Quick follow up on my Washington Post column: 10 inviolable rules for dealing with the sharks on Wall Street.

Thanks for the comments and emails. The single biggest request was for the actual bond offering document, which for whatever reason, was inaccessible at the emma.msrb.org site.

I dug up the full underwriting document (via FLoyd Norris of NYT) and posted it in the Think Tank.

PDF is a public document at SCRIBD.

SUPPLEMENT DATED AUGUST 9, 2011 TOOFFICIAL STATEMENT DATED JULY 28, 2011 RELATING TO$105,000,149.70GENERAL OBLIGATION BONDS OFSCHOOL FACILITIES IMPROVEMENT DISTRICT NO. 2007-1 OF THEPOWAY UNIFIED SCHOOL DISTRICT, 2008 ELECTION, SERIES B(SAN DIEGO COUNTY, CALIFORNIA)

 

Category: Fixed Income/Interest Rates, Really, really bad calls

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “Poway 20 Year No Interest 40 Year Bond Offering”

  1. bonderman says:

    Has anyone looked into the possibility that some of the Heavens Gate folks in nearby Rancho Santa Fe ended up on the Poway school board?

  2. David Merkel says:

    Hi Barry,

    I wrote about this 3 weeks ago:

    http://alephblog.com/2012/08/10/on-the-poway-school-district/

    Two notes: the yield on the “B” notes was 7.6%, not 6.9% because of premium remitted on the deal that was immediately used to refinance old deals. Second, the long “B” bonds traded up dramatically, because they were overpriced by the underwriter.

    Poway SD got hosed by their consultant and their underwriter. Underwriters love to sell easy deals.