Post on 25-May-2018
transcript
DBC® Finance
DBC Finance is composed of four seamlessly integrated modules – Debt/Size, Refund, Monitor and Project Finance.
Debt/Size• Easilyaccommodatesmultipledeliverydates,distinctinterestpaymentormaturityfrequencies,andoverlappingandbifurcatedmaturities.
• SupportsallbondtypesincludingCABS,convertibleCABS,26-week,35-dayand28-dayauctionratebonds,variablerate,multi-mode,convertibleoption,taxableandtax-exemptbonds,AMTandnon-AMTbonds,andsteppedandzerocouponbonds.
• Automaticallypricesbondsto“worstcalldate.”Premiumanddeepdiscounttermbondssubjecttooptionalredemptionareredeemedatthecalldatesproducingthelowestarbitrageyield.Calldatesarecalculatedandreportedindividuallyforpricingandarbitragepurposes.
• Supportsthe‘safe-harbor’testonfixedyieldbondscallablewithinfiveyearsofissuance.
• Sizesprojectfundsbasedonadditionalproceedsordefineddrawweightsifdesired.
• Optimizeswhichmaturitiestoinsuregiventwoscalesandabondinsurancepremium.
• Performsinsurancebreakevenanalysis.
• Calculatesexpensesbasedonaformulaorfixeddollaramount.
• ExpensesmaybeflaggedasaffectingIRStaxrulestoincludeinbondyieldcalculations.
• Supportscommercialpaper,linesofcreditandlettersofcredit.
• Directsinterestearningstootherfundsortopayfordebtservice.Forexample,excessreservefundearningscanbedirectedfirsttonetfundCAPIandthentopaydebtservice.
• Sizesinvestmentsbasedonfuturerevenues.
• Handlesformulasthatcanreferencedepositstoordrawsfromreserveorprojectfunds,aswellasexpenses.
• Handlesformulasbasedonpriorbonds,costsofissuance,underwriterdiscount,escrowcost,outstandingdebtserviceorrevenues.
• Supportsnon-levelguaranteefeeamortization.
• BuildAmericaBondsareeasilyhandled.
Refund• Analyzescurrent,advance,crossoverandforwarddeliveryrefundingissues.
• Modelsfullandpartialdefeasanceseasily,includingprincipalorinterest-onlyescrows.
• Targetssavingstoaspecificrangeoffiscalyears,ifdesired.
• Refundingparmaybelimitedtotherefundedparandanequitycontributionortaxableissuecanbesizedfortheoverage,ifdesired.
• UsesBatchRunstoperforminterest-ratesensitivityanalysisbyvaryingthebondandescrowyieldsbyspecifiedincrements;savingsresultsaresummarizedinoneeasy-to-readreport.
• Runsmultiplewhat-ifscenariosefficiently.
• Managesmultipleescrows,bifurcatedescrows,transferredproceedsandfundsonhandforproperallocationtoescrowaccounts.
• Modelscompletetransferredproceedscapabilitiesincludingcascadingtransferredproceeds.
• Computestransferredproceedsautomaticallyonoldreservefundsspentprorataintheescrow.
• StructureslinearoptimizedSLGS,OMSorcombinedescrowportfoliosusingoneormoresourcesoffunds,eachwithitsowninvestmentparameters.
• Calculatesfloatcontractsorzerocouponrolloversforescrowswithtiminginefficiencies.
• CreatesXMLfilesforuploadingsubscriptionstoSLGSafe.
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The Industry Standard
Monitor• Siftsthroughalargenumberofprospectivecandidatesonaregularbasis.
• Processesbatchrunsthatallowmultiplerunswithdifferentcaseevaluationstobeperformedeasily,therebyquicklygivingacurrentmarketperspectiveforallmonitoredissues.
• Runsrecurringmarket-basedevaluationsofbondsthatmeetsavingscriteriaforalltypesofrefundings.
• Evaluatesrefundingcandidatesfromentireissues,oranycombinationofissuesandmaturitiesincludingcompletetermbondanalysis.
• Evaluatescombinationsofcallable/non-callableandrefundable/unrefundablebonds.
Project Finance• Allocatesbonds,projectfunds,reservefundsandexpensestomanycapitalprojects.
• Structuresandanalyzeslongtermcapitalprogramssuchasphased-infinancingswithcompletetrackingofreservefundincome.
• Structurespooledfinancingprogramsforstateandregionalagencies.
• Structuressenior/subordinatedeals.
• Blendsarbitrageyieldformultipleissues,andcanconsiderinvestmentyieldsofallescrowaccounts,projectfundsandreservefundsforarbitrageanalysis.
• Aggregatesthearbitrageyieldtoallowsharingofnegativearbitragefromoneserieswithpositivearbitragefromanotherseries,therebymaximizingyieldforescrow,reserveandprojectfunds.
• Includesorexcludesseriesforyieldcalculationswhilekeepingtheminthesizinganddebtservicesolution.Thisisusefulfortaxable/tax-exemptbondprograms.
• Directsexcessinterestearningsinoneseriestowardsfundsand/ordebtservicefundsinotherseries.Thiscanbeusefulwhentherearerestrictionssuchasvolumecaplimitations.
• Roundscontingencytoonebonddenominationorless.
• Holdsaseriesconstantafterithasbeensolvedinordertocombineseveralserieswithdifferentobjectivesintoasingleprojectfinancingfortaxpurposesonly.
• UniversalBondSolutions(UBS):
- ShapesdebtserviceattheProjectFinanceleveltomodeldifficultsolutions,suchasacceleratingataxableseriesanddeferringatax-exemptserieswithoverallleveldebtservice.
- Solvesaggregatesolutionsforupfrontsavingsonmultiplerefundings.
- Structurestaxabletaildealstocovercostsofissuancethatexceedthe2%limit.
- Solvesforoverlappingmaturitiesusingmultipleproportionalityoptions.
- Amortizesprincipalsequentiallybyseries.
- Printsreportsonadefinedsubsetoffinancingcomponentswithoutrecalculatingorchangingtheresultswhichisusefulforhandlinglargefinancings.Forexample,multiplecomponentsmaybegroupedtogetherforaSeriesA,SeriesB,etc.
• CalcAgent:
- Performsinterestratesensitivityanalysisbyvaryingthebondandescrowyieldsbyspecifiedincrementsupanddowntheyieldcurve.Savingsaresummarizedinoneeasytoreadreport.
- Batchprocesses“what-if”scenarioswithfullreporting.
- Calculatesaggregateissueandescrowyields,andproducesaggregatereportsformultipleseriesand/orrefundings.
- Comparescompetitivebidsandrunsasummaryreportofthebidresults.
DBC® Finance
Ease-of-Use Features• UsesNaturalLanguageFormulas(NLF)tomakewritingexpensesandotherformulaseasyandprovidesmaximumflexibility.Forexample,youcancomputethesizeofareservefundusingaformulasuchas“maxannualds.”
• Providesdrop-downmenuswithcompleteselectionsofalternativechoices.Themostcommonlyusedoptionsaresetasthedefaults.Systemdefaultscanalsobecustomizedforspecializedneeds.
• ComponentGallerystoresfrequentlyusedorcomplicatedbonds,expensesorfundsforre-useinfuturedealsandforsharingwithothers.
• Templateseriesfeaturesavestimebyautomaticallyupdatingmultipleseries.
• DynamicallyimportandexportdatabetweenDBCFinanceandExcel.
• Copiesoneorallofanissuer’sserieswithinortoanewdatabasetoreducedatainput.
• DownloadsSLGSandOMSpricingeasily.
• Providescontext-sensitiveHelpsystemonallscreenswithinthesystem.
• DBC Learning,aweb-basedlibraryofcoursesandarticlesformunicipalbondprofessionalsisincludedwithallDBCprograms.
Reporting• Generateseasytoreadreportswithmultiplefrequenciesanddetaillevelsthatprovideafullaudittrailofallcalculations.
• Producesallindustrystandardreportsincludingsourcesanduses,debtserviceschedules,accretedvaluetable,bondmaturitytable,proofofarbitrageyield,statistics,refundingsavingsandallescrowreports.
• Designscustomreportswithanyyield,statisticalvalueorcashflow.
• SavesanyreportorgroupofreportstoExcelforfurtheranalysis.
• Createsandsavespacketsofspecificreportsforreusewithanyanalysis,therebysavingtimeandstandardizingyouroutput.
• Savestimeandreduceserrorswithfill-informsfor8038andautomaticallygeneratesXMLfileforuploadtoSLGSafe.
DBC® Finance
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