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About Public Finance

A Trusted Leader in Public Finance Since 1946.


For over 65 years, FirstSouthwest has been a trusted leader in public finance, consistently ranking among the top financial advisory and underwriting firms in the country. We set ourselves apart by steadfastly putting our clients first, offering them access to our vast resources and experience in public finance, corporate finance, clearing and capital markets.


FirstSouthwest serves as financial advisor or underwriter to a wide variety of public sector, non-profit and privately held entities across the United States, including cities, counties, school districts, special districts, states, state agencies, towns and utility districts, as well as airports, convention centers, healthcare entities, colleges and universities, housing authorities, industrial development entities, public power entities, sports venues, tollroads and transit agencies. Our history as an authority and innovator in public finance has garnered us consistent top rankings as an advisor and underwriter.


We offer a variety of services to complement our public financial advisory practice, and we customize solutions specifically suited for public entities. Our services include investment management, consulting, arbitrage rebate compliance and continuing disclosure services.


With advisors in 26 offices across the United States, we provide our clients with teams of professionals who have specialized sector expertise coupled with local and regional expertise. We currently serve more than 1,600 public finance clients nationwide. Our highly skilled and experienced professionals proactively share their specialized expertise, local knowledge and national perspective with each client.

Sectors

Airports

Since 1946, FirstSouthwest has been a trusted leader in public finance providing financial advisory, underwriting, asset management and associated services to airports across the country.

Our professionals have proven experience in structuring and underwriting for airports. During the five-year period ending December 31, 2012, we participated as financial advisor or underwriter in transactions totaling more than $13.01 billion according to Ipreo MuniAnalytics®. We are also an airport financing pioneer, having helped develop the rental car facility and airport hotel financing models.
 
Benefits
With our long history of collaborating with different types of airports, our airport clients receive a number of benefits when they partner with us, including:
  • Our team has expertise in all airport life-cycle stages—from the unique challenges of start-up airports, to developing credit facilities to support smaller, growing airports, to modeling and implementing multi-year, multi-billion dollar financing plans for established, international airports.
  • We have represented diverse airports in use, lease and special facility negotiations—from locally owned general aviation facilities to the largest airports in the U.S.
  • Airport financing demands an ongoing choreography of multiple financing disciplines. We have a successful and demonstrable track record of seamlessly integrating our in-house public finance, corporate finance, structured finance, asset management and capital markets expertise.
  • Our deep experience and expertise in public-private partnerships helps us define, evaluate and realize potential capital development opportunities for our airport clients.
  • We use all our industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our direct participation in the capital markets affords our airport clients with the real-time local and national market sensitivity to make better decisions when considering the issuance of debt.
  • Our in-house professionals in arbitrage rebate, investment advisory, corporate finance, structured products and continuing disclosure are available to each client.
  • Our professionals are continuously accessible and immediately responsive to each client.

Benefit Plan Services

 Since 1946, FirstSouthwest has been a trusted leader in public finance. We work extensively with our clients on pensions and other post- employment benefits (OPEB).

Services
Our professionals have specialized expertise in benefit plan services and work closely with each client to provide customized recommendations based on their unique circumstances. Our services include:
  • Identify questions or concerns regarding OPEB and pension plans or actuarial studies
  • Work with clients on official statements and CAFRs to review pension and OPEB disclosures
  • Create disclosures which are current, clear, and compliant with recent GASB changes
  • Improve discussions with rating agencies
  • Enhance client understanding of plans and actuarial reports, benchmark costs and assumptions against other public entities
  • Develop planning and budgeting which take into account uncertainties of payouts and contributions
  • Identify opportunities to reduce long term costs and annual budget volatility
  • Prepare staff for board and council meetings, as well as ratings presentations
  • Analyze potential pension bonds and/or OPEB bonds
  • Create or manage OPEB trusts
  • Work frequently with actuaries, auditors, and counsel on detailed pension and OPEB issues
When performing actuarial studies, we often identify errors, questionable assumptions and methods, potential compliance problems, and potential savings opportunities.
 

Convention Center / Hotel

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing city and county governments with the market knowledge and experienced insight to efficiently finance projects such as convention centers and convention center hotels.

Managing Risk
We are a pioneer in convention center hotel financing and served as financial advisor for the first hotel financing to incorporate bonds authorized under the American Reinvestment and Recovery Act.
 
As more local governments seek to strengthen their convention center business by building a headquarters hotel, ongoing turbulence in the market has increased the importance of structured financing that effectively manages the risks of these projects.
 
As one of the most experienced financial advisory and underwriting firms in the U.S., we understand how to help our clients balance the various risks associated with hotel financing. To assist them, we:
 
  • Mitigate construction risks through a guaranteed maximum price contract with liquidated damages for delays.
  • Mitigate operating risks through the selection of a high quality operator, early in the design stage, with experience in Qualified Management Agreements (QMA).
  • Mitigate feasibility risks by selecting a reputable consultant and using experienced consultants to review outputs. While we are not feasibility risk consultants, we do assist our clients by reviewing and commenting on feasibility work.
  • Mitigate financial risks by confirming that the project shows substantial projected coverage, maintains healthy reserves, provides for adequate capital replacements and properly motivates the operator to perform.
Benefits
In addition to helping our clients with risk management, other benefits we provide include:
  • Our direct and ongoing participation in the capital markets gives our clients real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • We use our vast industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, asset management, corporate finance, and continuing disclosure are always available to partner with our clients.

General Obligation

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory or underwriting services for local and state governments seeking assistance in the issuance of general obligation (GO) bonds.

Experience
We represent diverse municipal clients across the U.S., issuing loans ranging from $500,000 to billion dollar transactions.
 
We understand that local and state governments are experiencing unprecedented stress in their budgets due to declining property and sales taxes, unfunded pension and other post retirement benefit (OPEB) liabilities, unfunded federal mandates, the deterioration of infrastructure, rating downgrades and the pressing need to provide new services not envisioned 20 or more years ago.
 
Benefits
Always accessible and responsive, FirstSouthwest provides multiple benefits for each client, including:
  • Expertise in all areas of GO securities, from bond and tax anticipation notes to short-term (including commercial paper) and long-term debt
  • Offices and professionals across the U.S. who have the local knowledge necessary to effectively advise clients on issues appropriate to their particular region, such as local economic conditions, legal constraints and tax rate limitations
  • As one of the top financial advisors nationally in the GO sector, we structure a large variety of deals in all parts of the country and are able to spread this knowledge across our system
  • Direct and ongoing participation in the capital markets that gives our clients real-time local and national market sensitivity to make better decisions when considering debt issuance
  • Experience in representing governmental entities in negotiating long-term contracts for the provision of services, including analyses of privatization initiatives and service contract outsourcing
  • Industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations
  • Analytical tools and expertise to effectively model tax-supported, capital improvement plans such as the impact of pension obligations and OPEB liabilities
  • In-house professionals in arbitrage rebate, asset management, capital markets, corporate finance, structured finance and continuing disclosure, are readily available to partner with our clients

 

Healthcare

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory, and consulting services to governmental, nonprofit and privately-held hospitals, healthcare systems and healthcare providers across the United States.
 
Our professionals have deep experience in structuring and underwriting for the healthcare sector. During the five-year period ending December 31, 2012, we participated as financial advisor or underwriter in transactions totaling more than $4.35 billion according to Ipreo MuniAnalytics®.
 
Insights
Healthcare organizations’ four primary sources of funds—operations, philanthropy, debt, and cash reserves—have become less integrated due to turbulence in the economy and the capital markets, uncertainty in healthcare service reimbursement and the potential scope of national healthcare reform.
 
Amid these conditions, our healthcare advisory services practice group assists healthcare organizations in cost-effectively planning, paying for and implementing their future strategies.
 
Benefits
  • We provide strategic financial planning and consulting services for each client before, throughout and after a financing transaction.
  • Our professionals are continuously accessible and immediately responsive to each client.
  • We rigorously model and analyze multiple variables to formulate long-range financial plans that seamlessly integrate key business strategies, reimbursement, operational activities, performance improvement initiatives and capital planning for each client.
  • Given their limited capital resources, we assist our clients in evaluating the economic and strategic benefits of capital projects through the development of sound business plans.
  • We identify, analyze, recommend and help execute strategic alternatives for our healthcare clients, such as mergers, joint ventures, long-term leases or similar transactions.
  • We help our clients evaluate, modify and monitor swap and hedge positions.
  • We apply our deep industry knowledge and experience to develop comprehensive, informative and effective investor, creditor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, investment advisory, swap advisory, corporate finance, and continuing disclosure are readily available to partner with each of our healthcare clients based on their needs.

Higher Education

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory, underwriting and associated services for colleges and universities across the United States.
 
Our professionals have vast experience in structuring and underwriting all types of financings for higher education clients. During the five-year period ending December 31, 2012, we participated as financial advisor or underwriter in transactions totaling more than $13.13 billion according to Ipreo MuniAnalytics®.
 
The Benefits of FirstSouthwest
Our higher education clients receive a number of benefits when they choose us, including:
  • Specialized Expertise FirstSouthwest has served as financial advisor for all types of higher education financings, from education projects and student services, to athletic facilities and presidential libraries. Our professionals have extensive knowledge of the tax issues that affect higher education clients.
  • Customized Financing We perform complex analyses to develop personalized recommendations on the timing, size and structure of proposed financings, providing advice based solely on the objectives and best interest of our clients.
  • Improved Credit and Ratings We use our vast industry knowledge to develop comprehensive, proprietary credit rating profiles and informative, effective investor and ratings agency presentations. We are there to assist our clients through the entire credit rating process.
  • Team Approach FirstSouthwest professionals throughout the country work together across geographic and practice group boundaries to ensure that each client receives the benefits of the entire firm’s resources and experience.
  • Trading and Underwriting FirstSouthwest maintains trading, underwriting and sales desks in major cities throughout the United States. Our direct participation in the capital markets gives our clients real-time local and national market information to make better decisions when considering debt issuance.

Housing

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory or underwriting and associated services to housing authorities across the U.S.
 
Since the formation of our housing group in the early 1980s, our professionals have gained vast experience advising or structuring and underwriting hundreds of financings for state and local housing issuers.  During the five-year period ending December 31, 2012, we provided financial advisory or underwriting services on more than $1.56 billion in single and multi-family housing transactions, according to Ipreo MuniAnalytics.
 
Our dedicated housing group focuses solely on housing-related issues. Our clients also benefit from the expertise and resources of our sister company PrimeLending, a leading residential mortgage lender with offices nationwide.
 
Services
We understand that the housing sector has experienced unprecedented challenges during the past two years. Amid these difficult conditions, our professionals continue to leverage their expertise and experience to provide financial advisory or underwriting services for:
  • Utilizing industry-accepted state-of-the-art software to structure, model, and analyze single and multi-family mortgage revenue bond issues
  • Reviewing and analyzing outstanding single-family and multi-family mortgage revenue bond issues for refunding, restructuring or payoff opportunities
  • Analyzing the various short and long term impacts of financial decisions on programs and future flexibility
  • Structuring and administrating mortgage credit certificate programs
  • Assisting in applications for various grant funding opportunities
  • Designing, implementing and optimizing down payment assistance programs
Benefits
We provide a number of benefits to our housing clients, including:
  • Our professionals provide analytically sound and individually personalized counsel based on the mission and goals of each client.
  • Our direct and ongoing participation in the capital markets gives our housing sector clients the real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • We use our vast industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, asset management, swap advisory, and continuing disclosure are always available to partner with our housing sector clients.
  • Our professionals are accessible and responsive to each client.

P3 (Public-Private Partnership)

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing governmental entities with the real-time market knowledge and experienced insight to explore and build effective partnerships with private-sector businesses.

Benefits
As part of our deep experience in public–private partnerships (P3), we have successfully represented governmental entities in a variety of areas, such as toll roads, airport special facilities, hotels, warehouse and handling facility developments, municipal Wi-Fi projects and entertainment facilities.
This depth of experience gives our clients numerous benefits:
  • As one of the leading financial advisory and underwriting firms in the country, our professionals maintain a deep understanding of both the public and private financing functions and can assist clients in clearly defining the benefits and costs of each approach.
  • Our professionals leverage their experience and market knowledge to provide clients with an unvarnished perspective about the potential terms and conditions that might encourage private participation in a proposed project.
  • Our continuous and varied public and private projects enable our professionals to provide clients with current trends in credit and debt capacity.
  • Our direct and ongoing participation in capital markets gives our clients who are considering public–private partnerships the real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • Because our firm does not represent a specific fund, our professionals are able to solicit interest from a number of funds across the U.S.
  • We use our industry knowledge to develop comprehensive, informative and effective investor presentations.
  • Our in-house expertise in corporate finance and capital markets is readily available to our clients.
  • We are accessible and responsive to each client.

 

Ports

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory or underwriting and associated services to diverse seaports and inland ports across the country. For the five-year period ending December 31, 2012, FirstSouthwest served as financial advisor or underwriter for over $873.41 million dollars in par amount for seaports.

Benefits
For over 65 years, we have worked with public entities like seaports and inland ports to help them efficiently achieve their objectives. As a result, our port clients receive a number of benefits when they partner with us, including:
  • Our professionals are accessible and responsive to each client.
  • We truly understand the varied challenges involved with the issuance of bonds associated with navigable waterways, as well as inland intermodal facilities.
  • Port financing demands an ongoing choreography of multiple financial disciplines. We have a successful and demonstrable track record of integrating in-house land development financing, public finance, corporate finance, structured finance, and capital markets expertise.
  • Our professionals provide analytically sound advice shaped wholly by what is in the best interest of each port client.
  • Our deep and proven expertise in public-private partnerships helps us to define, evaluate and realize potential capital development opportunities for our port clients.
  • Our ongoing participation in all sectors of transportation (expressway authorities, airports, rail transportation, departments of transportation and more) and our understanding of the dynamics within each sector create synergies that can reduce the total costs of movement for our clients and assist them in maximizing capital funding options.
  • Our direct participation in the capital markets gives our port clients the real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • Our in-house professionals in arbitrage rebate, investment advisory, corporate finance, benefits planning, structured products and continuing disclosure are readily available to each port client.
Looking Ahead
As local and state economies grow out of the current recession (despite restricted capital funding), forward-thinking seaports and inland ports will continue to seek innovative and efficient ways to pre-position themselves for future sector shifts.
 
From exploring growing public-private partnership opportunities to understanding the post-Panamax environment, FirstSouthwest is ready to share our knowledge and our expertise with port clients.
 

Public Power

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing a full spectrum of investment banking or strategic and financial advisory services for public power and electric cooperative utilities and government-owned or sponsored energy projects.
 
Our professionals have vast experience in structuring and underwriting for public power entities. During the five year period ended December 31, 2012, we served as financial advisor or underwriter in transactions totaling more than $10.30 billion according to Ipreo MuniAnalytics®.
 
Insights
FirstSouthwest recognizes that public and cooperative electric utilities face a complex, new environment that involves choices between traditional ownership and operation versus public-private partnership joint ventures. We also understand the risk and cost profiles of carbon emitting generation assets and renewable portfolio standards.
 
Benefits
Our professionals have extensive experience with a wide range of client power projects, including joint action agencies and G&T cooperatives, city-owned electric systems and distribution co-ops, pre-paid natural gas supplies, district energy systems and public-private partnership renewable energy projects. Our clients receive a number of benefits when they partner with us.
  • Development and Financing Our financial advisory and capital markets practice groups utilize many of the same skill sets to assist clients in the development and financing of electric generation, transmission and smart grid projects.
  • Renewable Energy We have in-depth experience addressing renewable portfolio standards and evaluating public-private partnership ownership structures (i.e., tax equity PPA) as alternatives to financing renewable generation projects.
  • Carbon and Greenhouse Gases We have a comprehensive understanding of the financial implications of potential cap-and-trade or carbon tax regulatory regimes on utilities with natural gas and coal in their generation/power supply portfolios.
  • Fuel Supply Our professionals have in-depth experience in short and intermediate term fuel hedging, intermediate term VPP gas supply and long-term prepaid natural gas supply.
  • Deregulation We have expertise with deregulated electric markets based on our experiences in Texas, California and Massachusetts.
  • Optimal Financing Structures We leverage our deep experience to develop optimal financing structures and guide each client to financial closing, whether the selected structure is traditional bond financing or front-end corporate ownership prior to public ownership and funding after the tax benefit period.

Rapid Transit

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory services for transit agencies nationwide.

At FirstSouthwest, our professionals have the expertise and experience that clients need. During the five years ended December 31, 2012, we served as financial advisor or underwriter on rapid transit transactions totaling $12.25 billion according to Ipreo Muni Analytics®. We are also pioneers in providing innovative financing structures within the transit sector, serving as financial advisor on the first transit Build America Bond financing in May 2009.
 
Comprehensive Knowledge
Transit agencies need a financial advisor with a comprehensive understanding of multiple finance-related areas, including financial markets and financing tools, capital development planning, funding sources (operating and non-operating revenues), project affordability modeling, public-private partnerships, legal structures and the federal grants process.
 
But it is not enough for financial advisors to simply understand each of these areas. They also need the expertise and the experience to clearly define how a potential project will impact the overall operations of an agency and to seamlessly integrate each of these areas to support an overall financing plan.
 
Benefits
Our transit clients receive a number of benefits when they use us, including:
  • Our vast experience and proven expertise in public-private partnerships help us define, evaluate and realize potential capital development opportunities for our transit clients, such as Availability Payment structures.
  • We facilitate workshops for staff and board members in transit agencies unfamiliar with debt issuance in order to review debt types and characteristics, arbitrage rebate, continuing disclosure and other agency-appropriate issues.
  • We work closely with transit clients when applying for federal grants, such as the Federal Transit Administration's New Starts program.
  • We use our industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, asset management, corporate finance, municipal leasing, and continuing disclosure are available to help our transit clients.
  • Our extensive experience with development financing, including tax-increment financing, also benefits our clients in transit-oriented developments.

School Districts

Since 1946, FirstSouthwest has been a trusted leader in the public finance sector, providing financial advisory or underwriting and associated services to all types of governmental entities across the country. Our professionals possess vast experience in providing these services to school districts in particular, allowing them to achieve both their financing and facility needs and goals. During the five years ended December 31, 2012, we have participated as financial advisor or underwriter in more than 1,143 transactions exceeding $32.74 billion according to Ipreo MuniAnalytics®.

More Than Funding
Schools and education are fundamentally critical to every community and our nation as a whole. While many taxpayers and parents might not fully understand the intricacies and nuances of the financial marketplace, they do understand that their children need to be in an environment that allows for the best possible educational experience. FirstSouthwest understands the financial markets. That understanding has allowed our financial advisory and underwriting school district clients to obtain the most efficiently structured financings for their much needed projects for over 65 years. Whether a school district is large or small; urban, suburban or rural; fast or stable growth, FirstSouthwest’s expertise and experience can help that district achieve its facilities and financial goals.
 
Benefits
Along with our vast experience, our school district clients receive a number of benefits when they choose us, including:
  • Our professionals across the country share ideas and innovations that they have seen and/ or utilized that are often applicable to our school district clients in other states.
  • Our professionals have expertise in modeling innovative financing structures based upon the unique objectives of each client.
  • Our direct and ongoing participation in the capital markets gives our school district clients real-time local and national market information that allows them to make better decisions on when to market their bond/note offerings.
  • Our robust distribution network enhances our ability to pre-market and distribute clients’ bonds and notes to multiple investor categories, including large institutional investors, regional institutions and high net worth individuals.
  • We use our industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, asset management and continuing disclosure are readily available to partner with our school district clients based on their needs.

Special Districts

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing municipal utility districts and other special districts with financial advisory or underwriting and associated services.

Our professionals have deep experience in structuring and underwriting financing for special districts. During the five years ended December 31, 2012, we served as financial advisor or underwriter in transactions totaling nearly $3 billion according to Ipreo MuniAnalytics®.
 
Benefits
Our experience in providing financial advisory and underwriting services for municipal utility districts (MUDs) is vast. We work with more utility districts than do most other firms in the country. Clients consistently choose to do business with us because of our ability to bid and underwrite and because of our commitment to bidding and underwriting appropriately.
 
We work together as a team across geographical and practice group boundaries, so each client receives the benefits of the entire firm’s expertise in utility districts.
 
In 2008 and 2009 throughout 2010, as many of our clients experienced changes, our knowledgeable team remained flexible and continued to provide clients with the funding they needed to continue construction during the downturn. 
 
Other benefits our clients receive include:
  • Our direct and ongoing participation in capital markets gives our utility district clients the real-time local and national market sensitivity they need to make better decisions about debt issuance.
  • We use our vast industry knowledge to develop comprehensive, informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate and continuing disclosure are always available to partner with our utility district clients.
  • Our professionals are accessible and responsive to each client.
  • We utilize a team approach to ensure our clients have ready access to the specialized experience and expertise of our professionals across the country.

 

State Revolving Funds

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing diverse financial advisory services to public sector clients nationwide.
 
FirstSouthwest established its financial advisory services to pooled loan programs in the mid- 1980s, adding State Revolving Funds (SRF) with the passage of the Clean Water Act. Today, we successfully advise a wide range of SRF and pooled loan programs across the country.
 
Benefits
Recent years have been especially challenging for SRF programs with fluctuating state and federal capitalization grants, federal tax law changes, eligibility and disbursement requirements of additional federal capitalization, changing investment rates and alternatives, and volatility in the capital markets. Despite these challenges, the inherent value of SRF programs to water and wastewater entities across the country has only increased, as reflected in growing program demand.
 
Our professionals have diverse experience in collaborating with SRF entities to effectively and efficiently provide long-term modeling and strategic planning that balances changing interest rate environments, complex investment alternatives, shifts in demand, and the impact of tax law requirements.
 
Benefits we provide clients include:
  • Analytically sound and individually personalized counsel shaped wholly by what is in the best interest of each client
  • Direct and ongoing participation in the capital markets which gives our clients the real-time local and national market sensitivity to make better decisions when considering the issuance of debt
  • Comprehensive, informative and effective investor and ratings agency presentations through the application of our extensive industry knowledge
  • In-house professionals in arbitrage rebate, continuing disclosure and structured products are always available to partner with our clients
  • Readily accessible and responsive professionals available to each client

Student Loans

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory or underwriting services to higher education authorities across the U.S.
 
Expertise and Benefits
Our clients receive a number of tangible benefits when they choose FirstSouthwest including:
  • Our professionals offer proactive expertise in defining strategies that reflect both the individual needs of each client and the rapidly evolving student loan marketplace.
  • FirstSouthwest offers an uncommon depth of knowledge resulting from nearly 50 years of collective experience working with guarantors, issuers, servicers, lenders and students.
  • We have a robust and first-hand understanding of the potential opportunities and liabilities of a variety of student lending instruments, including guaranteed loans, uninsured alternative loans, borrower benefit programs, servicing conversion programs and more.
  • Our professionals are continuously accessible and immediately responsive to each client.
  • Our analytically sound and individually personalized financial advisory counsel is shaped wholly by what is in the best interest of each higher education authority client.
  • Our direct participation in the capital markets gives our clients the real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • Our in-house professionals and industry leaders in arbitrage rebate, investment advisory, and continuing disclosure are readily available to each financial advisory or underwriting client.
 
Managing Through Challenging Times
We understand the uncertainty that exists among our clients and across the student loan financing industry as the federal government continues to consider the potential breadth of its role in the future of student lending.
 
Beyond the standard “block and tackle” deliverables of the typical financial advisory firm, we are uniquely prepared to partner with each of our clients to provide deep expertise, real-time market knowledge and informed strategic thinking necessary for our clients to effectively position their organizations for the future, regardless of how the new student loan financing landscape changes.
 

Toll Roads

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing financial advisory or underwriting and associated services to local and state governments and agencies seeking assistance in toll road financing.

Our professionals have deep experience in structuring and underwriting for toll roads. During the five years ended December 31, 2012, we participated as financial advisor or underwriter in Toll Road, Street, and Highway transactions totaling $23.34 billion according to Ipreo MuniAnalytics®.
 
Benefits
We recognize that the funding, purchase or sale of toll roads is a highly complex financial and political decision. Our toll road professionals have extensive, nationwide experience in modeling, designing and implementing all types of toll road financings, from large urban systems, to statewide toll road authorities, to start-up toll roads.
 
We have proven expertise in public-private partnerships and have successfully helped our toll road clients build effective partnerships with private-sector businesses. Our toll road clients receive a number of benefits when they partner with us, including:
  • Our financial advisory and in-house capital markets practice groups have significant expertise in modeling multi-year financing structures based upon the unique objectives and traffic and revenue projections of toll road clients.
  • Our professionals provide analytically sound and individually personalized advice shaped by what is in the best interest of each client.
  • Once a client determines the financing structure that suits its needs, we leverage our deep experience to assist the client in implementation, whether the selected structure includes the traditional use of toll revenues, tax increment financing, subordinated TIFIA loans, shadow tolls, availability payments, or an atypical structure.
  • Because toll roads can be very different from one another based upon governance structure and revenue streams, our professionals work together in multi-disciplinary teams across geographical and practice group boundaries to ensure each client receives the benefits of the entire firm’s expertise.
  • Our direct participation in the capital markets gives our toll road clients real-time local and national market sensitivity to make better decisions when considering debt issuance.
  • We use our comprehensive industry knowledge to develop informative and effective investor and ratings agency presentations.
  • Our in-house professionals in arbitrage rebate, asset management, corporate finance, and continuing disclosure are readily available to assist toll roads clients based on their needs.

Water and Sewer

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing advisory or underwriting and associated services for water and sewer project funding.

During the five-year period ending December 31, 2012 we participated as financial advisor or underwriter in more than 704 transactions totaling more than $14.63 billion according to Ipreo MuniAnalytics®.
 
Experience
As one of the nation’s leading financial advisors in the water and sewer sector, we have helped many clients access the market. As an underwriter, we know and understand the buyers of this type of debt. In addition to the typical services provided during the debt issuance process, we provide many specialized services, such as:
  • Evaluating rate structures
  • Identifying possible rate changes
  • Recommending target balances of reserve accounts
  • Determining the implications of financing capital improvement programs
  • Conducting sensitivity analyses
  • Evaluating the adequacy of projected revenues
  • Developing long-range financial plans
  • Ensuring rates conform to regulations and existing contracts
We have experience financing pipelines, plant expansions and the development of new water resources with systems at the local, regional and state levels. Our professionals are well versed in state revolving funds both in terms of accessing those funds and creating and maintaining state revolving fund programs.
 
We have significant experience helping large clients with their challenges, such as helping develop consent decree schedule relief requests and helping with accessing the short-term market.
 
Benefits
Beyond the demonstrated experience of our sector bankers, our clients receive other benefits, including:
  • We help maintain or improve ratings to ensure reliable access to low-cost capital.
  • Our direct and ongoing participation in the capital markets gives our clients real-time market information.
  • Our professionals are continuously exchanging ideas and are always available to each client.

Recent Transactions

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DateAmountClient NameClient LocationTransaction TypeSector
5/31/2012$491,814.00Bolton, MAMassachusettsBANs, S12Town
5/31/2012$53,100,000.00Newport, RIRhode IslandDrinking Wtr SRF, S12 (RICWFA)City
5/31/2012$34,620,000.00Rhode Island Clean Wtr Fin AuthRhode IslandSafe Drinking Wtr Revolving Fnd Bds, S12AState Agency/Authority
5/31/2012$4,975,000.00Mississippi, State ofMississippiLease Rev COPs, S12aState Agency/Authority
5/31/2012$146,260,000.00Dallas, TXTexasSpec Fac Rev Bds, S12 (Love Field)City
5/31/2012$47,578,202.00Framingham, MAMassachusettsGO BANs ,S12Town
5/31/2012$0.00Pawtucket Public WSB, RIRhode IslandDrinking Wtr SRF, S12 (RICWFA) Water Supply District
5/31/2012$1,955,000.00Pawtucket, RIRhode IslandDrinking Wtr SRF, S12 (RICWFA)City
5/31/2012$91,585,000.00Northwest ISD, TXTexasUT Schl Bldg & Rfdg Bds, S12Independent School District
5/30/2012$323,000.00Ayer Shirley RSD, MAMassachusettsGO BANs, S12Regional School District
5/30/2012$5,263,871.00Bellingham, MAMassachusettsGO BANs, S12Town
5/30/2012$75,000.00Bellingham, MAMassachusettsGO BANs, S12BTown
5/30/2012$9,390,000.00Cinco Southwest MUD 1, TXTexasCont Rev Rd Bds, S12Municipal Utility District
5/30/2012$250,000,000.00Matanuska Elect. Ass., NYNew York2012 Interim FinancingOther - Misc.
5/30/2012$8,968,090.00Nantucket, MAMassachusettsGO BANs, S12Town
5/30/2012$16,015,000.00Nantucket, MAMassachusettsGO Muni Purp Ln Bds, S12Town
5/24/2012$21,370,000.00Navarro CCD, TXTexasCons. Fund Rev & Rfdg Bds, S12Higher Education
5/24/2012$7,235,000.00Jefferson ISD, TXTexasUT Rfdg Bds, S12Independent School District
5/24/2012$2,364,000.00New Shoreham, RIRhode IslandGO Bds, S12ATown
5/24/2012$5,340,000.00New Shoreham, RIRhode IslandGO Rfdg Bds, S12BTown
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