It's Wednesday, October 1 — quarterly rebalance day for 7 of your 12 accounts. The batch is built and waiting for approval. Hurricane Marcela strengthened overnight, and $132k of new cash landed and is ready to invest.
Overnight upgrade, tracking toward the Keys, South Florida, and coastal Louisiana. The exposed ground is water/sewer, school district, and airport credits. Across the book that's 14 holdings, $1.9M par; the concentration sits in ···0363 (18% of the account in South Florida), ···7823 (12%), and ···1246 (9% across both regions). Two of the 14 holdings are insured and one is escrowed to its 2027 call, which narrows the direct credit exposure to 11 uninsured positions, $1.5M par. Nothing has repriced yet. Landfall is projected Sunday.
7 accounts rebalance today on their quarterly schedule. Every preview is built and in-mandate: estimated turnover $310k, average pickup +22 bp TEY, every sell above the after-tax hurdle. Two previews touch Marcela-exposed credits and are flagged inside the batch; the other five carry no flags. Approving stages the orders — nothing trades until they're placed.
A call paid $86k into ···2417 and coupons swept $46k into ···5116. Buys are ready for both: two bonds that refill ···2417's emptied rung at 4.62% TEY, one addition inside ···5116's mandate at 4.55%. Both sets settle inside the week and leave each account at its cash target.
$300k of an essential-service water district, AA, offered 38 bp above where comparable paper traded this month. It fits the mandates of ···0192, ···5636, and ···8151, and clears the swap hurdle after tax and spread. The nearest comparable held across those accounts is a 2031 water district at 4.21%; this block prices at 4.59% with the same rating and stronger debt-service coverage. Dealer inventory.
The client review for ···8151 is drafted and complete, every figure checked against the platform. It covers the quarter's income, the two positions that changed, the updated ladder, and a credit note on each holding. It needs your read before it goes out.
The model puts 91% call probability on ···0363's largest holding — $200k of a 2032 water reclamation bond, callable at par on October 15. If it's called, the account's 2032 rung opens and its shape shifts. $200k of replacement par is lined up at 4.58% TEY that keeps average life inside the mandate; the alternative is letting the proceeds fund the October 15 withdrawal, which needs no sells.
| Account | Value | Cash | Suggested action | |
|---|---|---|---|---|
| ···2417 | $2.24M | $86k | Invest the call proceeds — two buys refill the emptied rung at 4.62% | Review buys |
| ···5636 | $1.91M | $96k | Invest idle cash — matched offers on hand, incl. today's water block | Review buys |
| ···5116 | $1.98M | $46k | Invest the coupon sweep — one addition inside mandate at 4.55% | Review buys |
| ···0363 | $2.14M | $12k | Approve rebalance · likely Oct 15 call, replacement ready · 18% Marcela exposure | Open account |
| ···7823 | $2.02M | $41k | Review Marcela exposure (12%) before approving its rebalance | See exposure |
| ···1246 | $1.87M | $5k | Approve rebalance · 9% Marcela exposure, flagged in the preview | Open preview |
| ···0192 | $2.31M | $8k | Approve rebalance · also fits $100k of today's water block | Open preview |
| ···8151 | $2.09M | $77k | Send the quarterly review · idle cash above target | Read draft |
| ···1238 | $1.76M | $9k | Nothing today — likely call on Oct 22, candidates ready | |
| ···3702 | $1.64M | $3k | Nothing today | |
| ···6154 | $1.82M | $6k | Nothing today | |
| ···0723 | $1.71M | $4k | Nothing today |
Everything above is computed across all 12 accounts you manage, par-weighted over researched, priced positions: 184 of 186 CUSIPs carry current research, 181 carry a close of Sep 29 or later. Prices are evaluated closes; call probabilities are modeled, refreshed this morning at 5:32 AM.