANAGEMENT POLICY Adopted February 18, 2009
WESTERN MUNICIPAL WATER DISTRICT INTEREST RATE & FINANCIAL RISK MANAGEMENT POLICY Adopted February 18, 2009 I. INTRODUCTION The purpose of this Interest Rate Swap and Hedge Agreement Policy ( Policy )
More informationA Compelling Case for Leveraged Loans
A Compelling Case for Leveraged Loans EXECUTIVE SUMMARY In the current market environment, there are a number of compelling reasons to invest in leveraged loans. In a situation where most assets are trading
More informationREPORT FOR THE FINANCE COMMITTEE
REPORT FOR THE FINANCE COMMITTEE Recommendation to Approve the Proposed Resolution Authorizing Direct Purchase of Bonds for the Airport System Revenue Variable Rate Bonds, Series 2010D and the Airport
More informationCLOs Today. Moderator: Meredith Coffey, LSTA
CLOs Today Moderator: Meredith Coffey, LSTA Panelists: Wynne Comer, Bank of America Merrill Lynch Mary Katherine DuBose, Wells Fargo Tricia Hazelwood, Mitsubishi UFJ Jane Lee, Blackstone GSO Josh Terry,
More informationNOVEMBER 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
NOVEMBER 2013 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationHOSPITAL AUTHORITY OF ALBANY-DOUGHERTY COUNTY MINUTES OF THE OCTOBER 4, 2018 CALLED MEETING. (Open Session)
HOSPITAL AUTHORITY OF ALBANY-DOUGHERTY COUNTY MINUTES OF THE OCTOBER 4, 2018 CALLED MEETING (Open Session) Attendees: Authority Board Members: Fred Ghiglieri, John Hayes, Dr. Kathy Hudson, Dr. Michael
More informationGigi Decavalles-Hughes, Acting Director of Finance/City Treasurer
Information Item Date: September 21, 2011 To: From: Mayor and City Council Gigi Decavalles-Hughes, Acting Director of Finance/City Treasurer Subject: City Monthly Cash and Investment Report for June 2011
More informationINTEREST RATE SWAP POLICY
INTEREST RATE SWAP POLICY I. INTRODUCTION The purpose of this Interest Rate Swap Policy (Policy) of the Riverside County Transportation Commission (RCTC) is to establish guidelines for the use and management
More informationFIN 684 Fixed-Income Analysis Corporate Debt Securities
FIN 684 Fixed-Income Analysis Corporate Debt Securities Professor Robert B.H. Hauswald Kogod School of Business, AU Corporate Debt Securities Financial obligations of a corporation that have priority over
More informationNew Risk Management Strategies
Moderator: Jon Najarian, Co-Founder, optionmonster.com New Risk Management Strategies Wednesday, May 4, 2011; 2:30 PM - 3:45 PM Speakers: Jim Lenz, Chief Credit and Risk Officer, Wells Fargo Advisors John
More informationCALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial
CALLABLE BONDS: FRIEND AND FOE GIOA INVESTMENT CONFERENCE 2017 George E.A. Barbar Mesirow Financial William M. Quinn, CFA FTN Financial GSE Callables Market Update Quick Refresh Why? and Why Not? Friend
More informationNOVEMBER 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
NOVEMBER 2017 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationPresentation to Tier 1 Investors April 2005
Presentation to Tier 1 Investors April 2005 Michael Oliver Director of Investor Relations John Gillbe Group Capital and BSM Director Overview of Lloyds TSB Group plc 3 businesses* UK Retail Banking: GBP
More informationDerivatives Use Report
Derivatives Use Report Summary Dashboard May 31, 2017 Prepared By Enterprise Risk Management Hedging Summary May 31, 2017 Introduction As determined by the University of Illinois (the ) Derivatives Use
More informationHHC CAPITAL CORPORATION 160 Water Street, Room New York, New York, Fax:
HHC CAPITAL CORPORATION 160 Water Street, Room 1014 - New York, New York, 10038 212-788 - 3494 Fax: 212-788 - 9708 HHC Capital Corporation Semi-annual Meeting May 30, 2013, 3:00 p.m. 125 Worth Street 5
More informationSubject: City Monthly Cash and Investment Report for February 2010
Information Item Date: February 28, 2010 To: From: Mayor and City Council Carol Swindell, Director of Finance/City Treasurer Subject: City Monthly Cash and Investment Report for February 2010 Introduction
More informationQ Supplemental Materials. July 27, 2018
8 Q2 2018 Supplemental Materials July 27, 2018 Disclaimers Forward-Looking Information This presentation contains forward-looking statements and information. Statements that are not historical facts, including
More informationRequest for Proposals
Request for Proposals for Liquidity Solution Services January 6, 2014 ANDREW M. CUOMO GOVERNOR DARRYL C. TOWNS CEO/PRESIDENT Due Date: January 29, 2014 @ 3:00 PM EST State of New York Mortgage Agency 641
More informationSIFMA Bond Remarketing and Liquidity Facility Replacements. Finance/Administration Committee October 22, 2013
SIFMA Bond Remarketing and Liquidity Facility Replacements Finance/Administration Committee October 22, 2013 Proposed Financings for FY14 Description Issue/Approximate Size Date of Board Action Pricing
More informationInvestor Conference Call FY2019 First Quarter Ended August 31, October 16, 2018 at 11 a.m. ET
Investor Conference Call FY2019 First Quarter Ended August 31, 2018 October 16, 2018 at 11 a.m. ET Forward-Looking Statements This presentation contains certain statements that are considered forwardlooking
More informationSTYLE. Elk Grove Unified School District. Financial Stewardship: Bonds. Prepared by Lori Raineri and Rich Malone April 19, 2016
Elk Grove Unified School District Financial Stewardship: CLICK MASTER TITLE Savings TO FromEDIT Refinancing STYLE Community Facilities District #1 Bonds Government Financial Strategies Prepared by Lori
More informationBONDS 101 AND MARKET UPDATE
BONDS 101 AND MARKET UPDATE October 19, 2018 Martin Ghafoori Director (314) 342-8467 ghafoorim@stifel.com Dan Smith Vice President (314) 609-4126 dan.smith@stifel.com Bonds 101 Bond Basics Bonds = loans
More informationSubject: City Monthly Cash and Investment Report for March 2010
Information Item Date: March 31, 2010 To: From: Mayor and City Council Carol Swindell, Director of Finance/City Treasurer Subject: City Monthly Cash and Investment Report for March 2010 Introduction In
More informationNOVEMBER 2014 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
NOVEMBER 2014 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationFEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report October 3 rd Risk neutral expectations for inflation continue to fall. Bank and Insurance company share prices
More information(2) Facilitate assignment of the 2007 Swaps from J.P. Morgan Chase Bank, N.A. ( JPM ) to Royal Bank of Canada ( RBC ), and
FINANCE DEPARTMENT AGENDA REPORT DATE: November 17, 2015 TO: FROM: Mayor Butt and Members of the City Council Bill Lindsay, City Manager Belinda Warner, Finance Director SUBJECT: TERMINATION OF THE INTEREST
More informationT H E U N I V E R S I T Y O F T E X A S S Y S T E M
J U N E 2 0 1 4 T H E U N I V E R S I T Y O F T E X A S S Y S T E M Debt Overview The University of Texas System The University of Texas System ( U. T. System ) is comprised of 15 institutions across the
More informationMARCH 2015 REPORT OF THE. and. provides the DCE. Fund. Transportation. or about March. Dulles Tolll Road. Staff and.
Dulles Tolll Road MARCH 2015 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity
More informationAngel Oak Capital Advisors, LLC
Angel Oak Capital Advisors, LLC Angel Oak Flexible Income Fund Quarterly Review March 31, 2018 Quarter in Review Risk assets were weaker in the first quarter driven primarily by rising rates, expectations
More informationFEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report Feb 1 th Median inflation expectations decreased over the two week period for both inflation tenors. The probability
More informationJANUARY 2018 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS
JANUARY 2018 DULLES CORRIDOR ENTERPRISE REPORT OF THE FINANCIAL ADVISORS The Airports Authority established the Dulles Corridor Enterprise (DCE) Fund to segregate the financial activity associated with
More informationDown, Set, Hut! Quarterbacking your LDI Program. Martin Jaugietis, CFA Managing Director, LDI Solutions, Russell Investments
Down, Set, Hut! Quarterbacking your LDI Program Martin Jaugietis, CFA Managing Director, LDI Solutions, Russell Investments Funded Ratios (%) The end zone is getting closer funding levels have improved
More informationMetropolitan Washington Airports Authority
METROPOLITAN WASHINGTON AIRPORTS AUTHORITY POLICY ON DERIVATIVE FINANCIAL PRODUCTS AUTHORITY Metropolitan Washington Airports Authority PURPOSE Establish guidelines to be used when considering nontraditional
More informationFixed Income Portfolio Management
Fixed Income Portfolio Management Presented By: Marty Hammond, Managing Director Samantha Myers, Senior Analyst February 2019 PFM Asset Management LLC 821 Alexander Road Suite 110 Princeton, NJ 08540 609.452.0263
More informationLOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC
LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC GLOBAL LOAN MARKET DATA AND ANALYTICS BY THOMSON REUTERS LPC Secondary Market Bid Levels: Europe Slide 2 European CLO New Issue Volume Monthly Slide
More informationCONNECTICUT HOUSING FINANCE AUTHORITY HOUSING MORTGAGE FINANCE PROGRAM BONDS
NEW ISSUES (See Ratings herein) In the opinions of Co-Bond Counsel to the Authority, under existing statutes and court decisions, and assuming continuing compliance with certain tax covenants described
More information