Download - Responsibilities of Debt Issuers
Responsibilities of Debt Issuers
CDIAC Debt Basics – February 1, 2011Marla Bleavins – Debt & Treasury Manager Los Angeles
World Airports
Overview
The Planning Process
Managing the Financing Team
Understanding Your Transaction
Investor Outreach
Rating Agency Process
Post Issuance Matters
The Planning Process
Establish a debt policy
Identify capital needs
Select financing team
Set targets and structure for debt issuance
Determine method of sale
Educate your decision making body about the transaction
Managing the Financing Team
Issuer as quarterback
Select team early
Clarify roles and expectations from the start
Maintain a strong presence throughout the transaction
Strive for balance of opinions
Be mindful of biases and turf wars
Understanding the Transaction
Know your deal
Know what your organization’s obligations are going forward
Understand the documents
Understand the numbers and how they impact your organization
Be wary of trends
Don’t be afraid to push back on the experts
Investor Relations
Most dramatic change since 2008
Be proactive
Have an internet presence – Investor Relations Web Site
Work with disclosure counsel
Netroadshow
One-on-one meetings with investors
Rating Agency Process
Be proactive
Have a strong narrative, not just a data dump
Involve your upper management – prepare them
Anticipate questions and organize key data in easily accessible charts
Make the analysts’ job easy
Post Issuance Matters
Debt service payments
Annual disclosure filings
Compliance with bond covenants
Update rating agencies and investors
Tracking arbitrage rebate liabilities
Monitor refunding opportunities
Vendor management
Technological Tools Tickler system and debt management software