The busiest account on the desk today: its rebalance is approved and staging, it carries the book's heaviest Marcela exposure at 18%, and its largest position is 91% likely to be called October 15 — the same day it owes a $150k withdrawal.
A Key West water/sewer revenue ($120k, uninsured), two South Florida school district GOs ($150k combined, insured), a Broward utility ($70k, uninsured), and a New Orleans airport revenue ($45k, uninsured). All five carry current research and none shows adverse news — the exposure is the storm's path, not the credits' finances. Two of the five are sells in the rebalance now staging, which cuts the exposed par to $220k before landfall.
Approved at 7:09 with the batch. Two sells, three buys, turnover $92k, pickup +19 bp TEY, and average life comes back inside the mandate band. Both sells are the Marcela-exposed credits above; the buys carry no storm-path exposure.
| Sell · Key West FL Water & Sewer Rev 49327MWS4 | $120k | priced ✓ | 4.5y |
| Sell · New Orleans Aviation Board Rev 64766NAV2 | $45k | priced ✓ | 5.9y |
| Buy · Mountain States Water Auth Rev 2033 | $80k | reserved | |
| Buy · Plains Unified School GO 2031 | $50k | reserved | |
| Buy · Lakes Region Sewer Rev 2034 | $35k | reserved |
The 2032 water reclamation bond ($200k, the account's largest) is callable at par October 15 — 91% on the model. If called, the proceeds cover the $150k withdrawal due the same day with no sells, leaving $50k to reinvest. If it isn't called, the drafted sell plan funds the withdrawal at a realized gain of +$2.1k. Either way, $200k of replacement par is lined up at 4.58% to refill the 2032 rung.
| Call funds the withdrawal | no sells · $50k residual to reinvest · rung refill decided after | Plan on this |
| Refill the rung now | replacement at 4.58% TEY · withdrawal funded by the sell plan, +$2.1k realized | Plan on this |
| Bond | Par | Price | YTW | TEY | S&P | Maturity | Eff. dur. |
|---|---|---|---|---|---|---|---|
| Key West FL Water & Sewer Rev 49327MWS4 · storm path · uninsured · sell, staging now | $120k | 101.42 | 3.31% | 4.71% | AA | 2031 | 4.5y |
| Broward Co FL School Dist GO 11507VGO6 · storm path · insured | $90k | 99.87 | 3.24% | 4.61% | AA | 2029 | 2.8y |
| South FL School Dist GO Ser. B 83741SDB1 · storm path · insured | $60k | 100.21 | 3.19% | 4.54% | AA | 2030 | 3.7y |
| Broward Co FL Utility Rev 11512UTL9 · storm path · uninsured | $70k | 100.88 | 3.42% | 4.87% | A+ | 2033 | 6.1y |
| New Orleans Aviation Board Rev 64766NAV2 · storm path · uninsured · sell, staging now | $45k | 98.71 | 3.55% | 5.05% | A− | 2033 | 5.9y |
| Metro Water Reclamation Rev 59259MWR7 · likely call Oct 15 · 91% on the model · the 2032 rung | $200k | 100.02 | 3.02% | 4.30% | AA− | 2032 | 1.1y |
| State Turnpike Auth Rev 85732TPK3 · cautionary news · held, no action | $55k | 99.12 | 3.40% | 4.84% | A+ | 2030 | 3.6y |
| Commonwealth GO Ser. 2021 20276CGO8 | $110k | 100.63 | 3.08% | 4.38% | AA+ | 2028 | 2.6y |
Figures par-weighted over researched, priced positions: 28 of 28 CUSIPs carry current research, 27 carry a close of Sep 29 or later. Prices are evaluated closes; call probabilities are modeled, refreshed this morning at 5:32 AM. Tax-equivalent yields use this account's tax profile.