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RAMIRE2
<br />Sale Date
<br />PROPOSED
<br />Issuer
<br />City of Santa Ana
<br />City of Orange
<br />Issue
<br />2021 Taxable P013s•:
<br />•:
<br />•:
<br />Par
<br />Call Date
<br />Ratin
<br />Year
<br />Par Yield UST Spread
<br />Par Yield UST Spread
<br />Par
<br />Yield
<br />UST
<br />Spread
<br />Par
<br />Yield UST Spread
<br />2022
<br />0.293% 2-yr 0.15%
<br />$7,695 0.291% 1-yr 0.15%
<br />$6,505
<br />0.151%
<br />1-yr
<br />0.04%
<br />2023
<br />0.39% 2-yr 0.25%
<br />$10,120 0.39% 2-yr 0.25%
<br />$8,795
<br />0.241%
<br />2-yr
<br />0.13%
<br />$3,685
<br />0.317% 2-yr 0.20%
<br />2024
<br />0.470% 3-yr 0.30%
<br />$11,155 0.587% 3-yr 0.30%
<br />$9,005
<br />0.419%
<br />3-yr
<br />0.24%
<br />$3,675
<br />0.487% 3-yr 0.30%
<br />2025
<br />1.050% 5-yr 0.25%
<br />$11,225 0.974% 5-yr 0.25%
<br />$9,215
<br />0.660%
<br />5-yr
<br />0.20%
<br />$4,220
<br />0.772% 5-yr 0.30%
<br />2026
<br />1.300% 5- r 0.50%
<br />$11,330 1.224% 5- r 0.50%
<br />$9,475
<br />0.840%
<br />5- r
<br />0.38%
<br />$4 250
<br />0.972% 5- r 0.50%
<br />2027
<br />1.688% 7-yr 0.45%
<br />$11,470 1.587% 7-yr 0.45%
<br />$9,715
<br />1.164%
<br />7-yr
<br />0.36%
<br />$4,290
<br />1.367% 7-yr 0.55%
<br />2028
<br />1.888% 7-yr 0.65%
<br />$11,650 1.787% 7-yr 0.65%
<br />$10,030
<br />1.414%
<br />7-yr
<br />0.61%
<br />$4,340
<br />1.567% 7-yr 0.75%
<br />2029
<br />2.170% 10-yr 0.60%
<br />$11,860 2.070% 10-yr 0.60%
<br />$10,375
<br />1.628%
<br />10-yr
<br />0.49%
<br />$4,400
<br />1.750% 10-yr 0.60%
<br />2030
<br />2.320% 10-yr 0.75%
<br />$12,105 2.220% 10-yr 0.75%
<br />$10,735
<br />1.728%
<br />10-yr
<br />0.59%
<br />$4,460
<br />1.850% 10-yr 0.70%
<br />2031
<br />2.370% 10- r 0.80%
<br />$12,375 2.270% 10- r 0.80%
<br />$11,125
<br />1.828%
<br />10- r
<br />0.69%
<br />$4,530
<br />1.950% 10- r 0.80%
<br />2032
<br />2.570% 10-yr 1.00%
<br />$12,655 2.450% 10-yr 0.98%
<br />$11,890
<br />1.938%
<br />10-yr
<br />0.80%
<br />$4,605
<br />2.050% 10-yr 0.90%
<br />2033
<br />2.670% 10-yr 1.10%
<br />$12,965 2.550% 10-yr 1.08%
<br />$12,330
<br />2.048%
<br />10-yr
<br />0.91%
<br />$4,655
<br />2.150% 10-yr 1.00%
<br />2034
<br />2.770% 10-yr 1.20%
<br />$13,295 2.650% 10-yr 1.18%
<br />$15,100
<br />2.138%
<br />10-yr
<br />1.00%
<br />$4,690
<br />2.250% 10-yr 1.10%
<br />2035
<br />2.870% 10-yr 1.30%
<br />$13,650 2.750% 10-yr 1.28%
<br />$15,950
<br />2.298%
<br />10-yr
<br />1.16%
<br />$6,015
<br />2.350% 10-yr 1.20%
<br />2036
<br />2.920% 10- r 1.35%
<br />$14,025 2.820% 10- r 1.35%
<br />$16,530
<br />2.398%
<br />10- r
<br />1.26%
<br />2037
<br />$17,360
<br />2.488%
<br />10-yr
<br />1.35%
<br />2040
<br />$59,445 3.015% 30-yr 0.75%*
<br />$30,605
<br />2.845% 30-yr 0.90%
<br />2041
<br />3.163% 30- r 0.85%
<br />$76,525 2.705%/2.805%
<br />30- r 0.75%*/0.85%
<br />2044
<br />$49,465 3.115% 30-yr 0.85%*
<br />$25,160
<br />2.995% 30-yr 1.05%
<br />2045
<br />$89,365 2.8059/o/2.9059%
<br />30-yr 0.85%*/0.95%
<br />I o.co oV-y' V.DD>o I I
<br />Dollar in thoamounts sands.
<br />*Insured maturities
<br />Marketing Strategy. Ramirez & Co.'s lead underwriter
<br />Patty McGrorry, lead underwriter on 26% of all
<br />California City POBs since 2017, and lead underwriter
<br />for the City's last two financings (2019 Gas Tax
<br />Refunding Bonds and 2018 Tax Allocation Refunding
<br />Bonds), will lead our marketing effort. Our Six -Step
<br />Marketing Process is designed to maximize demand for
<br />Santa Ana POBs:
<br />Pre -Issuance Credit and Structuring- Due to our work P.: investor database. identify
<br />on the City's last two transactions, we know how to tell pa
<br />the Santa Ana story in a way that, thus far, has earnedCross-Over
<br />two "AA"" category ratings. Our rating presentation, Leverage our POB experience to revisit prior
<br />POS and Investor Roadshow will highlight the strength accounts that have not participated in the past
<br />of the City's management team by 1) detailing the a, but expressed appetite for the product.
<br />response to COVID-19, 2) conservative budgeting 5. Aggressive Scale and Willingness to Underwrite
<br />process which has produced better than anticipated Unsold Bonds:
<br />results for the last two years and 3) create a narrative 6. Complete Transparency to the City and UFI:
<br />of economic growth. We will, once again, reframe the
<br />City's outlook as one of robust growth and economic expansion.
<br />Anchor Investors: Since 2017, Ramirez & Co. has been a leader in the POB market and responsible for
<br />expanding the depth of California POB investors. We continuously monitor all POB investors in the
<br />primary and secondary markets. Today's 15 most active buyers of California City POBs are listed below.
<br />Appendix I lists the top 211 buyers of California POBs in the primary and secondary market; a level of
<br />insight and institutional knowledge of California POB investors that Ramirez & Co. brings to the City.
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