1) Assist CHFFA in the review of proposed underwriter spread components and estimated costs of issuance items. Make recommendations on adding syndicate members for particular transactions. 2) Evaluate the proposed structure of the financing as presented by the senior managing underwriter in conjunction with existing debt service of the borrower as well as the proposed security and covenant package preferred by the borrower. Make recommendations as necessary regarding security features, specific covenants, credit enhancement, specific maturities of serial or term bonds, fixed or variable rates or call provisions. Discuss recommendations with the senior managing underwriter or the borrower’s financial advisors (or both) as may be directed by CHFFA. 3) Provide an independent scale of market comparables for the proposed financing and assist CHFFA in the evaluation of the proposed scale presented by the senior managing underwriter. On an asneeded basis, participate in the pre-pricing discussion with the syndicate members, CHFFA, the borrower, and the State Treasurer’s Office. Offer suggestions on final pre-pricing adjustments, including but not limited to coupons, yields, premium or discount maturities or other structural modifications based on current market conditions. 4) Participate in pre-pricing and pricing calls. Evaluate the proposed sale, including orders, proposed changes in structure or interest rates and the level of interest from institutional and retail buyers. Make recommendations to CHFFA regarding acceptance of the underwriting offer. 5) On refinancing transactions, review, when appropriate, the pricing of securities in escrow funds and make recommendations to ensure the most cost-effective escrow.
