District of Columbia
Income Tax Secured Revenue Refunding Bonds, Series 2014A
Historic DC transaction realizes tightest spreads ever achieved in the history of its IT credit
The District of Columbia issued the Series 2014A Bonds to currently refund its outstanding Certificates of Participation, Series 2003 and advance refund Certificates of Participation, Series 2006 (both series had previously been senior managed by Siebert Brandford Shank). This transaction proved to be a historic financing—the District realized the tightest spreads ever achieved in the history of its IT credit.
Strong pre-marketing efforts included animated online banner advertisements. Additionally, we introduced the District to the use of email push advertisements specifically targeted to DC-area high net-worth individuals. These marketing techniques focused on driving traffic to the District’s BuyDCbonds.com website. We also worked with the District to create a comprehensive online investor presentation targeting institutional investors that was distributed and posted online by MuniOS and onto the BuyDCbonds.com website.
The final spreads to MMD averaged 11 basis points tighter than the District’s two most recent IT transactions which had priced in May and November 2012. This transaction achieved net present value savings of $22,700,974 (11.68% of refunded par) and an all-in TIC of 2.01%.