DBC® Finance

DBC Finance is composed of four seamlessly integrated modules – Debt/Size, Refund, Monitor and Project Finance.

Debt/Size• Easilyaccommodatesmultipledeliverydates,distinctinterestpaymentormaturityfrequencies,andoverlappingandbifurcatedmaturities.

• SupportsallbondtypesincludingCABS,convertibleCABS,26-week,35-dayand28-dayauctionratebonds,variablerate,multi-mode,convertibleoption,taxableandtax-exemptbonds,AMTandnon-AMTbonds,andsteppedandzerocouponbonds.

• Automaticallypricesbondsto“worstcalldate.”Premiumanddeepdiscounttermbondssubjecttooptionalredemptionareredeemedatthecalldatesproducingthelowestarbitrageyield.Calldatesarecalculatedandreportedindividuallyforpricingandarbitragepurposes.

• Supportsthe‘safe-harbor’testonfixedyieldbondscallablewithinfiveyearsofissuance.

• Sizesprojectfundsbasedonadditionalproceedsordefineddrawweightsifdesired.

• Optimizeswhichmaturitiestoinsuregiventwoscalesandabondinsurancepremium.

• Performsinsurancebreakevenanalysis.

• Calculatesexpensesbasedonaformulaorfixeddollaramount.

• ExpensesmaybeflaggedasaffectingIRStaxrulestoincludeinbondyieldcalculations.

• Supportscommercialpaper,linesofcreditandlettersofcredit.

• Directsinterestearningstootherfundsortopayfordebtservice.Forexample,excessreservefundearningscanbedirectedfirsttonetfundCAPIandthentopaydebtservice.

• Sizesinvestmentsbasedonfuturerevenues.

• Handlesformulasthatcanreferencedepositstoordrawsfromreserveorprojectfunds,aswellasexpenses.

• Handlesformulasbasedonpriorbonds,costsofissuance,underwriterdiscount,escrowcost,outstandingdebtserviceorrevenues.

• Supportsnon-levelguaranteefeeamortization.

• BuildAmericaBondsareeasilyhandled.

Refund• Analyzescurrent,advance,crossoverandforwarddeliveryrefundingissues.

• Modelsfullandpartialdefeasanceseasily,includingprincipalorinterest-onlyescrows.

• Targetssavingstoaspecificrangeoffiscalyears,ifdesired.

• Refundingparmaybelimitedtotherefundedparandanequitycontributionortaxableissuecanbesizedfortheoverage,ifdesired.

• UsesBatchRunstoperforminterest-ratesensitivityanalysisbyvaryingthebondandescrowyieldsbyspecifiedincrements;savingsresultsaresummarizedinoneeasy-to-readreport.

• Runsmultiplewhat-ifscenariosefficiently.

• Managesmultipleescrows,bifurcatedescrows,transferredproceedsandfundsonhandforproperallocationtoescrowaccounts.

• Modelscompletetransferredproceedscapabilitiesincludingcascadingtransferredproceeds.

• Computestransferredproceedsautomaticallyonoldreservefundsspentprorataintheescrow.

• StructureslinearoptimizedSLGS,OMSorcombinedescrowportfoliosusingoneormoresourcesoffunds,eachwithitsowninvestmentparameters.

• Calculatesfloatcontractsorzerocouponrolloversforescrowswithtiminginefficiencies.

• CreatesXMLfilesforuploadingsubscriptionstoSLGSafe.

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The Industry Standard

Monitor• Siftsthroughalargenumberofprospectivecandidatesonaregularbasis.

• Processesbatchrunsthatallowmultiplerunswithdifferentcaseevaluationstobeperformedeasily,therebyquicklygivingacurrentmarketperspectiveforallmonitoredissues.

• Runsrecurringmarket-basedevaluationsofbondsthatmeetsavingscriteriaforalltypesofrefundings.

• Evaluatesrefundingcandidatesfromentireissues,oranycombinationofissuesandmaturitiesincludingcompletetermbondanalysis.

• Evaluatescombinationsofcallable/non-callableandrefundable/unrefundablebonds.

Project Finance• Allocatesbonds,projectfunds,reservefundsandexpensestomanycapitalprojects.

• Structuresandanalyzeslongtermcapitalprogramssuchasphased-infinancingswithcompletetrackingofreservefundincome.

• Structurespooledfinancingprogramsforstateandregionalagencies.

• Structuressenior/subordinatedeals.

• Blendsarbitrageyieldformultipleissues,andcanconsiderinvestmentyieldsofallescrowaccounts,projectfundsandreservefundsforarbitrageanalysis.

• Aggregatesthearbitrageyieldtoallowsharingofnegativearbitragefromoneserieswithpositivearbitragefromanotherseries,therebymaximizingyieldforescrow,reserveandprojectfunds.

• Includesorexcludesseriesforyieldcalculationswhilekeepingtheminthesizinganddebtservicesolution.Thisisusefulfortaxable/tax-exemptbondprograms.

• Directsexcessinterestearningsinoneseriestowardsfundsand/ordebtservicefundsinotherseries.Thiscanbeusefulwhentherearerestrictionssuchasvolumecaplimitations.

• Roundscontingencytoonebonddenominationorless.

• Holdsaseriesconstantafterithasbeensolvedinordertocombineseveralserieswithdifferentobjectivesintoasingleprojectfinancingfortaxpurposesonly.

• UniversalBondSolutions(UBS):

- ShapesdebtserviceattheProjectFinanceleveltomodeldifficultsolutions,suchasacceleratingataxableseriesanddeferringatax-exemptserieswithoverallleveldebtservice.

- Solvesaggregatesolutionsforupfrontsavingsonmultiplerefundings.

- Structurestaxabletaildealstocovercostsofissuancethatexceedthe2%limit.

- Solvesforoverlappingmaturitiesusingmultipleproportionalityoptions.

- Amortizesprincipalsequentiallybyseries.

- Printsreportsonadefinedsubsetoffinancingcomponentswithoutrecalculatingorchangingtheresultswhichisusefulforhandlinglargefinancings.Forexample,multiplecomponentsmaybegroupedtogetherforaSeriesA,SeriesB,etc.

• CalcAgent:

- Performsinterestratesensitivityanalysisbyvaryingthebondandescrowyieldsbyspecifiedincrementsupanddowntheyieldcurve.Savingsaresummarizedinoneeasytoreadreport.

- Batchprocesses“what-if”scenarioswithfullreporting.

- Calculatesaggregateissueandescrowyields,andproducesaggregatereportsformultipleseriesand/orrefundings.

- Comparescompetitivebidsandrunsasummaryreportofthebidresults.

DBC® Finance

Ease-of-Use Features• UsesNaturalLanguageFormulas(NLF)tomakewritingexpensesandotherformulaseasyandprovidesmaximumflexibility.Forexample,youcancomputethesizeofareservefundusingaformulasuchas“maxannualds.”

• Providesdrop-downmenuswithcompleteselectionsofalternativechoices.Themostcommonlyusedoptionsaresetasthedefaults.Systemdefaultscanalsobecustomizedforspecializedneeds.

• ComponentGallerystoresfrequentlyusedorcomplicatedbonds,expensesorfundsforre-useinfuturedealsandforsharingwithothers.

• Templateseriesfeaturesavestimebyautomaticallyupdatingmultipleseries.

• DynamicallyimportandexportdatabetweenDBCFinanceandExcel.

• Copiesoneorallofanissuer’sserieswithinortoanewdatabasetoreducedatainput.

• DownloadsSLGSandOMSpricingeasily.

• Providescontext-sensitiveHelpsystemonallscreenswithinthesystem.

• DBC Learning,aweb-basedlibraryofcoursesandarticlesformunicipalbondprofessionalsisincludedwithallDBCprograms.

Reporting• Generateseasytoreadreportswithmultiplefrequenciesanddetaillevelsthatprovideafullaudittrailofallcalculations.

• Producesallindustrystandardreportsincludingsourcesanduses,debtserviceschedules,accretedvaluetable,bondmaturitytable,proofofarbitrageyield,statistics,refundingsavingsandallescrowreports.

• Designscustomreportswithanyyield,statisticalvalueorcashflow.

• SavesanyreportorgroupofreportstoExcelforfurtheranalysis.

• Createsandsavespacketsofspecificreportsforreusewithanyanalysis,therebysavingtimeandstandardizingyouroutput.

• Savestimeandreduceserrorswithfill-informsfor8038andautomaticallygeneratesXMLfileforuploadtoSLGSafe.

DBC® Finance

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