Underwriters Services

The Vendor is required to provide underwriters for its bond issues and other capital markets and debt management initiatives.
- Senior managers will be expected to provide comprehensive “book-running” services related to the structuring, marketing, selling, and underwriting of debt:
•    Provide surveillance of state debt and identify opportunities in the market for the state; 
•    Develop financing structures reflecting the state’s existing debt portfolio and long-term financial issues and policy goals; 
•    Provide cash flows; 
•    Develop marketing, timing, and pricing strategies; 
•    Conduct bond sale conference calls; manage the syndicate, including co-managers, and encourage team participation; 
•    Provide relevant market and economic data, pricing views, comparable prices, and pricing proposals prior to pricing; 
•    Assist the state in obtaining ratings and compiling rating agency presentations; 
•    Provide thorough review of preliminary and final official statements (POS and OS); 
•    Provide comments on continuing disclosure undertakings (CDUS); 
•    Review and provide comments on other bond documents; 
•    Coordinate with the state and counsel to ensure compliance with federal tax and securities law; 
•    Manage investor outreach and marketing, including developing investor presentations and electronic or other road show materials as needed in support of specific bond issues; 
•    Coordinate information requests and meetings with investors 
•    Provide ad-hoc analysis, as requested 
•    Follow state policies, either oral or written, for liability designation and retention, pricing procedures and the process of selling debt obligations; 
•    Fulfill orders and allotments, upon approval of the state; 
•    Underwrite bonds; 
•    Participate in meetings and conference calls with state staff, bond counsel, and other bond financing team members as needed; 
•    Provide certifications as required by bond counsel;
•    Provide post-pricing support, including: 
o    Market support for underwritten bonds, 
o    Provide post-pricing book with all relevant pricing information to the state, including orders, allotments, designation, investor feedback, debt service schedules, rates, yields, true interest cost, information related to comparable transactions, and post-pricing trading information; and 
o    Support secondary market trading of state bonds.
- Co-managers will be expected to provide services related to marketing, selling, and underwriting of state debt, including, but not limited to:
•    Participate with the book-running senior manager in the development of marketing and pricing plans; 
•    Market the state’s bonds; 
•    Follow state policies, either oral or written, for liability designation, pricing procedures, and the process of selling debt obligations; 
•    Underwrite bonds, if necessary; 
•    Provide certifications as required by bond counsel; and
•    Provide post-pricing market support for underwritten bonds.