Oakland Sewer, 2014 Series A

City of Oakland
Sewer Revenue Refunding Bonds
2014 Series A

Oakland Sewer bonds achieve tight spreads to MMD

The City of Oakland Sewer System sold its new money bonds in January 2014 with a 50-day settlement scheduled in March. Siebert Brandford Shank and the finance team worked closely together to create a comprehensive presentation for the rating agencies, focusing on the Utility’s strong financial and operating history, seasoned management team, and the City’s improving economy. As a result, both S&P and Fitch raised the ratings on the City’s sewer revenue bonds to “AA” from “AA-“. Our marketing efforts attracted a broad range of investors including money managers, bond funds, professional retail, and bank trust departments, significantly expanding the investor base. Overall, more than 20 investors placed orders for the Bonds, the majority were not among the top holders of the City’s existing utility bonds. This transaction achieved the tightest MMD spreads for any City bonds in at least over 8 years.