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Ohio Market Access Program








What is OMAP?
The Ohio Market Access Program (OMAP) is a credit enhancement program offered through the Ohio Treasurer’s office that is designed to lower borrowing costs on short-term notes issued by Ohio schools, cities and local governments.  OMAP leverages the state’s high short-term credit rating to help improve market access for local governments and save money on debt service for Ohio municipal issuers.

How does OMAP benefit municipal issuers?
Standard & Poor’s has assigned its highest municipal short-term note rating -- “SP-1+” -- to notes issued under OMAP.  This rating reflects the state’s very strong capacity, when necessary, to provide payment of principal and interest for OMAP-wrapped notes.  By participating in OMAP and receiving its “SP-1+” rating, political subdivisions benefit from strengthened credit quality, lower costs of borrowing, and improved marketability, while limiting their renewal risk for short-term notes.  

How Does OMAP Work? 
In order to participate in OMAP, an Ohio local government (or a member of its preferred financing team) must follow three simple steps:
  1. In advance of a planned note sale, submit an application to the Treasurer’s office that consists of financial statements and other pertinent credit information, in addition to relevant authorizing documentation.
  2. Upon approval of its application, the political subdivision must enter into a standby note purchase agreement with the Treasurer and a paying agent.  This agreement requires the Treasurer to purchase renewal notes from the political subdivision if, for any reason, a political subdivision is unable to issue new debt or otherwise retire the notes at maturity.  The purchase of the renewal notes by the Treasurer will permit the issuing subdivision to repay the original notes issued under OMAP.  If an issuer cannot issue renewal notes, the Treasurer will purchase from the noteholders the original notes issued under OMAP at a price of par plus accrued interest through stated maturity. 
  3. The Treasurer forwards the application materials and the standby note purchase agreement to Standard & Poor’s for a streamlined analysis of the political subdivision’s application and agreement to confirm that all essential program elements are met.  Upon confirmation from Standard & Poor’s, the political subdivision receives an “SP-1+” rating for its notes issued through OMAP.
Who Can Participate?
Ohio political subdivisions issuing notes with a term of one year or less and a par amount of $3 million or less are eligible to participate in OMAP.  Notes with a par value greater than $3 million are evaluated by the Treasurer on a case-by-case basis.

What Makes OMAP Unique?
The Ohio Market Access Program is a first-of-its-kind program designed exclusively to provide credit enhancement on municipal notes.  Municipal notes are currently underserved by the credit enhancement market and OMAP fills this void.  The program solely provides credit enhancement on Ohio municipal notes and does not function as a pool issuance. 

Savings Expected to Grow as Program Awareness Increases
As awareness of OMAP increases and as overall credit spreads widen, it is expected that debt service savings will grow.  By homogenizing these disparate Ohio note credits, the Treasurer’s office expects the buyer base to expand and the liquidity of Ohio municipal notes to increase. 

For more information on the Ohio Market Access Program,
email OMAP@tos.ohio.gov or call (614) 466-3511

RECENT DEALS

Maturity Date
Issuer Name
Amount of Note
Pricing Yield
Spread*
4/9/2015
Maple Heights City School District
$2,411,000.00
0.50%
0.27%
6/18/2015
Village of Boston Heights
$1,075,000.00
0.75%
0.52%
9/24/2015
Village of Oakwood
$2,686,500.00
0.35%
0.17%
10/8/2015
Madison Local School District
$1,455,000.00
0.40%
0.22%
11/24/2015
Village of Silverton (TXBL)
$1,600,000.00
0.65%
0.46%
11/24/2015
Village of Silverton (TXBL)
$900,000.00
0.65%
0.35%
3/31/2016Maple Heights City School District
$2,311,000.00
0.50%
0.24%
5/24/2016
Village of Silverton (TXBL)
$1,100,000.00
0.85%
0.47%
5/26/2016
Village of Silverton
$390,000.00
0.55%
0.25%
6/28/2016
Reading Community City School District
$9,800,000.00
0.45%
0.11%
7/7/2016
City of Uhrichsville (TXBL)
$3,990,000.00
0.75%
0.36%
9/15/2016
Village of North Randall
$2,308,500.00
0.55%
0.24%
9/22/2016
Village of Oakwood
$2,621,500.00
0.45%
0.14%
9/27/2016
City of Hamilton
$103,695,000.00
0.43%
0.12%
10/6/2016
Madison Local School District
$1,455,000.00
0.55%
0.24%
11/17/2016
City of Bowling Green (AMP)
$2,235,000.00
0.45%
0.10%
11/22/2016
Village of Silverton
$1,900,000.00
1.25%
0.87%
1/25/2017
Village of Timberlake
$450,000.00
0.70%
0.12%
2/9/2017
Blendon Township
$5,280,000.00
0.70%
0.13%
3/30/2017
Maple Heights City School District
$2,211,000.00
0.75%
0.07%
4/7/2017
Village of Versailles (AMP)
$840,000.00
0.80%
0.12%
4/28/2017
Village of Monroeville (AMP)
$1,700,000.00
0.75%
0.07%
5/2/2017
Village of Holiday City (AMP)
$3,000,000.00
0.75%
0.07%
6/21/2017
City of Garfield Heights
$2,500,000.00
0.80%
0.10%
6/22/2017
City of Kirtland
$2,000,000.00
0.85%
0.15%
6/22/2017
Village of Newton Falls (AMP)
$1,845,000.00
0.80%
0.10%
6/30/2017
Wayne County
$4,000,000.00
0.77%
0.07%
7/5/2017
City of Uhrichsville
$7,670,000.00
0.90%
0.27%
8/3/2017
City of Springfield
$3,850,000.00
0.80%
0.17%
8/10/2017
City of Warrensville Heights
$820,000.00
0.85%
0.24%
9/1/2017
Village of Elmore (AMP)
$750,000.00
0.85%
0.27%
9/7/2017
City of Marion
$7,188,500.00
0.80%
0.23%
9/14/2017
City of Youngstown
$6,900,000.00
0.95%
0.05%
9/14/2017
Village of North Randall
$1,960,000.00
0.95%
0.25%
9/14/2017
City of Youngstown
$9,760,000.00
1.10%
0.40%
9/21/2017
Village of Oakwood
$2,491,500.00
0.95%
0.25%
9/28/2017
City of Berea
$7,000,000.00
1.10%
0.39%
10/4/2017
Village of Woodmere
$1,500,000.00
1.00%
0.26%
10/5/2017
Madison Local School District
$1,375,000.00
1.00%
0.12%
11/30/2017
Village of Walton Hills
$1,170,000.00
1.15%
0.22%

*Spread To Insured MMD Curve

For more information on the Ohio Market Access Program, 
email OMAP@tos.ohio.gov or call (614) 466-3511
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