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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.

  • Develop and review request for proposals for underwriters, trustee/paying agent, credit enhancement provider, financial printer and other members of the financing team.

  • ​Identify and analyze financing alternatives for funding capital improvements.

  • ​Prepare and manage financing schedule including monitoring critical path for transaction progress.

  • ​Analyze key market and credit factors in order to recommend method of sale (competitive vs. negotiated sale or direct placement).

  • ​Assist in development and implementation of rating agency strategy and presentation.

  • ​Assist in preparation of disclosure documents (preliminary and final official statements) in coordination with disclosure counsel and other financing team members.

  • ​Prepare preliminary and final cash flows

  • ​In competitive bond sale, prepare notice of sale, conduct bid verification, calculate true interest cost, obtain CUSIP numbers.

  • ​In negotiated sale, assist with underwriting compensation negotiations, recommended syndicate structure, syndicate rules and bond allocations.

  • ​Evaluate underwriters' pricing proposal in light of prevailing market conditions, analysis of comparable bond sales and secondary market trading data.

  • ​Analyze alternative strategies for investment of bond proceeds including SLGS subscription and/or bids for open-market securities, repurchase agreements or guaranteed investment contracts.

  • ​Plan and manage bond closing including coordination with underwriter, trustee and other financing team members.

  • ​Prepare post-sale report including pricing comparison and analysis of underwriting performance (senior and co-managers).