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Item 6b June 10, 2019 Finance & Insurance Committee Item 6b - PowerPoint PPT Presentation

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Finance & Insurance Committee Item 6b June 10, 2019 Finance & Insurance Committee Item 6b Slide 1 June 10, 2019 $4.1 Billion As of June 1, 2019 Fixed 69% $2.82 billion 12% 19% Synthetic Fixed $494 million Variable $797

  1. Finance & Insurance Committee Item 6b June 10, 2019 Finance & Insurance Committee Item 6b Slide 1 June 10, 2019

  2. $4.1 Billion As of June 1, 2019 Fixed 69% $2.82 billion 12% 19% Synthetic Fixed $494 million Variable $797 million Finance & Insurance Committee Item 6b Slide 2 June 10, 2019

  3. Lower costs than bond financing Refunding debt for savings greater than could be achieved in the tax-exempt municipal bond market Took advantage of a large, liquid swap market Multi trillion dollar market Assurance of low cost, competitive, market rates Finance & Insurance Committee Item 6b Slide 3 June 10, 2019

  4. Floating to Fixed Rate Swap (Fixed Payer Swap) Fixed Rate MWD Counterparty Variable Rate Index Tax-Exempt Variable Rate Variable Rate Swap rates are less Bondholder than Fixed Rate Municipal Bonds Finance & Insurance Committee Item 6b Slide 4 June 10, 2019

  5. Historical Notional Amount Outstanding Fiscal Year End Swaps Maturing and Swap Terminations $ in Millions $1.94B Jan. 2007 $2,000 $1,500 $1,000 $652M $494M $500 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Finance & Insurance Committee Item 6b Slide 5 June 10, 2019

  6. Projected Notional Amount Outstanding Fiscal Year End $ in Millions $600 $494M $400 $200 $30M $0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Finance & Insurance Committee Item 6b Slide 6 June 10, 2019

  7. As of March 31, 2019 Counterparty Swaps Outstanding; Ratings; and Swap Market Values: JPMorgan Chase Bank $216 million; Aa2/A+/AA; ($23.7) million Wells Fargo Bank, N.A. $158.6 million; Aa2/A+/AA-; ($17.9) million Morgan Stanley Capital Services Inc. $83.6 million; A3/BBB+/A; ($6.0) million Citigroup Financial Products Inc. $35.4 million; A3/BBB+/A; ($4.4) million Eight swaps from $6.3 million to $158.6 million Swap Contracts Outstanding: $493.6 million Mark-to-Market Value: ($52.0) million Collateral Posting: $0 Savings to date: $118.6 million Finance & Insurance Committee Item 6b Slide 7 June 10, 2019

  8. Swap program has been well managed Swap exposure has been reduced with swap terminations and scheduled amortization Continued reductions based on scheduled swap amortization To date savings have exceeded original projections Finance & Insurance Committee Item 6b Slide 8 June 10, 2019

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