“..we would have not had this result, though, without the tireless efforts of our financial consultants, Saber Partners and Joe Fichera in particular, and our outside counsel, Dean Criddle of Orrick Herrington.”

[Also See Video]

Andrew L. Maurey

Director of Finance & Accounting, Florida Public Service Commission
Quoted from Transcript of Florida Public Service Commission Public Meeting, June 16, 2016

“But the OPC saved its best thanks for the Commission’s advisor, Saber Partners and especially Joe Fichera, … who brought impressive expertise, experience, and discipline to the transaction and, without question, were instrumental in saving many millions of dollars for the customers in current and future costs through their dogged and expert advocacy to achieve the optimum lowest cost for customers at the outset.”

Charles Rehwinkel

Deputy Public Counsel, State of Florida
Quoted from Transcript of Florida Public Service Commission Public Meeting, June 16, 2016

“Saber Partners has served the Commission effectively as an advocate of the Commission’s interests and in protecting ratepayer interests in connection with all five prior series of transition bonds issued … and in ensuring that the structuring and pricing of each of those series of transition bonds achieved the lowest transition bond charges consistent with market conditions and the applicable financing orders”

Lane Langford

Executive Director, Public Utility Commission of Texas, 2006
Excerpt from Saber Partners’ contract with the Public Utility Commission of Texas, June 1, 2006

Florida PSC Letter of Reference 2018

Florida Public Service Commission

Detailed Description of Saber Partners' Performance in a $1.294 billion Long Duration Investor-Owned Utility Securitization
Florida Public Service Commission, June, 2018

$23 million nominal/$17 million present value savings to Texas electricity customers! That is what Citigroup concluded in their independent analysis of Saber Partners’ efforts in Texas.

Citigroup investment bankers analyzed the first three Texas utility securitization bond offerings between 2001-03 where Saber Partners, LLC served as the Financial Advisor to the Public Utility Commission of Texas (our client).  Saber Partners was a joint-decision maker with the utility in the structure, marketing and pricing of the bonds as defined by the Public Utility Commission of Texas’ financing order.  Each bond issue’s interest rates and credit spreads to benchmark rates for each series was compared to all other similar AAA-rated investor-owned utility securitization bond offerings in other states. Texas electricity customers repay the bonds through a special charge on their monthly electric bills. The charge could last for up to 15 years.

The Citigroup analysis focused on whether the credit spread (or the interest rate above a benchmark interest rate measured in basis points or increments of 0.001%) was higher or lower than other deals where Saber Partners and active commission oversight was not involved. The lower the spread, the more savings to Texas electricity customers.

Citigroup’s conclusion: the three Saber Partners deals with active commission oversight and Saber Partners as a joint decision maker were consistently lower in cost especially on the longer maturities which are more expensive to ratepayers.

Thank you, Citigroup for the analysis and for showing that hard work results in ratepayer savings!!

Read the Citigroup email demonstrating Saber Savings in Texas Ratepayer-Backed Bond / transition Bonds

Citigroup’s study was confirmed in 2005 by an independent study by Barclays Capital.  Bankers at Barclays examined all utility securitization / Ratepayer-Backed Bonds credit spreads to benchmark swap rates achieved by bonds offered for New Jersey utilities versus Texas utilities versus utilities in all other states.

See the Barclays May 2005 analysis here on pages 24-25. Used with permission for development of Saber Partners business and franchise.

Citigroup Says Saber Partners Saved Texas Electricity Customers $23 Million Nominal/$17 Million Present Value

September 19, 2003

“He gave us the best chance of getting the lowest cost, and ended up saving ratepayers millions of dollars.”

Jon McKinney

Former Chairman West Virginia Public Service Commission
Quoted in Bloomberg News, May 30, 2008

“Mr. Fichera is right. At this intersection of two huge and extremely opaque arenas – the municipal debt market and derivatives trading – sunlight is sorely needed”

Gretchen Morgenson, Pulitzer Prize winning journalist

The New York Times, March 5, 2010

“Saber’s work was timely, thorough, on point and indeed crucial… I especially appreciated the fact that you and your team were always available… and always right there with thoughtful and incisive analysis, responses and comments.”

Mark J. Bennett

Attorney General, State of Hawaii
Letter of Reference 2010

“Saber’s track record …impressed us and was solid evidence that Saber’s activist approach is effective in protecting ratepayer interests.”

Richard Hitt

General Counsel, West Virginia Public Service Commission
Quoted in BusinessWire, ,  February 8, 2006

“Tennenbaum is a rare breed on the buy side: a true expert on the industries he follows… Equally impressive to his counterparts on Wall Street is his extraordinary ability to retain the information he gathers.”

Institutional Investor Magazine

"Best of the Buy-Side"

“I unequivocally recommend Mr. Fichera and Saber Partners to any issuer interested in truly independent, sophisticated analysis and advice concerning the capital markets. Their personnel and services are unique and set them apart from other advisers I have seen.”

David D. Brown IV

Executive Director, Dormitory Authority of the State of New York
Letter of Recommendation 2010

“Joe doesn’t accept the idea that because we’ve done something this way in the past, we’ve got to continue doing it that way… He’s constantly pushing and prodding to do things better.”

Robert Reger

Partner, Morgan, Lewis & Bockius LLP
Quoted in Bloomberg News, May 30, 2008

“His attention to detail and state-of-the-art skills have helped us in many ways over the years”

Brian Maher

Assistant Treasurer, ExxonMobil Corporation
Quoted in The Bond Buyer, November 9, 2000

“…One of the most well-connected energy advisors on Wall Street…”

Steve Maviglio

Office of the Governor, California
Quoted in The San Francisco Chronicle, January 4, 2002

“Saber Partners has the technical expertise, depth of experience, integrity and freedom from potential conflicts of interest that the Commission needs to oversee these financings…”

Richard Hitt

General Counsel of the West Virginia, Pubic Service Commission
Businesswire, February 11, 2006

“Saber has a proven track record of successful innovation in structuring and marketing variable rate securities.”

Gary Breaux

Director of Finance, East Bay Municipal Utility District
Quoted in Bloomberg News, December 11, 2008

“There is a culture of inertia in the municipal market, where borrowers rely on long-standing relationships with bankers and turn to them for guidance and expertise…Fichera is a beacon of light in trying to add transparency.”

Mitchell Moss

Professor of Urban Policy and planning, New York University
Quoted in Bloomberg News, May 30, 2008