Fixed Income Trading & Securities
State and local governments, healthcare organizations and educational institutions continue to turn to J.P. Morgan's Public Finance group for their financing and banking needs. The Public Finance team has expertise in a wide range of areas, including tax-exempt financing for energy projects as well as large-scale infrastructure transactions.
The group services the following areas:
Energy and Environmental
This group serves utilities, enterprise fund and joint-action issuers on financings including public power, energy, alternative energy, water and sewer, state revolving fund and environmental project finance. The team works closely with different areas of the bank to explore both tax-exempt and traditional financing for all types of environmental and energy projects. J.P. Morgan offers capabilities in debt and equity markets, commodities trading and project finance to help clients achieve their goals.
Higher Education/Non-Profit
The team brings a broad range of experience to clients, including traditional higher education banking, non-profit management and rating agency expertise. The group has structured transactions of many different sizes and credit ratings for institutions including private universities, public universities, research institutions, community colleges and independent schools. The team has executed transactions using tax-exempt and taxable fixed rate, variable rate, derivatives and other structures.
In 2009, the group was involved in 83 transactions valued at more than $15 billion, including the first publicly priced benchmark-size Build America Bond transaction. Beyond traditional underwriting services, the team also works closely with clients on issues such as debt restructuring, liquidity management, rating agency dialogue, asset/liability management, risk management, continuing disclosure, investor relations and central bank operations.
Infrastructure Advisory and Transportation
The division specializes in transactions relating to surface transportation, airports, mass transit and ports. The team helps public sector clients finance, structure and execute deals. They also provide public and private sector clients with advisory services relating to public-private partnerships and concession agreements.
Not-for-Profit Healthcare
The team works with non-profit healthcare institutions, such as hospitals, healthcare systems and senior living centers. The Healthcare group serves many sophisticated issuers and deals with a variety of financing structures, including long- and short-term syndicate, derivatives, credit analysis and investor marketing.
Housing Finance
The group serves state and local housing finance agencies, including veterans' agencies. The team helps clients issue municipal bonds, which can create and preserve affordable multifamily rental housing or make loans for single family homeowners. The team often partners with other housing and real estate groups in the Investment Bank, including the Community Development Bank, Tax-Oriented Investments, Structured Products, Commercial Mortgage Backed Securities and Commercial Bank Real Estate.
Central
The Central Region is a unique group that combines comprehensive geographic coverage with specialty banking sector groups. With locations in Chicago, Denver, Dallas and Houston, the team focuses geographically on state and local government agencies in the Midwest, South/Southwest, Texas, and the Rocky Mountain regions. The group assists municipal issuers in financing their needs and works in coordination with nearly all areas of the firm to provide seamless and specialized transaction execution.
East
This region focuses on clients — typically state and local governments — from Maine to Puerto Rico (excluding the Mid-Atlantic region). The group works in coordination with the various sector groups to provide seamless and specialized transaction execution.
Mid-Atlantic
This team serves clients in New York, Pennsylvania, New Jersey, Maryland and Delaware. Those turning to J.P. Morgan for financing and banking needs include city, county and state governments, school districts, and water and sewer agencies.
West
The West team serves municipal issuers in California, Alaska, Hawaii, Nevada, Oregon and Washington. Clients include state-level issuers, cities, counties, school districts, public power, water and sewer, transportation, airports and ports. In addition to providing regional investment banking coverage, the West team partners with the specialized sector groups to provide clients with a comprehensive suite of products and expertise to ensure transparent and successful transaction execution.