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Board approves Greenland Risk as swap adviser as city winds down swap portfolio
Summary
Treasury recommended Greenland Risk as the city27s swap adviser on a three‑year contract; board approved. Staff said the city now has two outstanding swaps and is not planning new swap transactions.
The Baltimore City Board of Finance approved a three‑year swap‑adviser contract with Greenland Risk after Treasury recommended Greenland in response to a July RFP.
Treasury said it solicited five firms and received two responses for the swap‑adviser role: Hilltop Securities (the incumbent) and Greenland Risk. Staff noted both firms demonstrated the qualifications required but that Greenland Risk submitted lower fees and that several individuals on Greenland had previously worked with the city while at other firms.
Treasury told the board the city’s swap portfolio is effectively down to two outstanding swaps and staff are not planning new swap transactions; staff said the advisers are used primarily for monthly mark‑to‑market reporting and year‑end accounting (GASB and FAS reporting) and to evaluate opportunities to unwind legacy swaps if market conditions permit. “At this point, we don't need extensive interactions with our advisers,” the treasury presenter said.
A motion to approve Greenland Risk as swap adviser was moved and seconded and carried by voice vote.
Board members asked who negotiates ISDA legal agreements for swaps; Treasury staff said the city negotiates the ISDA terms in coordination with its adviser and bond counsel when a deal is executed.
Treasury noted the goal remains to terminate the remaining swaps if interest‑rate conditions make unwinding feasible.
