Grant Street Group Hosts Huge Internet Auctions for Massachusetts $1.2 Billion GIC Auction and $164 Million Interest Rate Swap

August 7, 2007

Pittsburgh, PA (August 7, 2007) — In a first-of-its-kind transaction, the Commonwealth of Massachusetts conducted two internet auctions back-to-back today: a $1.2 Billion GIC auction and a $164 Million, 15-year floating-to-fixed interest rate swap. Both transactions are related to the Commonwealth’s sale of GO Bonds. Grant Street Group served as Bidding Agent for the GIC… Read more »

Categories: Auctions

City of Los Angeles, California Conducts Largest-Ever Open Note Auction

June 27, 2007

Pittsburgh, PA (June 27, 2007)— The City of Los Angeles, California, utilized Grant Street Group’s patented Internet auction platform to take competitive bids for $916 Million in Tax and Revenue Anticipation Notes. Twelve financial institutions participated in the open auction in which 62 bids were submitted. In fact, bidder competition was so keen that the… Read more »

Categories: Auctions

Grant Street Group Hosts Bond Auction for Commonwealth of Pennsylvania

May 22, 2007

Pittsburgh, PA (May 22, 2007) — The Commonwealth of Pennsylvania conducted a $373 million competitive G.O. bond sale on Grant Street Group’s MuniAuction website. Six Wall Street firms participated in the sale. During the course of the Open Auction, a total of 12 bids were submitted and the auction was extended for over 4 minutes… Read more »

Categories: Auctions

Grant Street Group Hosts the First Ever Electronic Auction of Convertible CABs

May 10, 2007

Pittsburgh, PA (May 10, 2007) — Grant Street Group hosted the first ever electronic auction of Convertible CABs on its MuniAuction platform for the City of Perth Amboy, NJ. The $41.7 million of Bonds will initially be issued as Capital Appreciation Bonds, but will convert to Current Interest Bonds in 2012. The TIC calculation factored… Read more »

Categories: Auctions | Innovation

Zions Bancorporation Uses Grant Street Group Developed Site To Complete Successful ESOARS Auction

May 8, 2007

Pittsburgh, PA (May 8, 2007) — Zions Bancorporation announced today that it has successfully completed its auction of Employee Stock Option Appreciation Rights Securities (ESOARS). Forty-three bidders participated in the auction for 99,418 ESOARS units. The market-clearing price was $12.06 per unit. ESOARS units were allocated to 21 bidders. A complete summary of the bidding,… Read more »

Categories: Auctions

Grant Street Group Develops CD Auction Website For Zions Direct

February 27, 2007

Pittsburgh, PA (February 27, 2007) — Zions Direct, member NASD, a non-banking subsidiary of Zions First National Bank, announced today that it has launched a new online auction platform for FDIC-insured Certificates of Deposit (CDs). Similar to popular Internet auction methods, the CD auctions available at www.auctions.zionsdirect.commay enable individual investors to receive higher yields on… Read more »

Categories: Auctions

Grant Street Completes Successful Implementations of TaxSys® in Florida

December 12, 2006

Pittsburgh, PA (December 12, 2006) — In the fall of 2006, Grant Street Group completed the successful implementation of TaxSys® in three Florida Counties, representing 445,055 parcels and 72,036 active Occupational Licenses. TaxSys is a state of the art full service tax collection and billing system for Real Estate, Tangible Personal Property, Occupational Licenses and… Read more »

Categories: Innovation | Revenue Collection

We Have the Responsibility to Make GICs an Honest Market

December 11, 2006

The Bond Buyer – Letter to the Editor December 11, 2006 Nearly two years ago (Jan. 25, 2005) — The Bond Buyer published my letter to the editor: “Technology is the Ultimate Solution to GIC Bid Rigging.” In it I voiced my concerns regarding the old-fashioned, non-transparent process by which bids for GICs are received… Read more »

Categories: Auctions

Grant Street Group Develops ESOARS Auction Website For Zions Bancorporation

June 29, 2006

Pittsburgh, PA (June 29, 2006) — Zions Bancorporation announced today that it has successfully completed the first auction of Employee Stock Option Appreciation Rights Securities (ESOARS). Fifty-seven participants submitted 1,149 bids in the auction, held on June 28 and 29, for 93,610 ESOARS units. The market-clearing price was $7.50 and ESOARS units were allocated to… Read more »

Categories: Auctions

Grant Street Completes Third Year of Tax Lien Auctions

June 13, 2006

Pittsburgh, PA (June 13, 2006) — Last week, Grant Street Group completed its third year of hosting internet auctions of tax lien certificates. In 2004, Grant Street’s LienAuction was the first-ever website to host tax lien auctions over the internet when four Florida counties Miami-Dade, Okaloosa, Orange and Volusia — conducted sales. Since then, Grant… Read more »

Categories: Auctions | Revenue Collection