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).