Carson City, Nevada, uses BidNV for Laddered Portfolio Solicitation
May 12, 2005Pittsburgh, PA (May 12, 2005) — Carson City, Nevada, invested $7 million in proceeds from its recent bond sale by using www.BidNV.com, an Internet auction website developed by Grant Street Group for GIF Plan Advisors.
“The process was intuitive and the returns exceeded our expectations,” said Al Kramer, treasurer of Carson City, Nevada. The solicitation was done on an “all-or-none” basis in which an award is made to the firm offering the best overall rate of return for a portfolio of four U.S. Agency securities ranging from 9 to 19-month terms. The City received offers from eight banks and broker-dealers, with Wells Fargo winning the award with an aggregate yield of 3.75668%.
Categories: Auctions