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About Structured Finance

Since 1946, FirstSouthwest has been a trusted leader in public finance, providing expert advice to public sector entities nationwide in connection with the implementation of balance sheet strategies and the use of structured financial products.

Philosophy and Services
As an extension of our Public Finance practice, our Structured Finance philosophy is fundamentally conservative, highly personalized, and always reflective of the responsibilities associated with public sector transactions.

Each of our Structured Finance professionals has wide-ranging experience in the implementation of comprehensive financing and hedging plans applicable to balance sheet management efforts. Client satisfaction is our top priority, and we are dedicated to providing advice and personalized service that exceeds expectations.

Our accounting and backoffice valuation systems meet SSAE 16 requirements and comply with GASB and FASB accounting standards. Each system provides surveillance functions relating to credit, collateral, and market value thresholds.

Our Approach
We draw on the collective experience and knowledge base of the entire Structured Finance team to perform a host of functions that support our investment products and services.  Our professionals each specialize in one or more of these business functions and work together to deliver a consistent, seamless experience for our clients across all of our product and serve lines. Our full-service desk routinely handles:

Services

Execution
Pricing
Marketing
Accounting
Compliance
Product Development

Products

Swaps (interest rate, currency, commodity)
Options
Caps, Floors and Collars
Securities
Flex Repo or Guaranteed Investment
Contracts

Consulting & Surveillance

GASB 41, 45, 53, 64
ASC Topic 815 & 820 
(formerly FAS 133 & 157) 
Trade Valuation
Credit Exposure
Cashflow & Payments
Collateral Posting

Benefits
Beyond our technical support, we routinely offer our clients services which include:

  • Board and staff education.
  • Access to analytically sound counsel based on the needs of each client.
  • Our firm’s direct and ongoing participation in the capital markets, giving our clients the realtime local and national market sensitivity they need to make better decisions.
  • Our in-house expertise in financial advisory, arbitrage rebate and continuing disclosure, readily available to all our clients.

To learn more about our capabilities, please contact us today.

 


Market Insights

 

Disclosure: The information contained in the following material ( the "Information") may include various forms of performance analysis, security characteristics and securities pricing estimates for the securities addressed. The data underlying the Information has been obtained from sources that First Southwest Company believes to be reliable, but First Southwest Company does not guarantee the accuracy of the underlying data or computations based thereon. As with all models, results may vary significantly depending upon the value of the inputs given. Models used in any analysis may be proprietary making the results difficult for any third party to reproduce. Contact your investment representative for detailed explanations of any modeling techniques employed in the Information.

Market Information

The Structured Finance group is committed to monitoring and analyzing the market trends that affect our clients and their portfolios. Our group routinely updates this page with educational materials, new product ideas, and other reports based on current market conditions.

Current Market Information:

The Swap Agreement Overview video has been provided to assist with the understanding of the contract details and risk management benefits of an interest rate swap agreement.

Recent Transactions

12
DateAmountTrade DescriptionIssueSector
5/30/2013$7,328,742.89OMS - Client PurchaseGO Muni Pur Ln Bd, S13Town
5/30/2013$100,082,981.58OMS - Client PurchaseUT Rfdg Bds S13-BIndependent School District
5/30/2013$24,238,393.46OMS - Client PurchaseUT Rfdg Bds TXBL S13-CIndependent School District
5/30/2013$73,810,962.55OMS - Client PurchaseUT Rfdg Bds S13-AIndependent School District
5/23/2013$45,606,708.00IA - Repurchase AgreementHi Ed Rev Txbl Bds S13B(Southwest Hi Ed)Higher Education
5/23/2013$102,041,794.00IA - Repurchase AgreementHi Ed Rev Bds, T/E S13A(Southwest Hi Ed)Higher Education
5/23/2013$102,041,794.00IA - Repurchase AgreementHi Ed Rev Bds, T/E S13A(Southwest Hi Ed)Higher Education
5/22/2013$82,585,210.29OMS - Client PurchaseGO Rfdg & Imp Bds, S13City
5/21/2013$105,190,078.26OMS - Client PurchaseTurpike Rfdg Rev Bds 2013FState Agency/Authority
5/21/2013$160,000,000.00IR - SwapTurnpike Rev Bds S00B-GState Agency/Authority
5/21/2013$225,000,000.00IR - SwapTurnpike Rev S03C-1State Agency/Authority
5/20/2013$259,005,000.00Portfolio of TradesFloating to Fixed Swap $111.18MM, Floating to Fixed Swap $65.6MM, Floating Higher Education
5/16/2013$271,488,893.30OMS - Client PurchaseSales Tax Rev Rfdg S13A (FasTracks)Other - Misc.
5/16/2013$129,698,026.18OMS - Client PurchaseComb Tax & Rev CO S13, GO Rfdg Bds S13Hospital District
5/16/2013$76,082,109.30OMS - Client PurchasePIB Rfdg, S13B TxblCity
5/16/2013$192,003,329.01OMS - Client PurchasePIB Rfdg Bds, S13ACity
5/16/2013$51,837,594.99OMS - Client PurchaseUT Rfdg Bds, S13Independent School District
4/30/2013$241,400,000.00Portfolio of TradesNo Related IssueOther - Misc.
4/24/2013$38,400,000.00IR - CapRev Bds (I-195 Commission)Economic Development Corporation
4/9/2013$30,177,020.94OMS - Client PurchaseW&S Rev Rfdg S08BOther - Misc.
12

Personalized Services

Advisory Services
On behalf of municipal clients nationwide, FirstSouthwest offers specialized advisory services designed specifically to help public sector clients implement risk management plans in connection with the use of interest rate, foreign exchange, and commodity products.

Consulting
FirstSouthwest has extensive experience with Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB) requirements. We offer accounting consulting services specific to GASB and FASB compliance, including GASB 41, 45, 53, and 64 and ASC Topic 815 and 820 (formerly FAS 133 and 157, respectively).Our accounting valuation systems meet SSAE 16 requirements and comply with GASB and FASB standards. These sytems provide surveillance functions related to credit, collateral, and market value thresholds.

Investments
FirstSouthwest's conservative philosophy is geared toward maximizing economic benefit to our public funds clients while providing transparent and competitive market pricing.  Taking into consideration investment strategies and future debt issuances, our approach to public funds investing creates a solid foundation from which our clients can assess risks on both sides of the balance sheet.  We can provide assistance with the following structured investment products:

  • Guaranteed investment contracts
  • Repurchase agreements
  • Structured certificates of deposit
  • Swaps, caps, floors, options and rate locks
  • Forward purchase agreements
  • Escrow structuring
  • Portfolio Structuring
  • Commodity Hedging

Surveillance
We provide online surveillance services that give clients the tools they need to monitor: counterparty exposure limits, collateral posting requirements, cash flow and payment events, and trade valuation as required under certain GASB and/or FASB accounting standards. Our surveillance services include access to a suite of sophisticated tools and insights including the FairValue AdvisorSM, our online fair market valuation toolset. Our web-based platform provides access to:

  • FairValue Advisor SM fair market valuation tools
  • Investment tools
  • Daily-updated rate information
  • Current and historical market data
  • White papers
  • Proprietary market research
  • Transaction documentation
  • GASB and FASB accounting reports

Experienced Team

FirstSouthwest's experienced Structured Finance professionals are proficient at developing personalized strategies to meet each client’s needs. To learn more about how we can assist you, please contact any member of our team.


    • Dave Brayshaw
    • dave.brayshaw@firstsw.com
    • Senior Vice President
    • 214.953.4020
    • Read Bio
    • Richard Konkel
    • richard.konkel@firstsw.com
    • Senior Vice President
    • 214.953.4020
    • Read Bio
    • John Bannon
    • john.bannon@firstsw.com
    • Associate
    • 214-953-4020
    • Read Bio
    • Nic Hutnyak
    • nic.hutnyak@firstsw.com
    • Associate
    • 214-953-2938
    • Read Bio

UPCOMING EVENTS

CASE STUDIES

  • Michigan Finance Authority 2012

  • Mecklenburg County, North Carolina

  • CTRMA 2013 Refunding

  • Austin, Texas

EmployeeSearch

  • Dave Brayshaw
  • Senior Vice President
  • Structured Finance
  • 214.953.4020
  • Read Bio
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