Capital Market Access

Prager views a transaction as the culmination of the capital and debt portfolio planning process. We assist issuers in structuring transactions that meet their financing objectives and in managing the process of accessing the capital markets. Prager can work on all aspects of the transaction execution process from inception to execution, as requested. This includes all types of structures including tax-exempt and taxable debt as well as short-term market structures and derivatives.

While ongoing debt management is critical for long-term capital and financial planning, execution of specific transactions, including bond issues, derivatives, etc., also is important. Prager believes that debt should be treated as a portfolio, and the decisions regarding the structure (e.g., fixed vs. variable, amortization of principal, etc.) should be made within that context. We advise clients regarding preferred options for transaction structure, credit management, market input, and disclosure.

Our analysts maintain a database of more than two thousand bonds and two hundred interest rate swaps for our clients. As a member of the MSRB, we subscribe to the secondary market data feed for municipal bonds. With this data we offer a variety of secondary market reports including post-issuance pricing, performance over time, and yield curve analysis, both on a portfolio and per-issue basis.

For clients with commercial paper programs or variable rate demand bonds we maintain a database of taxable and tax-exempt CP trades and daily/weekly VRDB resets. This data provides us with the ability to compare par-weighted average bond or CP rates to dealer, peer or market indices. For clients with derivatives, we provide daily mark-to-market and accrued interest reports for comparison to counterparty statements.