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About our transaction
- Due to an effective pre-marketing strategy, the transaction resulted in aggregate oversubscription of 2.18 times, or $124 million of orders.
- After the order period, RJ reduced yields 2-3 basis points across eight maturities to realize a TIC of 2.90% and NPV savings of $15.6 million, or 22.6% of the refunded par amount.
About our transaction
- Prior to pricing, RJ worked with PVD’s financial advisor, bond counsel and feasibility consultant to effectively communicate the Airport’s plans and new service offerings to investors.
- A strong order book with diverse investor mix allowed RJ to lower yields 5-12 basis points, and the Airport locked in a 30-year TIC of 3.67% (including the taxable debt).
About our transaction
- The strong bond market enabled RJ to include a Modified Make-Whole Call, a first for the firm, and resulted in CRAC becoming one of the first airports to take advantage of this beneficial feature.
- Due to a strong order book, yields were lowered 3-10 basis points locking in a TIC of 3.01% and saving the Commission $5.3 million in present value savings.
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About our transaction
- After an extensive pre-marketing period, the Bond Bank and Airport were able to secure 30 institutions as potential new investors who were not existing holders of the Airport's debt prior to this issuance.
- The transaction generated approximately $31.3 million in present value savings, or 15.3% of refunded par.
About our transaction
- Over $1.3 billion of total orders from the syndicate (85% from Raymond James) and more than 20 new investors helped secure an all-in interest rate of 4.02%.
- Despite $1.5 billion issued for the Airport over the past three years, FLL maintained its A1/A+ underlying ratings.
About our transaction
- Over $11 billion of orders from the syndicate led to tightening of yields for many maturities and allowed the City and the Department of Aviation to capture over $200 million of net present value savings.
About our transaction
- Raymond James worked closely with S&P to create a new underlying rating (BBB+, only 1 notch off the senior lien) for the bonds that had previously not had an underlying rating.
- We structured the transaction to utilize a 5-year call option, which incurred no yield penalty due to the use of discount bonds.
About our transaction
- The bonds were 3X oversubscribed.
- The bonds were placed with over 20 firms who either did not hold any of Massport’s bonds or held less than $500,000.
- Over $70 million of professional retail orders were secured.
- Spreads to MMD were over 20 bps lower than the spreads to MMD for Massport’s prior transaction.
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About our transaction
- Bonds were priced 20 to 60 basis points lower than the average spreads to MMD for the $1 billion of bonds DFW had issued most recently.
- DFW was pleased with the par bond structure in 2045 (4.5% coupon and yield), which reduced the yield to maturity by 17 basis points as compared to a 5% premium, and decided to double that maturity, upsizing the premium to $223 million.
About our transaction
- We helped secure a AA-rated Build America Mutual (BAM) bond insurance policy – the first time BAM was used for an airport.
- Raymond James worked closely with the finance team and developed the rating presentation that resulted in affirmed Baa1/BBB/BBB ratings.
About our transaction
- Raymond James uncovered this advance refunding option in 2012. In less than 3 months after being hired in February 2013, the transaction closed.
- The 2-year advance refunding locked in $1.9 million of net present value savings in April before a significant bond market sell-off in May.
About our transaction
- Raymond James was the primary author of the rating presentation that resulted in an affirmation of the strong A1/A+ ratings, despite this new money bond issue.
- Garnered $38 million of orders (over 3.0x oversubscribed) that allowed for a tightening of yields.
