Raleigh, North Carolina, Uses GFOA YieldAdvantage for Laddered Portfolio Solicitation
April 16, 2005The City of Raleigh, North Carolina, placed a $191 million investment using GFOA YieldAdvantage, an Internet auction website offered by the Government Finance Officers Association. Using the GFOA YieldAdvantage website, state and local governments are able to solicit bids and exchange settlement information easily and efficiently via the Internet. The laddered portfolio transaction was a “sealed” solicitation in which banks and broker-dealers submitted quotes for 36 individual maturities ranging from one to 39 months. The laddered portfolio permitted offers of open market securities consisting of treasury, agency and commercial paper.
In December 2003, the GFOA entered into an alliance with Grant Street Group, a fixed income Internet auction house and parent of MuniAuction, to create the GFOA YieldAdvantage website (www.gfoayield.com).