Calaveras County: DLR has closed on two land-secured refundings for Saddle Creek, a golf community in the Sierra Nevadas. The Sales and Trading Desk found buyers who understood the developer’s long-term strategy.  •  Palmdale: DLR was sole Senior Manager on federally taxable Certificates of Participation so the city could acquire 600 acres for a 550-megawatt power plant to attract and retain businesses.  •  Chowchilla: DLR senior-managed a special bond for critical infrastructure improvement until development impact fees can be raised to support $93 million in residential, commercial and industrial projects.  •  Pittsburg: DLR was Senior Manager on a tax-allocation bond that raised almost $100 million for housing and other projects, and saved the city’s Redevelopment Agency another $3.5 million by refinancing earlier bonds.  •  Chula Vista: DLR senior-managed a tax-allocation bond after Chula Vista demonstrated that the future assessed value of the city’s Bayfront-Town Centre offsets a highly concentrated tax base.  •  Los Angeles: As book-running Senior Manager, DLR structured a $34.5-million pooled financing for the city’s Community Redevelopment Agency without a yield spread to adhere to the CRA policy to complete separation between project areas.  •  DLR senior-managed refunding of all outstanding debt at Ontario Airport, increasing the L.A. Department of Airports’ flexibility to define net revenues and its debt-service reserve fund – and reaffirm its “A” rating.  •  Long Beach: The city recently issued more than $190 million in redevelopment project financing, including $115 million of taxable bonds, in a Marks-Roos pooled issue to fund projects in five areas.  •  From naval base to housing space: Few could envision a new community when the Alameda Point Naval Air Station was decommissioned a decade ago. Today, a highly successful development with 300 homes occupies part of the old base.  •  Riverside County: DLR senior-managed a $25-million Mello-Roos financing to improve street, water, sewer, and other public facilities at Lake Hills Crest, a development with 512 single-family detached units.
 

De La Rosa Expands Its Taxable Fixed-Income Sales and
Trading Desk

Other financial institutions may be cutting staff, but De La Rosa & Co. recently added four specialists in taxable fixed-income securities to the firm’s Los Angeles office. Their 80 years of cumulative experience add new depth to a Sales and Trading Desk that currently underwrites more than 100 new issues annually.

Principal Benjamin Stern, who heads sales and trading from De La Rosa’s Westwood office, said the Taxable Fixed-Income Group has expanded the firm’s ability to serve its clients by offering a broader range of products. “Our existing accounts benefit from a diversified product base, and we have added new investor relationships that benefit from our extensive fixed-income expertise.”

Seen in the photo are, from the left, Jonathan Worley, Ben Stern, Omar Buttari II, Forrest Kontomitras, and Scotte Carter.

 		   
Tax-Exempt Fixed-Income Sales and Trading - Our Fixed-Income Sales and Trading Department underwrites an average of two new bond issues each week. Sales and Trading also buys and sells bonds with our investors in the secondary market. Our officers are experts in the credit judgment, valuation and pricing of California paper, and investors look to us for opportunities to buy and sell bonds.

Taxable Fixed-Income Sales and Trading - De La Rosa's Taxable Fixed-Income staff services our institutional clients' trading needs in U.S. Treasuries and Agencies, mortgage-backed securities, high-grade corporate debt, and structured products. For our institutional investors, we actively trade a broad array of taxable fixed-income products, from high-grade bonds to below investment-grade securities.

For our municipal clients’ investment portfolios, our professionals primarily focus on AAA U.S. Government Agencies with a 1-year to 5-year maturity range. Taxable security transactions incorporate GASB rules and emphasize safety of principal. For liquidity, we focus on the larger deal size issues, but we also provide structures for specific yield or maturity needs. U.S. Agencies continue to be the base of city and county portfolios.

Employment of Capital for Underwriting and Secondary Markets - De La Rosa & Co. buys, sells and inventories fixed-income securities. We regularly take large positions in the new issues of our clients. “Carrying paper” for clients enables us to deliver extremely low interest rates for new issues and variable-rate bonds. We employ our capital to support the secondary market for clients’ outstanding bonds, thus improving their pricing. We also provide liquidity for the portfolios of our taxable and tax-exempt investors.


Back to Products & Services Next