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Rates:SLGs & Bonds

ERIN/muni for Windows
Debt Management and Analysis Software

Our flagship product, ERIN/muni, is a WindowsTM application which features the ability to:

Size and structure municipal, and other, bond issues
Refund prior municipal bond issues – advance, current, cross-over
Identify the best maturities to refund of any number of prior bond issues
Size and structure SLG and open market defeasance escrows
Export and Import data to and from Microsoft Excel in three different ways
Combine, without analyst intervention, positively and negatively, disparate bond issues and other cash flows
Perform tax rate analysis with “feed back” to the structuring function of the software
Generate a variety of reports including the attorney’s favorite 8038G report
Automatically calculate a bond’s arbitrage yield incorporating the effects of YTC bonds and deep discount terms bonds
Generate LOC and other user defined recurring fees associated with variable rate issues
Adhere, at all times, to U. S. Tax regulations

Below is an overview of a few of the powerful features of ERIN/muni:

bullet ERIN/muni for Windows Overview
bullet Bond Issue Sizing & Restructuring
bullet Dynamic Links to Excel Spreadsheets
bullet Advanced/Current/Crossover Refunding
bullet Refunding Optimization
bullet Automatic Cash Flow Aggregation
bullet Municipal Bond Bidding
bullet Tax & Utility Rate Analysis
bullet PV/Discount Rate Calculator
bullet Support
bullet Order Today


ERIN/muni for Windows overview

ERIN/muni for Windows(tm) is a full featured debt management and bond structuring system.

ERIN/muni is capable of sizing; structuring and refunding municipal debt; structuring escrows (SLG and open market); aggregating hundreds of discrete bond issues automatically; optimizing maturities to determine savings; performing tax rate analyses; computing transferred proceeds adjustments; and performing all of the other computations needed to managing debt.

ERIN/muni is a seasoned veteran. The software engine, the core of the package, dates back to 1983 and has been used to underwrite tens of billions of dollars of public debt. Just as significantly, ERIN/muni’s results have been certified by major accounting firms specializing in the verification of municipal bond issues. This reliability and functional integrity provide municipal finance professionals and issuers the peace of mind that comes from having a thoroughly tested product at work on their projects.

ERIN/muni for Windows(tm) is, without question, the best value available in the market today. We welcome your request for references and software trials. Municipal bond analytics is not a part-time activity for us, it is our only business. Let us show you how we can help your business.

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Bond Issue Sizing & Restructuring

ERIN/muni is capable of sizing bond issues for a variety of constraints including defeasance escrow costs, reserve funds, capitalized interest, construction funds, variable and fixed expenses, insurance premiums, and many other specified requirements. Funds typically attending a bond issuance (e.g. reserves) are automatically sized as well, taking into account fund earnings. Serial and term bonds, CAB’s, premium CAB’s, and CIB’s may be included in any combination for the bond issue.

The amortization of principal amounts (i.e. the structure) may be structured by ERIN/muni around debt service limits/constraints, existing debt service, the debt service of refunded bonds, and other structuring criteria.

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Dynamic Links to Excel Spreadsheets

One of the most empowering features of ERIN/muni is the system's ability to provide a direct linkage to Excel spreadsheets.  This feature actually provides the analyst with the ability to confidently perform complex bond computations in ERIN/muni and automatically and dynamically update the values in a spreadsheet.  For example, for a multi-year, multi-bond issue capital plan model, the analyst can set up the component issues in ERIN/muni and establish the link between the component issues and a spreadsheet which provides the most meaningful illustration of the effects of the issues.  Once this link is established any change to the underlying component issues is instantly reflected in the Excel spreadsheet.  This feature is immensely helpful for scenario propagation, allowing the analyst to provide a tremendous number of different scenarios to the client with a minimum amount of effort.

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Advanced/Current/Crossover Refunding

Municipal (or corporate) bond issues may be refunded to accomplish any number of financial goals including debt service relief or savings.  ERIN/muni assists the analyst by accurately including the constraints imposed by the latest federal tax regulations.

SLG and open market escrows may be structured (and bifurcated) to include the effects of calculated transferred proceeds adjustments. Forward purchase agreement (FPA) analytics are provided to maximize escrow efficiency and to lower escrow costs.

The escrow structuring features used in refunding are available to restructure old escrows, meet construction draw schedules and, in general, to "securitize" any set of payment requirements.

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Refunding Optimization

Provided with a market scale, expenses and a "list" of the candidate refunding issue(s), the system will calculate the savings potential of each maturity.

Savings are never overstated due to negative arbitrage because the analysis is based on actual escrows using the latest Treasure rates. A "user friendly" report can be set up to exclude "loser" maturities to identify only the most productive bonds to be refunded.

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Automatic Cash Flow Aggregation

The aggregation/summation of multiple bond issues, debt service, escrows, open market securities and other, heterogeneous cash slows in "seamless" and automatic. The aggregation of any number of disparate cash flows is as simple as entering (into a list) the names of individual components which comprise the aggregation.

As the underlying components of a cash flow change (e.g. a bond coupon, a principal amount and bonds to refund) any and all dependent aggregations are automatically recalculated. Aggregation components may be entered as either positive or negative giving rise to a number of potential uses.

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Municipal Bond Bidding

NIC, TIC, gross and net production data are calculated given spreads, amounts, call information, and profit requirement.

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Tax & Utility Rate Analysis

Annual tax rates (or utility rates) may be calculated given debt service, assessed valuations (or utility units sold), and coverage requirements. The system is able to calculate either rate, or coverage, or debt service given the other two parameters.

If debt service is calculated to meet desired rate and coverage criteria, the results may be transferred to the sizing side of the system to facilitate the structuring of a new money or refunding bond issue.

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PV/Discount Rate Calculator

An easy to use full screen calculator can quickly provide present value given a discount rate or the discount rate of a cash flow given its present value. The object cash flow may be a bond issue, an aggregation of many disparate cash flows, an escrow or a manually entered cash flow.

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Superior software products alone are not the complete solution, and as such, we pride ourselves in assuring complete client satisfaction. As a client of ERIN analytics you can expect top-flight software, superior support, and necessary training for all of our products. Note this – the same development team that created the software in 1983 and evolved it throughout the years maintains the system today. These people are available to our clients who need our financial and technical assistance. No other vendor can make that claim. We also offer superior analytical services. Our analysts are seasoned professionals, with decades of real-world experience with many of the largest regional and Wall Street investment banking institutions in the country. We also understand the needs of the smaller financial firms and can bring this wide ranging expertise to our clients' benefit. No transaction is too large or small, complex, or straightforward. And, we can work with your staff to prepare effective customer presentations.

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Order Today

Place your order request for ERIN/muni via email.  Be sure to include your return email address, phone number, contact name, and number of licenses that you are interested in obtaining. Or you can call the Erin line listed above.

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