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Municipal & Infrastructure Finance Experience
Municipal Services & Select Municipal & Infrastructure Finance Transactions

SWS has managed over $1.4 trillion of municipal bonds in more than 5,000 transactions for the funding of education, housing, health services, transportation, utilities, capital facilities, economic development, redevelopment and general infrastructure projects. Through this experience, the firm has established itself as a pioneer in the municipal marketplace, consistently developing innovative ideas and structures to better align client financing goals with the dynamics of the capital markets and reaching new firm and industry milestones:

  • The first MWBE to serve as bookrunning senior manager for a municipal bond deal over $1 billion in par amount

  • The first MWBE to rank among the Top Ten U.S. underwriters of municipal bonds and regularly ranks in the Top 15 nationally as a senior-managing municipal underwriter

  • Served as billing and delivery bookrunner for Los Angeles World Airports' $930 million transaction, the largest airport financing led by an MBE firm

  • Served  as lead-manager on the the transaction that won the inaugural Bond Buyer ESG/Green Bond Deal-of-the-Year in 2019: Los Angeles County Metropolitan Transportation Authority’s $545 million offering of sales tax revenue bonds, which included $418.5 million of second-party-verified green bonds

  • Consistently rank as a top 10 senior managing underwriter of utility and transportation transactions nationally

Click here to contact our Municipal Public Finance Department.

Source for total deals and rankings: SDC

Underwriting

The public finance department is structured to maximize the value of the technical and execution services that we offer our clients. It is comprised of investment bankers with a variety of professional backgrounds, and combines extensive structuring and underwriting experience with a long history of innovation for the firm’s clients. SWS provides state-of-the-art in-house debt structuring and financial analysis capabilities. Our services include:

  • Debt portfolio creation and monitoring of potential restructuring and refunding opportunities to provide ongoing advice for overall debt management;

  • Tax-exempt and taxable debt structuring, including optimal bond sizing calculations utilizing fixed, stepped and zero coupons;

  • Proprietary sizing and refunding applications, portfolio optimization calculations, and preparation of escrow and arbitrage compliance calculations necessary to optimize advance-refunding tran-sactions;

  • Project financing strategies;

  • Flow of funds models;

  • Analysis of derivative products; and

  • Call optimization strategies.

In addition to the above services, we keep our clients abreast of  changes and trends in the municipal market. Our sophisticated market analytic tools assist both our buy-side clients as well as new issue municipal clients.

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Municipal Sales & Trading

We are able to market bonds of every credit rating to suitable institutional and retail investors. Blending retail with our institutional distribution into a unified marketing plan enables us to market securities at attractive interest rates in all market conditions, often achieving interest rate savings that significantly exceed what other firms can accomplish. Read more on our Sales, Trading & Research page.

Professional Retail

SWS also delivers services to professional retail buyers (SMA). In fact, we are a leading liduqidity provider for highly rated municipal bond investors, especially in the SMA space. Over 50% of SWS' secondary market activity is with SMA, Private Wealth management and Money Management accounts. SWS' trading volume with these accounts in 2020 totaled over $10.4 billion. Additionally we are one of the market leaders in providing liquidity for "retail-sized" trades (<$500k). Since 2017, SWS has executed over 185,000 trades with a par amount of $200k or less, making up 82% of SWS' total number of trades.

Golden Gate Bridge
SWS has an impressive track record leading financings
for major urban areas in the U.S.
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SELECT SENIOR MANAGED MUNICIPAL & INFRASTRUCTURE FINANCE TRANSACTIONS

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