PUBLIC
FINANCE
NATIONAL YEAR IN REVIEW MUNICIPAL FIN ANCE
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ADVANCING RELATIONSHIPS TRUSTED
PUBLIC
FINANCE
Foreword Two themes dominated financial headlines in 2018: economic growth and interest rates. What’s interesting is how context and time can change the conversation around these themes. As we roll into 2019, both economic growth and interest rates are at a turning point. Economic growth was substantial in 2018 with one of the most robust expansionary periods in recent U.S. history, though sentiment around the general economy seems to have turned quickly. Will this year see the end of this expansionary period? Will it see the start of a recession? 2019 interest rate expectations changed dramatically in the last months of 2018. Experts predicted additional increases in the federal funds rate, but now forecast none. Some experts think we may even see rates decline in 2019. In 2018, the municipal market saw the lowest issuance volume since 2013. The dominant cause of this drop was the elimination of advance refundings, which have not been this low since 2002, and we expect 2019’s volume to follow suit. However, 2020 and beyond should see growth as a significant number of deals become refundable. Last year was a solid year for bond elections once again, and with long-term interest rates still very low, new money issuance should be strong. This year is stacking up to be full of possibilities and challenges for municipal issuers, and we take great pride in being able to help advance communities across the nation. Yet, to understand the year ahead of us, it’s important to look at the one that came before. We have compiled this Municipal Finance Year in Review to help you do just that, and we hope you find it useful.
David Medanich Head of Public Finance
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ADVANCING PURPOSE IN
PUBLIC FINANCE HilltopSecurities helps communities meet their boldest financing needs. How? By putting 70 years of experience to work. By distilling the shared knowledge of a top-ranking municipal advisory practice. And by
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TA BLE OF CONTENTS
1 Foreword 3
Market Insights
6
2018 at a Glance
9
Arbitrage Rebate
10
Structured Finance
11
Continuing Disclosure
12
Municipal Cash Management
leveraging the insight of a national network of financial professionals to give you timely market solutions. We like to think of ourselves as facilitators of bold visions. And we’re honored to work with those who move our society forward.
MARKET
INSIGHTS THE 2018 YIELD CURV E
Below is a chart showing daily treasury rates in December 2018. The latter half of the month shows an inversion of the
Since June 2009, the U.S. has enjoyed the second longest
yield curve as the five-year yield drops below the six-month
period of expansion on record, benefitting from steady
and one-year yields.
growth in a bull market. Despite the good times, experts warn a recession is imminent. Although headlining economic
DA I LY T R E A S U RY Y I E L D S
numbers like unemployment, GDP growth, and stock market
12/1/18 - 12/31/18
returns have been relatively strong, several factors signal the
3.00
risk of contraction in the near future. 2.90
The yield curve is essentially the difference between longand short-term interest rates on U.S. government bonds.
2.80 Yield (%)
Historically, an inverted yield curve (when short-term yields move higher than long-term yields) has been a very
2.70
2.60
reliable predictor of recessions and is closely monitored by policymakers. The yield curve is a leading indicator
2.50
of the business cycle, and the delay between an inversion
2.40
of the curve and the beginning of a recession has ranged from six to 24 months. The inversion of the yield curve
6 Month Yield
has correctly signaled all nine recessions since 1955 and
1 Year Yield
5 Year Yield
7 Year Yield
10 Yr Yield
Source: www.treasury.gov & Thomson Reuters
has had only one false positive in the mid-1960s, when an
There are plenty of reasons to be confident in the current
inversion of the curve preceded an economic slowdown
U.S. economy: unemployment is low, inflation is under
but not an official recession.
control, and growth is strong. However, there is also a key
While historical circumstances differed for each recession,
indicator signaling that we’re nearing an end-of-cycle
the patterns of past yield curve inversions are remarkably
environment. Along with the yield curve flattening and
similar. A pronounced increase in short-term interest rates
inverting in places, trade wars, geopolitical issues, and
(which are essentially controlled by the Federal Reserve,
government debt threaten to shock the system and could
or “the Fed�) generally drives the tightening of the curve.
lead to an economic downturn.
Long-term rates typically move much more gradually whether they increase or decrease. Long-term rates also reflect expectations of future economic conditions. While they increase with short-term rates in the early part of an expansion phase, they tend to stop when investors become pessimistic or fearful that a recession is nearing.
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MARKET
INSIGHTS LIBOR TR A NSITION TO SOFR
SOFR tracks closely with the effective fed funds rate and reasonably well with 1- and 3-month LIBOR. SOFR trades
The widely used London Interbank Offered Rate (LIBOR) will
below LIBOR because it is an overnight rate and represents
be discontinued in 2021 and replaced with a new benchmark,
collateralized transactions.
expected to be the Secured Overnight Financing Rate (SOFR) for U.S. dollar transactions. In 2018, we saw what appeared to be significant steps in the transition to SOFR: the New York Federal Reserve began publishing daily rates, the International Swaps and Derivatives Association (ISDA) published its SOFR definition, and market participants began trading in bilateral, uncleared OIS that reference SOFR. The market-wide transition from LIBOR to SOFR will affect issuers in both their existing LIBOR-based debt (bonds, loans) and LIBOR-based derivative contracts (swaps, caps). In addition, if LIBOR is a component of any existing or anticipated debt that extends past 2021, swaps, or both,
CONSIDER ATIONS FOR
there is risk exposure connected with the transition to SOFR. There are significant differences between SOFR and
EXISTING AGR EEMENTS
LIBOR which issuers will need to consider when preparing
Issuers may consider taking pre-emptive steps now to begin
for the transition.
addressing the effects of the pending transition on existing agreements. Steps and considerations may include:
DIFFER ENCES BETW EEN
•
LIBOR AND SOFR LIBOR
language
SOFR
Based on banks’
Based on actual U.S.
expectation of unsecured
Treasury repo (secured)
borrowing costs
transactions
Trades approximately $500
Trades approximately
million daily
$1.02 trillion daily
Maturity ranges from 1 day to 1
Overnight only
•
Consider the adjustments necessary to compensate for receiving a lower floating rate
•
Consider bilateral negotiation with counterparties and creditors to identify an economically neutral result under the new standardized method
•
Consider tax and accounting implications, such as potential triggers for reissuance of debt and hedge effectiveness 1
year. 3-month is most common
1
Review LIBOR references and potential replacement
Please consult with your legal and tax professional(s).
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MODIFICATIONS OF
Hilltop Securities Inc. (HTS), is a registered broker-dealer
E X I S T I N G S WA P AG R E E M E N T S
and registered investment adviser that does not provide tax or legal advice. The material, views, forecasts, figures, opinions
An issuer or borrower may determine that it is in its
and/or investment techniques and strategies discussed or
best interest to proactively eliminate or reduce “LIBOR
expressed are those of the authors(s) and are their own and
index” risk by modifying agreements prior to any LIBOR
not reflective or representative of HTS, its management,
discontinuation event. Several index alternatives exist,
employees, representatives and/or its affiliates and are for
including SIFMA and fed funds, with each strategy
informational and educational purposes only, as of the date of
carrying its own benefits and considerations. •
presentation and are subject to change at any time based on
SIFMA Index Conversion: Issuers can modify
market or other conditions and may not come to pass. While
existing swap agreements with an index conversion
we believe the information in this document is reliable, HTS
to SIFMA in order to mitigate LIBOR discontinuation
cannot guarantee its accuracy. The information provided
risk in the future. SIFMA has a high correlation with
does not take into account the specific objectives, financial
weekly floating debt resets. •
situation, or particular needs of any specific investor or entity.
Fed Funds Index Conversion: Represents another
All investments carry a certain degree of risk and there is no
alternative to mitigate LIBOR discontinuation risk. Fed
assurance that an investment will provide positive performance
funds have historically tracked closely to SOFR. Issuers
over any period of time. This material and/or items discussed as
would maintain the ability to subsequently convert to
part of this document are not intended to nor do they constitute
SOFR or another replacement index in the future based
a recommendation, solicitation or offer to buy or sell securities,
on market conditions selected by the issuer.
products/services provided by, and/or reflect the views of HTS, its management, employees, representatives and/or its affiliates
Issuers and investors can find out more about the effects
and should not be considered specific legal, investment or tax
related to any of your LIBOR transactions, and can take
advice. Securities offered by HTS (1) are not insured by the
steps now to prepare for these changes by contacting
FDIC (Federal Deposit Insurance Corporation) or by any other
HilltopSecurities’ Structured Products Group.
federal government agency; (2) are not bank deposits; (3) are not guaranteed by any bank or bank affiliate; and (4) may lose value. HTS is a wholly owned subsidiary of Hilltop Holdings, Inc. (NYSE: HTH) located at 1201 Elm Street, Suite 3500, Dallas, Texas 75270, 214.859.1800. Past performance is no guarantee of future results. Please consult your financial professional before making any investment decision.
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N AT I O N A L
2018 AT A GLANCE
BOND MARKET
F I V E Y E A R S O F M U N IC I PA L B ON D F I N A N C E 2014 Total
2015
2016
2017
2018
$339,049.8
$397,707.9
$444,799.6
$436,345.4
$338,933.1
11,126
12,989
13,274
11,668
9,402
Development
12,195.6
12,631.1
11,768.2
17,199.1
7,602.2
Education
86,113.4
124,833.3
128,997.1
120,317.1
82,122.8
Electric Power
12,176.8
17,346.5
14,210.0
9,637.7
6,554.3
2,223.1
1,688.4
2,455.7
2,476.4
1,944.1
Health Care
25,604.3
32,975.5
49,592.0
48,890.8
30,965.4
Housing
13,124.9
15,578.0
19,186.5
20,883.6
21,109.3
Public Facilities
10,917.9
11,465.2
9,949.4
9,568.2
11,574.8
Transportation
53,800.6
47,848.7
50,895.2
63,135.0
51,587.9
Utilities
38,350.4
40,311.7
51,146.2
40,286.4
38,627.1
General Purpose
84,542.9
93,029.3
106,599.1
103,951.1
86,845.1
New Money
145,303.5
150,498.0
173,429.5
202,463.5
235,300.8
Refunding
127,914.7
163,768.5
178,110.3
145,034.6
59,419.5
Combined
65,831.6
83,441.3
93,259.8
88,847.3
44,212.7
242,994.7
290,375.5
325,202.5
311,783.5
238,169.1
Competitive
71,824.7
87,199.5
98,670.4
98,247.6
81,965.1
Private Placements
24,230.4
20,132.7
20,926.6
26,314.3
18,798.8
Number of Issues Purpose
Environmental Facilities
Use of Proceeds
Method of Sale Negotiated
Source: Thomson Reuters ( based on data available on December 31, 2018). All dollar amounts are in millions of dollars. Figures are based on issues maturing in 1.09 years or longer. Private placements and municipal forward sales are included, but short-term notes maturing in less than 1.088 years and remarketings of variable-rate bonds are excluded. Taxable bonds issued directly by electric cooperative utilities are included. Insurance figures represent only the insured portion of issues. Other Enhancements include certificates of deposit, collateralization, guaranteed investment contracts, private mortgage insurance, and surety bonds. The purpose categories are defined as follows: Development: industrial development, economic development, non-government office buildings. Electric Power: public power utilities. Environmental Facilities: solid waste disposal, resource recovery, pollution control, recycling. Health Care: hospitals, nursing homes, continuing-care communities, assisted living, general medical. Housing: single-family housing, multifamily housing. Public Facilities: government buildings, fire and police stations, jails and prisons, civic and convention centers, museums and libraries, stadiums and sports complexes, theaters, parks, zoos and beaches, other recreation. Transportation: airports, seaports and marine terminals, toll roads, highways and streets, bridges, tunnels, parking facilities, mass transit. Utilities: water and sewer, gas, flood control, sanitation, combined utilities, miscellaneous utilities. General Purpose: general purpose, veterans (other than housing), agriculture, churches, temples and mosques, unknown.
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TA X - E X E M P T I N T E R E S T R AT E S A A A R ATED MMD W ITH M A R KET EV ENTS TIMELINE
3.50 3.30 3.10 2.90
Yield (%)
2.70 2.50 2.30 2.10 1.90 1.70 1.50
MMD Source: Thomson Reuters Source: Ipreo MuniAnalytics.
2YRMMD
10YRMMD
DATE
30YRMMD
EVENT
February 6, 2018
The DJIA falls 1,600 points
March 22, 2018
Fed rate hike of .25% moves the fed funds target rate to a range of 1.5% to 1.75%
May 31, 2018
U.S. announces that it will extend its tariffs on imported steel (25%) and aluminium (10%)
June 14, 2018
Fed rate hike of .25% moves the fed funds target rate to a range of 1.75% to 2.00%
July 6, 2018
President Trump announces U.S. Tariffs on $34 billion worth of chinese goods
September 14, 2018
Hurricane Florence makes landfall
September 27, 2018
Fed rate hike of .25% moves the fed funds target rate to a range of 2.00% to 2.25%
October 10, 2018
Hurricane Michael makes landfall
November 8, 2018
Three California wildfires displace thousands
December 3, 2018
Yield curve began to invert
December 20, 2018
Fed rate hike of .25% moves the fed funds target rate to a range of 2.25% to 2.50%
December 21, 2018
The DJIA closes at 22,445 after its worst week since 2008
page 7
G ENER A L
2018 AT A GLANCE
I N T E R E S T R AT E S
MUNI/TR E A SURY YIELD R ATIO 110
10 Year Maturity Ra�o (Muni/Treasury)
10 Year Ra�o - 10 Year Average
30 Year Maturity Ra�o (Muni/Treasury)
30 Year Ra�o - 10 Year Average
105
100
Ra�o (%)
95
90
85
80
75
70
65 1/1/2018
2/1/2018
3/1/2018
4/1/2018
5/1/2018
US T R E A S U RY S L OPE A N A LY S I S
6/1/2018
7/1/2018
8/1/2018
9/1/2018
10/1/2018
US Treasury Slope Analysis
2 10 Year minus 2 Year Spreads 1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
page 8
30 Year minus 2 Year Spreads
11/1/2018
12/1/2018
ARBITRAGE R E B AT E
R EBATE
As 2019 commences, a subtle shift is taking place. The cause? Short-term interest rates. With the Fed anticipating
From a Rebate standpoint, the IRS allows issuers to earn
additional short-term rate hikes this year and predictions
and retain a profit on investing new money project proceeds
of an inverted yield curve, 2019 could catch issuers by
if they are spent quickly enough to meet a spending
surprise. Unless prepared, issuers may see something on
exception. The spending exception time periods are 6, 18,
their balance sheets they haven’t seen in 10 to 15 years:
and 24 months. The 18- and 24-month exceptions have
arbitrage liabilities.
semiannual interim spending benchmarks that must be met.
This year appears to be kicking off a short-term
If an issuer misses a benchmark, their spending exception is
investment cycle very similar to the 2003-2007 period
permanently lost.
when issuers generated liabilities by simply investing in
PREVENTATIVE ACTION: Monitor your investment
money market/pool accounts. The period can be broken
rates and bond yields by issue. Focus on spending
into two types of liabilities: Yield Restriction (2003-2004
the new money proceeds and monitor the benchmarks
series) and Rebate (2005-2007 series).
for compliance.
YIELD R ESTRICTION
The past 10-15 years have lulled issuers into a state of comfort
The IRS requires a calculation to be performed called
when it comes to worrying about Yield Restriction and
Yield Restriction. This calculation encourages issuers
Rebate liabilities. However, short-term rates are increasing
of new money project issues to spend their proceeds
and unless issuers are proactively monitoring and spending
within three years of the date of issuance. If there are
project proceeds, they may be sending a portion of their
unspent proceeds at the end of the three-year period, the
investment earnings to the U.S. Treasury.
Yield Restriction calculation kicks in and starts with a beginning zero balance (regardless of any negative Rebate or Yield Restriction generated during the first three years).
UNLESS PREPARED, ISSUERS MAY
In a rising investment rate environment, if an issuer has unspent proceeds at the end of the three-year period and
SEE SOMETHING ON THEIR BAL ANCE
the investment rates are above the issue’s bond yield, a Yield Restriction liability may be generated and a payment
SHEETS THEY HAVEN’T SEEN IN 10
may need to be made. P R E V E N T A T I V E A C T I O N : Monitor and focus on
TO 15 YE ARS : ARBITR AGE LIABILITIES.
spending new money proceeds within three years of the date of issuance.
page 9
STRUCTURED FINANCE
In 2018, we saw increased interest in managing interest rate
2017. Natural gas average prices dropped only $0.02/mcf to
risk through a variety of interest rate derivative products.
$10.84 in 2018.
Long-term rate increases continued last year from their
Large governmental purchasers of liquid fuels and natural gas
absolute historical lows seen in mid-2016. The 10-year LIBOR
continued to use commodity futures, options, and derivatives
(taxable) swap rate reached a peak of 3.29% and municipal
(swaps, caps and collars) as part of their fiscal policy tools.
swap rates moved similarly, with the 10-year SIFMA swap
For these entities, commodity-hedging strategies are part of
rate reaching a 5-year relative high of 2.48% in November
a risk management program to mitigate unexpected spikes in
2018. Increases like these presented opportunities for
energy prices. Hedges also provide a level of price certainty
some issuers with pre-crisis swaps to finally unwind these
that makes budgeting easier.
transactions as part of a fixed rate refunding.
For 2019, the EIA projects decreases in annual average
Municipal issuers and borrowers also showed renewed
gasoline and diesel prices to $2.50 and $2.95/gal, respectively.
interest in executing new swaps and caps for synthetically
Conversely, the EIA expects natural gas to rise an average of
fixing-out new money deals and establishing rate lock
$11.24/mcf in 2019, compared to $10.84 in 2018.
strategies for anticipated debt issuance. Moreover, interest
BOND PROCEEDS IN VESTMENT
rate derivatives continued to be a cost effective way to
As short- to medium-term interest rates increased
mitigate future interest rate risk.
throughout 2018, opportunities to invest project or
As of December 12, 2018, the mid-market cost of hedging a 10-
construction funds grew. Many banks and dealers are
year bullet maturity for 12 months with a SIFMA swap was
reentering the REPO and GIC (unsecured) market as broader
approximately 1 basis point or .01% (excluding transaction
interest rates increase and credit conditions improve.
expenses). The long-term historical average has been 1-2
The 2- and 3-year U.S. Treasury rates increased from
basis points per month, while a forward bond delivery
a low of 1.88% and 1.97% to a high of 2.97% and 3.04%,
averaged approximately 5-6 basis points per month. We
respectively. At the beginning of December, the U.S.
expect this opportunity to last if the shape of the yield curve
Treasury curve began to invert between the 3- and 5-year
is unchanged, continues to flatten, or inverts on the short end.
maturities causing many issuers to keep their investments
COMMODITY HEDGING
short-term (1-3 years) until further steepening occurs.
Liquid fuel prices increased in 2018 compared to 2017
The U.S. 2-10 year spread diminished throughout the year,
averages, while natural gas prices remained effectively
so typically longer-term investments were invested in
the same. According to the U.S. Energy Information
shorter maturities.
Administration (EIA), retail gasoline prices per gallon
With the Tax Cuts and Jobs Act and the elimination of
rose to an average of $2.73 in 2018 from $2.42 in 2017.
tax-exempt advance refundings, most escrow open market
Retail diesel prices rose to $3.17 in 2018 from $2.65 in
securities investments were limited to within 90 days.
page 10
CONTINUING DISCLOSURE
In August 2018, the SEC announced amendments to its Rule
entails reviewing each issuer’s outstanding bonds,
15c2-12, increasing the number of event notices that issuers
determining their reporting requirements and verifying
must monitor for and file on EMMA to 16. These two new
that the filings were complete and timely for each of the
events, if material to the issuer, are:
prior five years.
1. A material financial obligation, an agreement to covenants, events of default, remedies, priority rights,
W H AT IS CONTIN UING DISCLOSU R E?
or other similar terms of a financial obligation; and
SEC’s Rule 15c2-12 requires dealers, when underwriting
2. Default, event of acceleration, termination event,
public finance securities, to ensure the issuer enters
modification of terms, or other similar events under
into an agreement to provide financial and operating
the terms of a financial obligation, any of which reflect
information to the MSRB on an ongoing basis, including
financial difficulties.
financial information and/or operating data reports and
Compliance date for the Rule change is February 27, 2019.
audits. Some issuers may have more frequent filings due
After this date, the Rule change is applicable when an
to the commitments made in their bond documents. The
issuer has a primary offering of municipal securities with
Rule also applies to material event notices, including
a new continuing disclosure undertaking agreement that
issuer- and bond-insurer rating changes and bond call
includes the two new event notices.
and defeasance notices, which must be filed on EMMA within 10 business days of occurrence.
W H AT DOES THIS ME A N FOR ISSU ER S? The new rule changes mean that issuers with new
W H AT’S N EXT?
financial obligations must be reported on EMMA within 10 business days of execution. The new obligations
While the industry saw less focus on disclosure
include private placements, direct loans, direct purchase
enforcement throughout 2018, questions remain about
of municipal securities by an investor, swaps, options, and
the level of SEC enforcement in the future for issuers
other derivative instruments and municipal leases that
and individuals alike. Issuers are looking to the guidance
operate as a financing instrument to borrow money.
provided by industry membership organizations, such as
This SEC Rule 15c2-12 change also requires issuers to
the Government Finance Officers Association, to focus
have policies and procedures in place to monitor for
on implementing post-issuance compliance policies and
incurrence of a debt obligation that, prior to February 27,
procedures and educating those responsible for their
2019, would not have been subject to reporting on EMMA.
execution. This is an important process, whether it’s performed in-house or handled by a third-party provider
Prior to the issuance of debt, the industry standard has
such as HilltopSecurities.
become a five-year look-back to determine compliance with previously required EMMA filings. The look-back
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MUNICIPAL CASH
MANAGEMENT In 2018, a strong labor market and tax-cut-fueled business
year drew to a close and it became apparent economic growth
investment drove GDP to its strongest back-to-back quarterly
was slowing, extension trades made sense.
performance since 2014. Fed officials, witnessing the surge
Significantly higher yields translated into higher earnings
in growth, seized the opportunity to continue “normalizing”
for clients and, like the previous year, interest in external
monetary policy.
management increased. In the first quarter of 2018 (the
After raising the overnight target rate by a total of 75 basis
highpoint for most local government clients) assets under
points in 2017, the Fed was even more aggressive in 2018,
management topped $13 billion, a two-fold increase over a
hiking short-term interest rates four times in quarter-point
five-year period.
increments. At year end, the overnight fed funds rate stood at a range of 2.25% to 2.50%.
A B OU T H I L LT OP SE C U R I T I E S
The run-up in bond market yields was significant. In a
ASSET M A NAGEMENT
12-month period beginning in early September 2017, the
Hilltop Securities Asset Management, LLC, is an
two-year Treasury-note yield more than doubled from a low
SEC-registered investment advisor focusing on local
of 1.26% to 2.71%. The two-year yield peaked at 2.97% in
government operating funds, bond proceeds, debt service
early November 2018, the highest in over a decade. Unlike
and reserve funds. Our philosophy is conservative with
the previous year, the anticipated Fed hikes were mostly
an emphasis on safety and liquidity. The investments
priced into the market, which meant investors had been
are restricted to highly rated fixed income securities,
compensated up front for those increases.
predominantly including Treasuries, agencies, municipal
As the fourth quarter began, the trade war with China
bonds, and prime commercial paper.
worsened and the threat that an agreement would not be reached began to drag on both confidence and spending. Volatility was reintroduced to the equity markets and the year’s gains began to evaporate. The broad market S&P 500 index, which reached a fresh record high of 2,930 in mid-
THE FED WAS EVEN MORE
September, had surrendered all of its gains three months later. As investors took refuge in the bond market, bond yields
AGGRESSIVE IN 2018, HIKING
retreated in the fourth quarter.
SHORT-TERM INTEREST R ATES FOUR
In 2018, the most frequently applied management strategy for cash management clients was to gradually extend short
TIMES IN QUARTER-POINT INCREMENTS.
durations when the yield curve was favorable, mitigating market exposure and accruing as much advantage as possible from the Fed’s rate tightening moves during the year. As the
p a g e 12
SM
214.953.4000 800.678.3792 1201 Elm Street, Suite 3500 Dallas, Texas 75270
Hilltop Securities Inc. delivers the forthright advice and tailored solutions necessary for municipal issuers, institutions, broker-dealers, and individuals to thrive. We are a financial services firm and registered investment adviser headquartered in Dallas, Texas, with offices across the United States. Our areas of focus include public finance, municipal and taxable fixed income underwriting, sales, and trading; equity and portfolio trading; retail brokerage services; securities clearing; structured finance; and securities lending. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Hilltop Securities Independent Network Inc., PlainsCapital Bank, PrimeLending, and National Lloyds Corporation.
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