
Debt Transaction Services
As a municipal advisor, Capstone will provide the following services in connection with the structure, timing, sale and closing of municipal bond transactions.
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Develop and review request for proposals for underwriters, trustee/paying agent, credit enhancement provider, financial printer and other members of the financing team.
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Identify and analyze financing alternatives for funding capital improvements.
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Prepare and manage financing schedule including monitoring critical path for transaction progress.
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Analyze key market and credit factors in order to recommend method of sale (competitive vs. negotiated sale or direct placement).
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Assist in development and implementation of rating agency strategy and presentation.
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Assist in preparation of disclosure documents (preliminary and final official statements) in coordination with disclosure counsel and other financing team members.
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Prepare preliminary and final cash flows
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In competitive bond sale, prepare notice of sale, conduct bid verification, calculate true interest cost, obtain CUSIP numbers.
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In negotiated sale, assist with underwriting compensation negotiations, recommended syndicate structure, syndicate rules and bond allocations.
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Evaluate underwriters' pricing proposal in light of prevailing market conditions, analysis of comparable bond sales and secondary market trading data.
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Analyze alternative strategies for investment of bond proceeds including SLGS subscription and/or bids for open-market securities, repurchase agreements or guaranteed investment contracts.
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Plan and manage bond closing including coordination with underwriter, trustee and other financing team members.
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Prepare post-sale report including pricing comparison and analysis of underwriting performance (senior and co-managers).