Montague DeRose and Associates, LLC

Debt Administration

Scheduling/Specifications and Terms

Montague DeRose and Associates has established a reputation for formulating successful debt issuance schedules that achieve timely completion of financings. This aspect of debt administration provides focus and direction to all parties involved. We work with the public agency's staff and bond counsel to determine and design debt specifications that maximize market interest and future financing flexibility.

Method of Sale

Montague DeRose and Associates will advise concerning the most efficient way to market debt and minimize interest costs.

Competitive Bond Sales

We believe our reputation and experience in the area of competitive sales speaks for itself. Our mailing lists are continuously updated and have been successfully used for years. We are constantly refining our skills in making flexible market timing easily achievable.

Negotiated Bond Sales

Montague DeRose and Associates' professionals have participated in the successful structuring and pricing of billions of dollars of bonds at negotiated sale. In order to most effectively participate in a negotiated bond sale, one must have an intimate understanding of how the underwriting process works. Our years of experience as investment bankers and issuers have served to strengthen our negotiating skills as we deal with other investment bankers, underwriters, traders, and sales people on a daily basis.

Document Development

Montague DeRose and Associates participates in the review of legal documents for each financing. We work closely with bond counsel or disclosure counsel in the preparation of preliminary and final official statements for cities, counties, states, school districts, and water and other special districts, for financings ranging from general obligation bonds to complex issues involving derivative structures.

Marketing Plan

We believe it is important for a client to be proactive in developing relationships with key institutional investors. We can arrange institutional investor meetings in New York, Boston, Chicago, Los Angeles, San Francisco, and other locations. In certain situations, we believe such efforts can increase interest in our clients' bonds and result in more favorable interest rates. Such efforts need not be coupled with the selection of a particular underwriter or method of sale. Montague DeRose and Associates will also organize a timely and well-directed marketing plan to maximize investor and underwriter interest and lower borrowing costs.

Bond Pricing

Prior to the pricing of securities (at competitive or negotiated sale), we provide information to a client concerning market conditions and the likely interest rates to be achieved. We will direct the timing and pricing of securities to obtain the lowest interest rates and underwriting cost. For competitive sales, we can provide information concerning the makeup of potential underwriting syndicates, including a listing of the minority firms leading syndicates or included within a syndicate. We coordinate the opening of bids for public sales, and perform the verification calculations of all bids to determine the best bid. For negotiated sales, we independently verify that each maturity is properly priced and we assist with negotiating the gross spread.

Closing/Post-Sale Activities

Montague DeRose and Associates can assist with all post-sale and closing activities, including revisions to the final official statement, its printing and distribution, and arrangements with the underwriter and trustee for wire and securities transfers at closing. In addition, we can provide a post-sale analysis. This is a comprehensive document containing relevant details about market conditions, results of bond pricing, participation of underwriters, update of the public agency's debt position, and an analysis of distribution of the bonds by investor type.