Metropolitan Water District of Southern California

$64,705,000
Waterworks General Obligation Refunding Bonds

After months of monitoring a refunding opportunity, the Metropolitan Water District of Southern California hired De La Rosa & Co. as the book-running Senior Manager on $64.7 million Waterworks General Obligation Refunding Bonds. The MWD issued the 2005 Series A bonds to refund portions of the District's 2001 Series A & B bonds and 1966 Series H Bonds. The 2005 Bonds were rated "natural AAA" with a March 1, 2015 par call, and maturities of 2006, 2012 and 2014-2021.

As Senior Manager, De La Rosa led an aggressive marketing campaign. After the order period, the firm re-priced most of the maturities to more aggressive levels. With California retail as its first priority, the Sales and Trading Desk generated $37.8 million in orders. Even with 11 co-managers, De La Rosa entered more than 88% of all retail and net designated orders. The desk sold more than $23 million discount bonds in 2019-2021 to meet the District's refunding targets, despite institutional investors' strong preference for premium-couponed bonds.

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