Skip to main content

# Municipal Finance

## Deep sector experience from a sales, trading, and underwriting leader

WF is a premier full-service investment bank renowned for its extensive sector expertise, robust credit options, and derivatives capabilities. Our dedicated team of professionals, strategically located across 14 offices nationwide, is committed to providing unparalleled coverage and seamless execution for your community or institution.

## Tailored solutions for your goals

Leverage our wealth of experience and resources designed to align with your objectives. With a proven track record and diverse suite of services, we provide financing solutions, risk management strategies, and investment opportunities to help you achieve your goals efficiently and effectively.

Reach out to discuss your unique needs and to explore the full range of focus areas available.

## Expertise across sectors

### General municipal

Our experienced bankers have the expertise required for various types of municipal issuances, including general obligation, sales tax, or other tax-based bonds. Our national team collaborates closely with our issuer clients, financial advisors, and legal teams to manage and structure bond issuances for negotiated sale.

Our clients benefit from access to the firm’s resources, including a quantitative analysis, credit solutions, and a top tier underwriting desk.

### Transportation

Our dedicated Transportation team provides investment banking, underwriting, and advisory services to municipal transportation and private sector clients focused on the development of highway, toll road, mass transit, airport, and seaport assets. The team has extensive experience with all forms of project delivery, including traditional design-build as well as more complex public-private partnerships for both greenfield and brownfield assets.

The team also has extensive experience across a wide range of product lines and financing solutions, with vast knowledge of federal loan and grant programs available to transportation borrowers.

### Utilities

The Utilities group provides financing ideas and solutions to water, wastewater, and public power utilities across the country. A dedicated team of professionals partners with regional and other specialty bankers to serve large and mid-size wholesale and retail utilities, combined utility systems, city systems, and generation & transmission cooperatives.

WF’s team has experience executing bond and derivative transactions with many of the largest utilities across the country, and partners closely with WF’s Commercial Bank to provide banking solutions across the platform.

### Housing

WF’s Housing group is a consistent leader in the affordable housing space and has steadily grown both our client list and banking talent over the past several years. The team offers significant experience developing and executing innovative and technically complex finance solutions for state and local HFAs, developers, GSEs, and CDFIs.

### Higher education and nonprofit

We work with public and private universities, cultural organizations, and other nonprofits across the country to structure and execute debt financings, as well as advise on mergers and P3 projects. WF evaluates client credit profiles, assists with rating agency presentations, assists with long-term capital plans, and delivers seamless financing execution.

The team has experience developing and implementing complex debt financings to achieve client objectives as required by strategic M&A transactions or multi-phased capital plans. In addition, the WF not-for-profit healthcare team partners with our WF Bank N.A. Commercial Banking colleagues to deliver both public and bank financing solutions.

### Healthcare

The WF not-for-profit Healthcare team works with standalone hospitals and health systems across the country to evaluate and execute debt financings. WF evaluates hospital financial performance, assists with rating agency presentations, develops long-term capital plans, and delivers seamless financing execution.

The team has experience developing and implementing complex debt financings to achieve client objectives as required by strategic M&A transactions or multi-phased capital plans. In addition, the WF not-for-profit healthcare team partners with our WF Bank N.A. Commercial Banking colleagues to deliver both public and bank financing solutions.

### P3 and project finance

Our specialized public / private partnerships (P3) and project finance teams within the municipal products group are dedicated to executing complex financings. With extensive experience, our team facilitates strategic partnerships and develops highly tailored financing solutions for various projects including:

- Utilities
- District energy systems
- Transportation
- University housing
- Water supply
- Solid waste
- Parking
- Real estate
- Broadband
- Ports

Unlock the potential of your projects with our expertise and tailored solutions that are aimed at optimizing efficiency and maximizing returns.

### Community development

We have a wealth of experience with land secured special district financings across the country. District financings can be very beneficial for funding tax-exempt eligible infrastructure improvements for residential communities, mixed use commercial projects, and large-scale redevelopment. Our expertise spans the entire sector, including tax increment, special assessment, special tax, and other property tax revenues securitizations for various types of infrastructure projects. Our municipal land secured finance capabilities are bolstered by WF’s Commercial Real Estate team.

‍

## Case studies

### State of Illinois $2.5 Billion 2023 General Obligation Bonds

The transaction was the third largest issue to come to market in 2023 at the time of issuance. It was also the largest negotiated issue of the week with competition from heavy supply ($11 billion) the week of April 17.

Read more >

### The University of Idaho Utility System Concession

The University’s utility system includes electricity, steam and condensate, domestic water, chilled water, sanitary sewage, storm water, compressed air, and reclaimed water.

Read more >

### Texas Water Development Board SWIRFT Series 2023A & Taxable Series 2023B

The $1,007,490,000 tax-exempt series was structured with a mix of coupons – 5% semiannual serial bonds from 2024-36, 5% term bonds in 2037-38, 2044, & 2058, a 5.25% term bond in 2051, and term bonds priced at par in 2039, 2040, 2041, 2043, & 2048.

Read more >

### $1.8 Billion State of California, March 2023 Federally Taxable Various Purpose G.O. Bonds

The transaction was the largest General Obligation issue to come to market in 2023 at the time of issuance.

Read more >

### New York State Housing Finance Agency AHRB (2023 Series AB)

This is the largest NYSHFA Affordable Housing Revenue Bonds issuance to date. The 2023 Series AB Bonds were issued for the purpose of financing the 2023 Mortgage Loans for the construction or acquisition and rehabilitation of 10 multifamily rental housing projects.

Read more >

### Board of Regents of The University of Texas System Permanent University Fund (“PUF”) Bonds, Series 2024A

This transaction refinanced outstanding commercial paper and currently refunded Series 2014B and Series 2015A PUF bonds. It marked the System’s largest Permanent University Fund series of bonds issued to date.

Read more >

https://www.bondbuyer.com/news/illinois-governor-pitches-investors-onstates-newly-minted-single-a-paper

New York State Housing Finance Agency AHRB 2023 Series AB Official Statement

Texas MAC, The University of Texas System PUF Official Statements, and EMMA as of 2/21/2024

RO-3818783

LRC-0824

## Footnote