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  • Blue Rose Marketing

Your Blue Rose Capital Advisor Update

Updated: Sep 9, 2020

Blue Rose Capital Advisors is thankful for the new opportunities and progress made during this holiday season.

One advancement that Blue Rose Capital Advisors is excited to announce is our updated website. As our company continues to grow, we value having up-to-date technology that is clear and concise. We strive to serve and educate our clients to the fullest. With this update, we hope we have created a website for our clients to navigate easily, use as a resource for the latest industry happenings, and share with their colleagues.

To check out our new website, along with any past articles or newsletters, please go

Council of Infrastructure Financing Authorities (CIFA) SRF Workshop

Blue Rose is a new member of CIFA and was proud to attend this year’s CIFA State Revolving Fund (SRF) Workshop. This workshop is the nation’ s premier training and professional development program for SRF managers and staff. Blue Rose's own Adrienne Booker, Vice President, moderated a panel on Software Solutions for Success along with panelists Tom Chamberlain, Ohio Water Development Authority; Todd Johansen, New Mexico Finance Authority (DWSRF); Lance Reese, California State Water Resources Control Board and Steve Walter, Minnesota Public Facilities Authority. Please contact Adrienne to discuss more about this panel and software solutions available in the market.

Upcoming Events & Conferences

With the conference season for 2019 nearing an end, don’t forget to look out for Blue Rose Capital Advisors at the Treasury Institute Tax-Exempt Bond Compliance Conference 2019

The Treasury Institute Conference will be held from December 9-11, 2019, at the Hilton Orlando Lake Buena Vista in Lake Buena Vista, Florida. This three-day conference will give participants a comprehensive view of the compliance requirements as an issuer of tax-exempt bonds. Blue Rose Capital Advisors will be speaking and exhibiting during this conference.

Erik Kelly, President, will be presenting on:

- The Rating Agency

- RelationshipLong-term considerations around P3s

Sam Gruer, Managing Director, will be presenting on:

- What Happens When LIBOR Goes Away

To learn more about this conference please visit the event website

Blue Rose Announcement: Series 54

MSRB Rule G-3 sets professional qualification and continuing education requirements for dealers and municipal advisors. Each municipal advisor firm must be supervised by at least one municipal advisor principal. The newly developed Municipal Advisor Principal Qualification Examination (Series 54) must be passed by each municipal advisor principal by November 12, 2020. 

Blue Rose is happy to announce that two of our employees have taken the Series 54 and are now qualified as municipal advisor principals. Those employees are: Erik Kelly – President and James McNulty – Managing Director

Please join us in congratulating these individuals for a job well done.  


Megan Roth

Marketing Generalist

Megan Roth has been with HedgeStar, formally DerivActiv, since June 2019 as a Marketing Generalist. Prior to working at HedgeStar, Megan has held internships with the Mason Companies Inc, Mayo Clinic Health System, and Chippewa Valley Post. Through these positions she managed social media strategies, assisted with marketing research and help strengthen external and internal communication through the organizations.

Megan holds a Bachelor of Arts Degree in Organizational Communication with a minor in Marketing from the University of Wisconsin – Eau Claire.

Megan can be reached at


Comparable Issues Commentary

Shown below are the results of two negotiated, tax-exempt higher education issues priced by Ferris State University on November 20th. The University’s Series 2019A and Series 2020A (Forward Delivery) bonds were rated A1/A+ by Moody’s and S&P, respectively. The deals differed significantly in size, with the 2019A issue ($34.655M par amount) much larger than the 2020A Forward Delivery issue (just $4.6M of total par). Both deals carried a refunding component, with the 2019A bonds serving to current refund the University’s 2008 bonds while the 2020A bonds will be used solely for a forward-settling current refunding of Ferris’s Series 2010A bonds issued through the City of Grand Rapids (part of this refunding will be funded directly by the University). Additionally, the 2019A bonds will finance $27.5M of new money projects for Ferris State, which include an addition and renovation of the Center for Athletics Performance, construction of a new building for IT staff, upgrade/refurbishment of heating and air conditioning for the Kendall College of Art and Design, renovation of Miller Hall residence hall, as well as renovation/improvement of student dining facilities and other miscellaneous capital projects.

Ferris’s bonds priced on a strong day in the market, with MMD reduced by 2 bps from 2020-2025, 3 bps in 2026, 4 bps in 2027, and 5 bps from 2028-2049. The different size and maturity spectrum of the two bond issues led to different structuring decisions for the two transactions, with the larger Series 2019A priced with serials through the final maturity in 2040 while the smaller 2020A Forward Delivery issue was sold with three term bonds to generate larger block sizes. The 2020A bonds were also priced with a forward premium of 30 bps relative to the 2019A issue, a product of the 7-month forward settlement period. All maturities were sold using 5% coupons with the exception of the final 3 maturities of the 2019A bonds (2038-2040), which were sold with 4% coupons (the final maturity of the 2020A bonds is 2035). Both deals were priced with a 10-year par call option to October 1st, 2029.


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