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Public Finance and Municipal Trading

Public Finance and Municipal Trading finished the year with 50 banking, research, and sales and trading professionals dedicated to municipal finance. These professionals reside in 14 offices nationwide and provide our clients with localized banking expertise and broad distribution capabilities. Public Finance and Municipal Trading worked diligently in 2019 on several notable transactions in the senior living, education and general municipal sectors, underscored by our continued expansion and growth in personnel and industry coverage.

Year in Review

During the year, we added seasoned professionals to the group in the Northeast and Texas. The new banker hires add depth to our education and general municipal practices; in addition, we launched a utilities vertical in 2019. Currently, our Public Finance bankers operate in the higher education, K-12, senior housing, general municipal, public-private partnership, water and sewer utility, and project finance sectors. Due to our ability to educate buyers and place debt, issuers and their municipal advisors rely upon our group to facilitate market access both for stable issuers and issuers needing access to capital markets. These issuers realize the value of today’s low cost of funding both for new money and refunding transactions.

Quotation from Aenean Pretium

The firm continues to establish itself as one of the leading underwriters of short-term issues.

The municipal issuer community is exhibiting less focus and concern over the wave of geopolitical uncertainty and instead is choosing to concentrate on debt management. Issuers are also seeing active foreign buyer interest in the U.S. public finance capital formation process, which is critical to the funding of essential purpose projects, given the absolute yield advantage compared to negative rates abroad. In 2019, flows into high yield municipal bond funds tracked the overall market for 51 consecutive weeks, reflecting investor demand for relative value given low interest rates and a stable credit environment.

The firm continues to establish itself as one of the leading underwriters of short-term issues; from 2015 to 2019, our ranking leaped from sixth to third place in terms of number of issues underwritten. The firm also provides liquidity in the primary market by actively bidding on competitive bond issues as a syndicate member—over this same period, our ranking leaped from ninth to third. This activity allows our underwriting and sales desks to stay apprised of new issue trends.

Public Finance and Municipal Trading continued to educate our financial advisors throughout the country of our policy of utilizing relationships in the community to assist municipal issuers to raise needed capital.

Looking Forward

Looking Forward
Looking Forward
Notable Highlights
  • Broad Distribution Capabilities. Oppenheimer’s distribution platform reaches all key buyer segments. The firm’s distribution matches that of bulge-bracket firms by providing complete coverage of top-tier institutional buyers and significant and proprietary retail distribution. We also exceed the distribution to mid-sized institutions of much larger firms.
  • Growing Accomplishments as an Underwriter. Oppenheimer served as Senior Manager or Placement Agent for 1,854 issues (bonds and notes) totaling over $14.2 billion in the last six years including $2.4 billion in 2019. The firm served as Co-Manager for 4,075 issues (bonds and notes) totaling over $196.3 billion in the last six years including $29.6 billion in 2019.
  • Notable Syndicate Assignments. City of New York, City of Philadelphia, Commonwealth of Massachusetts, School District of Philadelphia, City of Bridgeport, Illinois Tollway Authority, Massachusetts Department of Transportation, New York City Transitional Finance Authority, Port Authority of New York & New Jersey, Rhode Island Health and Educational Building Corporation, State of California, State of Connecticut, State of Ohio, State of Rhode Island.
  • Perennial Leader in Short-Term Underwriting. Oppenheimer’s 268 short-term municipal note issues nationwide in 2019 were ranked third in the industry by number of issues and ninth by total volume, and facilitated market access for issuers.
2019 Public Finance Selected Transactions
2019 Public Finance Selected Transactions

149
Negotiated Bond Deals Totaling
$45.3
Billion
In Aggregate Par

268
Short-Term Municipal Note Issues Nationwide Ranked Oppenheimer
#3
In the Industry By Number of Issues*

*SDC Thomson Reuters

50
Municipal Banking & Research,
Sales and Trading
Professionals