# Matthew C. Waz Senior Vice President, Head of Global Institutional Sales and Consultant Relations, Raymond James Investment Management. Email [email protected], phone 415.308.1933, address 880 Carillon Parkway, St. Petersburg, FL 33716. Raymond James Investment Management's "Partners in Asset Management" structure includes Chartwell Investment Partners, ClariVest Asset Management, Cougar Global Investments, Eagle Asset Management, Reams Asset Management (a division of Scout Investments), and Scout Investments. In this batch Waz is the seller-side counterparty offering Reams as the manager for ATRS's Israel bond mandate. Waz responded to Aon partner PJ Kelly's 5/28/2025 outreach with two messages. The first is a substantive Reams analysis of USD-denominated Israeli sovereign debt: "16 SEC registered bonds and 3 RegS bonds." The 3 RegS bonds are private placements meant for non-US qualified institutional buyers and "Most dealers will not sell RegS bonds to US domiciled clients." There are no 144a private placements outstanding for US qualified institutional buyers. Reams's view on where to buy on the curve: while the 30-year paper looks cheap with a steep credit curve (50 basis points steep to 10-year) versus similar-rated corporate paper, the 10-year is "the sweet spot given liquidity, if the idea is to purchase $50mm relatively soon." A specific reference price: "you can buy $3-5mm of the ISRAEL 5.625 2/35 in the 130 spread to 10yr US Treasuries area." The 5-year area is also "executable in similar size relatively quickly." In the same first message Waz pitched: "Lastly and most importantly, Reams would be happy to manage these assets / bonds on behalf of Arkansas Teachers." Kelly then asked about the DCI Premium Jubilee bonds specifically. Waz's second message clarified that Reams had looked at the USD-denominated ISRAEL debt available in the secondary market and the Jubilee bonds, noting the Jubilee bonds "look like a more retail focused issuance, but the Premium Jubilee bonds do have a Minimum Increment of $1mm" and are offered only in 5-, 10-, and 15-year maturities. The fee Waz quoted: "3 basis points." Waz's analysis is the only quantitative credit-pricing reference in the batch for the bonds ATRS would be buying. It positions the Israel sovereign 5.625% 2/35 bond at a 130 basis point spread to US Treasuries, identifies the Premium Jubilee structure with a $1 million minimum increment per bond, and offers to manage the mandate for ATRS at 3 basis points despite Reams being characterized by Kelly as "light on experience with Israel bonds." This is the analysis ATRS chose to act on. ## Evidence > "There are 16 SEC registered bonds and 3 RegS bonds. The RegS bonds are private placements meant for non-US entities that are Qualified Institutional buyers (QIB's). Most dealers will not sell RegS bonds to US domiciled clients as a function of this. There are no 144a bonds outstanding, which are private placements meant to be purchased by US QIB's." > Matt Waz to PJ Kelly, Emails3.pdf p.33, 5/28/2025 > "while the 30yr paper looks cheap with a steep credit curve (50bps steep to 10yr) vs similar rated corporate paper, we think the 10yr looks like the sweet spot given liquidity, if the idea is to purchase $50mm relatively soon." > Matt Waz to PJ Kelly, Emails3.pdf p.33, 5/28/2025 > "For context, on the wire, you can buy $3-5mm of the ISRAEL 5.625 2/35 in the 130 spread to 10yr US Treasuries area." > Matt Waz to PJ Kelly, Emails3.pdf p.33, 5/28/2025 > "Lastly and most importantly, Reams would be happy to manage these assets / bonds on behalf of Arkansas Teachers." > Matt Waz to PJ Kelly, Emails3.pdf p.33, 5/28/2025 > "the Premium Jubilee bonds do have a Minimum Increment of $1mm. See the Premium Jubilee bonds only offered in 5-, 10-, and 15-year maturities currently." > Matt Waz to PJ Kelly, Emails3.pdf p.31, 5/28/2025 > "The fee would be 3 basis points." > Matt Waz to PJ Kelly, Emails3.pdf p.32, 5/28/2025 ## Cross-References [[reams-asset-management]] the manager Waz pitched [[pj-kelly]] Aon partner Waz pitched to [[atrs-resolution-2025-22]] concept page on the action that selected Reams [[independent-credit-analysis-gap]] concept page [[atrs-foia-r1-staff-emails]] source page