Tender Option Bond (TOB) Software

Spearing Software developed DAPiR for Wilmington Trust, a leading corporate and institutional trustee. DAPiR is a modeling and reporting system for Tender Option Bonds (TOB). Jack Imburgia is a recognized expert in bespoke TOB software and DAPiR is considered by many to be the most accurate and flexible system among TOB trustees.


  • Accurately models multiple cash generating instruments
  • Sophisticated waterfall engine allows for modeling of complex TOB transactions
  • Robust fee and expense modeling capabilities
  • Strong accrual and valuation reporting


  • User interface – ASP.NET
  • Services layer – C#
  • Reporting – Microsoft Excel
  • Database – Microsoft SQL Server

Other Projects

For more information about Spearing’s services, contact Jack via email at contact@spearing.com or via phone at (610) 805-4978.