·
FSG
professionals can effectively negotiate on your behalf to help you obtain the
lowest cost financing possible. With state of the art computers, and
internet access to current market information, FSG professionals can gather the
market data necessary to represent you as you price your issue.
·
As independent
financial advisors, we do not underwrite any securities. This is a
significant advantage in pricing an issue.
·
Pricing is
often more "art" than "science". Since we do not
compete with any underwriters, we often are more successful in the effort to
solicit pricing information and market feedback from trading desks throughout
the industry. An underwriter posing as your financial advisor may not
have such broad access to the range of market participants when attempting to
build a consensus scale.
·
In recent
years, many underwriters have portrayed municipal bonds as being marked by
"ever vanishing spreads". The spread is the difference between
the price at which an underwriter buys an issue from the issuer (the initial
offering) and the price at which it is re-sold to final investors (the
secondary market). Perhaps paradoxically, these same underwriters are
also posting record profits. It is important for an issuer to have a
representative who can monitor not only the pricing of the issue but also
negotiate the other components of underwriter's compensation such as takedown
and management fees. FSG can represent your interest in this process.
·
All of this
effort is meaningless if the transaction does not close. This requires
careful attention to the "administrative details" of executing all of
the necessary documents, working with the Trustee and/or Paying Agent,
coordinating with DTC and CUSIP, and, lest we forget, transferring the exact
funds to the right accounts. FSG can close your transaction.
Return to FSG Issuers.
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