The webinar covers these and other critical areas for municipalities and tax-exempt institutions to consider as they approach funding their next capital projects:

Alternative refunding structures

  • Taxable advance refundings
  • Cinderella bonds
  • Tax-exempt forward delivery bonds
  • Cash defeasance and new money issuance
  • Interest rate swaps

Changing investor preferences

  • Declining bank investments in tax-exempt bonds
  • Increasing mutual fund investments
  • Rising importance of retail investors

Increasing use of private placements

  • How private placements differ from public sales
  • Private placements under 10% of the total market—but tripled share over 10 years
  • Institutional investors and banks both see benefit in private placements
  • Issuers maybe benefit from customization, avoidance of market volatility, fewer regulatory demands and potentially lower costs

 On the horizon

  • Infrastructure bonds might be introduced that allow municipalities to offset interest payments with government subsidies
  • Advance refundings might be reinstated
  • The Bank Qualified Limit might be permanently raised and indexed to a cost-of-living measure
  • The volume limit on Private Activity bonds might be substantially increased
  • Changes in tax laws could influence the demand for tax-exempt income

Additional resources

To complement the webinar, we also invite you to read recently articles from Scott Crist below:

See the link to the webinar here.

The Investment Banking Division’s Public Finance Group is committed to helping healthcare institutions fulfill their quality-of-life and growth aspirations. Visit to learn more about how we can support your organization, or contact us to be connected with an investment banking team member.


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