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Miami-Dade County (FL)



Professional Sports Franchise Facilities Tax Revenue Refunding Bonds Taxable Series 2018

August 9, 2018


Image by Sam Mgrdichian

Miami-Dade County generates approximately $6.4 million in NPV savings

Siebert Cisneros Shank served as senior manager for Miami-Dade County’s Professional Sports Franchise Facilities transaction which priced on August 8, 2018. The Bonds were rated “AA (Stable) / A+ (Stable)” by S&P and Fitch, respectively, and were issued to advance refund the current interest portion of Series 2009C Bonds to achieve $6.4 million in NPV savings.

Effective Investor Outreach

In preparation for the offering, SCS assisted the County in creating a detailed investor presentation that was viewed by 33 investors, 11 of whom placed orders for the transaction.

Market Tone and Pricing

In the week leading up to pricing, the market moved in a positive direction, despite geopolitical tensions in Turkey dominating the news. The 5-, 7- and 10-year Treasuries were 4 bps lower in the week leading up to pricing, which helped decrease the County’s borrowing costs and increase savings on the refunding.

On Monday, August 6th, the markets opened fairly quietly. SCS received price views from the syndicate that were relatively in line with what we proposed on the long end of the curve, and opted to tighten spreads by 5 bps in the 2020 – 2025 maturities after speaking to the County. After receiving reasonable feedback from potential buyers with the strongest interest on the long end of the yield curve, SCS left spreads on the long end unchanged. With a lack of interest in the middle of the curve, we recommended widening spreads on the 2022 – 2025 maturities by 8 bps each.

Prior to launch, our underwriter decided to tighten spreads by 2 bps in the 2019 and 2020 maturities, 3 bps in the 2028 maturity and 4 bps in the 2039 maturity. By the end of the order period, the Series 2018 Bonds in 2019, 2020, 2028 and 2039 were oversubscribed by 2.0x, 2.0x, 2.2x and 2.4x, respectively. 23 different investors placed orders for the County’s bonds, 11 of which viewed the County’s investor presentation.

The County generated approximately $6.4 million in NPV savings (8.6% of refunded par) on the refunding with an all-in TIC of 4.0%.

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