The San Francisco Airport Commission refunds $110 million in fixed-rate revenue bonds with new variable-rate bonds to lower its overall interest cost.  •  The San Dieguito Union High School District responds to the turbulent auction-rate market by converting $90 million in ARS bonds to fixed-rate securities.  •  De La Rosa & Co. generates $41 million of retail orders to reduce yields and save the L.A. County Metropolitan Transportation Authority significant interest costs on a $25-million Sales Tax Revenue Bond issue.  •  The L.A. Community Redevelopment Agency obtains a strong investment-grade rating on a $12.5-million Taxable Tax-Allocation Bond issue for the Westlake Recovery Project.  •  Despite a tough market, Beverly Hills successfully refunds $31 million in water revenue bonds and $17 million in wastewater revenue bonds for economic savings.  •  The Gridley Redevelopment Agency clears various hurdles caused by tightening credit in the municipal market to successfully execute its first tax-allocation bond financing.  •  Riverside issues unenhanced Bond Anticipation Notes to mute the effects of the collapse of auction-rate securities and prudently control interest costs.  •  The Sacramento Regional County Sanitation District restructures $50 million in auction rate securities with better performing, direct pay variable-rate bonds backed by letters of credit.  • 
       
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.


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