HomeMy Public PortalAboutExhibit MSD 67E PFM_Data_Request_TOC_09-02-11
801 Grand Avenue
Suite 3300
Des Moines, IA 50309
515 243-2600
515 243-6994 fax
www.pfm.com
Public Financial Management, Inc.
PFM Asset Management LLC
PFM Advisors
September 2, 2011
Memorandum
To: Karl Tyminski
From: Jeanne Vanda
Re: Rate Commission Testimony Additional Data Request
Concerning the additional data requested for use by the Rate Commission, the outline below
serves as both a table of contents and a brief description of the contents transmitted.
Item No. File Name Description
5‐4 Pricing Analyses
& Credit Spreads
Pricing Analyses of comparable bond issues and a chart
of the credit spread from MMD AAA GO to MMD A GO
over the last 10 years to demonstrate the current
pricing spreads.
5‐5 Revenue Bond
Detail
Adaptation of final bond analysis to provide beginning
of year principal balance, and annual principal and
interest payments.
5‐6 Fitch Ratings
Revenue Special
Report ‐ 2011
Water &
Wastewater
Medians
A report by rating agency, Fitch Ratings, detailing the
current market trends in the Water/Wastewater
revenue bond market.
5‐7 N/A No additional exhibits are needed.
5‐8 MMD GO –
Treasury Spread
Charts
Charts comparing the spreads between yields from the
25‐year maturities of MMD AAA GO and MMD A GO,
and the 30‐year United States Treasury.
5‐9 Asset Management
Reports
Samples of market analysis provided throughout PFM’s
engagement with MSD.
5‐10 Pricing Analyses
& MMD‐Treasury
Spreads
Pricing Analyses of comparable bond issues and a chart
of the credit spread from MMD AAA GO to MMD A GO
and 30‐Year United States Treasury over the last 10
years to demonstrate the current pricing spreads.
TR‐0137
September 1, 2011
Page 2
5‐11 Average Interest
Calculations
Additional computations of average interest and
average life statistics. Computations vary from original
written testimony, as the focus of the revised
computation is to provide statistics on the entirety of
existing bond issues, rather than the 25‐year maturity
for the purpose of projecting future borrowing rates.
5‐12 Credit
Presentations
Presentations used in the rating process for previous
MSD bonds.
5‐13 Finance Committee
Reports
Samples of reports to the finance committee detailing
current trends and market conditions.
5‐14 N/A No additional exhibits are needed.
5‐15 Pricing Analyses
& MMD‐Treasury
Spreads
Pricing Analyses of comparable bond issues and a chart
of the credit spread from MMD AAA GO to MMD A GO
and 30‐Year United States Treasury over the last 10
years to demonstrate the current pricing spreads.
5‐16 Pricing Analyses Pricing for comparable bond issues, which show the
tight spreads to MMD AAA GO in the past and the wider
spreads that currently exist.