CMA’s scope of services related to debt issuance include:
- Review legal, financial, economic and other information necessary for CMA to advise the client in planning, structuring and otherwise completing each issue being undertaken
- Prepare a plan of financing that will include CMA’s analysis and recommendations to the client regarding funding requirements and alternatives, marketing, method of sale, security features, call provisions, credit ratings, credit enhancement, term, federal tax implications and other related matters
- Prepare financing documents, as required, including, but not limited to: official statement, notice of sale, bid sheet, DTC Letter of Representations and debt statement
- Assist in the selection of other service providers necessary to conduct each financing including, but not limited to: Bond Counsel, underwriters, rating agency, trustee, verification agent and printer
- Assist in negotiation of fees paid to other service providers
- Coordinate the credit rating process: prepare credit rating presentations and sample questions, assign roles to participants, conduct “dry-run” and participate in formal presentation
- Coordinate the credit enhancement process: apply to one or more municipal bond insurers, under the direct pay or bidders option programs, and prepare presentations, if necessary
- Maintain a financing schedule, cost of issue budget, list of participants, and take other such actions requested by the Issuer to efficiently manage each Issue in order to meet the client’s objectives
- Participate in the sale or pricing of debt, prepare market comparables, provide market scales, confirm net or true interest cost calculation and verify underwriter’s compensation
- Assist the Issuer with the delivery of proceeds of each issue, payment of issuance costs and other matters related to closing each Issue
- Monitor outstanding debt to quickly identify refunding opportunities and escrow restructuring opportunities
- Assist with continuing disclosure as required by the U.S. Securities and Exchange Commission.