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Understanding Your Needs.

FirstSouthwest Capital Markets provides individual investors with informed access to the primary and secondary markets.

As part of a leading municipal underwriting firm for hundreds of municipalities across the country, our professionals leverage in-house, real-time access to market participants to inform both their own thinking and that of individual investor clients. Our average account executive has over 10 years experience in working with clients on the sale and purchase of municipal securities. We continue to add talented industry veterans to our team.

In addition to our capital market efforts, we are able to call upon our public finance professionals to keep abreast of trends within the municipal finance market as we are consistently one of the top municipal advisory firms in the United States. Additional benefits an individual investor can experience by working with FirstSouthwest Capital Markets include:

Access to Diverse Products
. Since January 2005, FirstSouthwest is ranked No. 18 in the nation for par volume of issues completed as senior managing underwriter according to both Thomson Reuters and MuniAnalytics®.

Personalized Service. Our professionals seek to understand the unique personal circumstances and investment goals of each client.

Responsiveness. Our professionals are continuously accessible and immediately responsive to client queries.

Consistent Delivery. FirstSouthwest Capital Markets is consistent in the quality of services it delivers to each client.

Advice with Integrity. We provide analytically sound advice shaped wholly by what is in the best interest of each client.

Bond Offerings

Last updated: 5/17/2012 11:36:56 AM EST
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ParMoodyS&PCusipIssuerIns.BQCouponMaturityYTWPriceNext CallCall PriceDescriptionDatedRatingYTMYTCState
 100Aa1AA+349425VL9FORT WORTH TX REF & IMPT-N4.00003/01/20130.320102.845  FORT WORTH TX REF & IMPT

08/15/2003Aa1/AA+/AA+0.3200.320TX
 250Aa2AA68607HS98OREGON ST DEPT OF ADMIN SVCSAGMN4.00005/01/20130.400103.380  OREGON ST DEPT OF ADMIN SVCS COPS SER A
PUBLIC IMPS. REFUNDING BONDS
FED & ST TAX-EXEMP AGM INSURED
07/15/2008Aa2/AA/AA0.4000.400OR
 50AaaAAA649903ZM6NEW YORK ST DORM AUTH REVS NO-N5.00007/01/20130.320105.173  NEW YORK ST DORM AUTH REVS NONST SUPPORT
ED DEBT COLUMBIA UNIV UNIV. & COLLEGE IM
FED & ST TAX-EXEMP GO INSURED
04/23/2008Aaa/AAA/N.A.0.3200.320NY
 400NRAAA615298JL1MONTVILLE TWP NJ REF-N4.00007/15/20130.300104.233  MONTVILLE TWP NJ REF

02/12/2009NR/AAA/N.A.0.3000.300NJ
 65NRAAA897727HK2TROY ISD TXPSFY2.00008/01/20130.450101.809  TROY ISD TX
ULT REF BDS SER 2012
BQ PSF-GTD
05/01/2012NR/AAA/N.A.0.4500.450TX
 25Aa2AA-542433NG8LONG BEACH CA UNIF SCH DIST R-N3.00008/01/20130.320103.184  LONG BEACH CA UNIF SCH DIST REF
REFUNDING BONDS UTGO
FED & ST TAX-EXEMP
05/03/2011Aa2/AA-/AA0.3200.320CA
 150Aa1AA882669AJ3TEXAS PUB FIN AUTH LEASE REV-N4.25008/01/20130.600104.326  TEXAS PUB FIN AUTH LEASE REV TEX PKS & W
ILDLIFE DEPT PROJ RECREATIONAL FAC. IMPS
FED TAX-EXEMPT
02/01/2007Aa1/AA/N.A.0.6000.600TX
 650Aa2AA+426362JU4HENRY CNTY GA SCH DIST REFSTN4.00008/01/20130.320104.373  HENRY CNTY GA SCH DIST REF
REFUNDING BONDS UTGO
FED & ST TAX-EXEMP ST INSURED
07/27/2011Aa2/AA+/N.A.0.3200.320GA
 250Aa1AAA645916YB7NEW JERSEY ST ECON DEV AUTH-N5.00008/15/20130.350105.704  NEW JERSEY ST ECON DEV AUTH

02/12/2004Aa1/AAA/N.A.0.3500.350NJ
 100Aa1AAA235416YW8DALLAS TX WTRWKS & SWR SYS REAMBACN5.00010/01/20130.350106.295  DALLAS TX WTRWKS & SWR SYS REVENUE REF
REFUNDING BONDS REFUNDING NOTES
FED TAX-EXEMPT AMBAC INSURED
03/15/2007Aa1/AAA/WD0.3500.350TX
 250AaaAAA67766WLH3OHIO ST WTR DEV AUTH WTR POLL-N5.00012/01/20130.300107.145  OHIO ST WTR DEV AUTH WTR POLL CONTROL RE
VENUE REF-WATER QUALITY REFUNDING BONDS
FED & ST TAX-EXEMP
09/24/2009Aaa/AAA/N.A.0.3000.300OH
 100AaaAA+1008527R7BOSTON MA SER A-N5.00001/01/20140.300107.535  BOSTON MA SER A

02/01/2005Aaa/AA+/AA+0.3000.300MA
 495Aa1AA677581CW8OHIO ST MAJOR NEW STREET INFR-N5.50006/15/20140.500110.253  OHIO ST MAJOR NEW STREET INFRASTRUCTURE
PROJ REVENUE SER 2008-1 HIGHWAY IMPS. PU
FED & ST TAX-EXEMP
10/30/2008Aa1/AA/AA-0.5000.500OH
 445Aa1AA+938429A98WASHINGTON CNTY OR SCH DIST #SCHN5.00006/15/20140.400109.445  WASHINGTON CNTY OR SCH DIST #48J BEAVERT
ON REF REFUNDING BONDS UTGO
FED & ST TAX-EXEMP SCH INSURED
08/25/2011Aa1/AA+/N.A.0.4000.400OR
 250Aa2AA+491552VX0KENTUCKY ST TURNPIKE AUTH ECO-N4.00007/01/20140.470107.396  KENTUCKY ST TURNPIKE AUTH ECON DEV ROAD
REVENUE REF-REVITALIZATION-SER A REFUNDI
FED & ST TAX-EXEMP
06/25/2010Aa2/AA+/AA-0.4700.470KY
 150Aa1AAA718814UA2PHOENIX AZ-N5.00007/01/20140.400109.647  PHOENIX AZ
PUBLIC IMPS. UTGO
FED & ST TAX-EXEMP
03/01/2004Aa1/AAA/N.A.0.4000.400AZ
 525AaaAAA574192TQ3MARYLAND ST ST & LOC FACS-N5.50008/01/20140.350111.233  MARYLAND ST ST & LOC FACS
WATER UTILITY IMPS. PUBLIC IMPS. UTGO
08/15/2002Aaa/AAA/AAA0.3500.350MD
 500AaaAAA373383DZ8GEORGIA ST SER C-N5.50009/01/20140.350111.658  GEORGIA ST SER C
PUBLIC IMPS. SCHOOL IMPS. UTGO
FED & ST TAX-EXEMP
09/01/1998Aaa/AAA/AAA0.3500.350GA
 700Aa1AA91335VGY6UNIV OF PITTSBURGH PA OF THEGON5.00009/15/20140.430110.510  UNIV OF PITTSBURGH PA OF THE CMWLTH SYS
OF HGR EDU CAP PROJ-SER B UNIV. & COLLEG
FED & ST TAX-EXEMP GO INSURED
03/31/2009Aa1/AA/N.A.0.4300.430PA
 165Aa2AA76222RGN6RHODE ISLAND ST & PROVIDENCE-N5.00010/01/20140.650110.163  RHODE ISLAND ST & PROVIDENCE PLANTATIONS
REF-CONS CAP DEV LN-SER A REFUNDING BON
FED & ST TAX-EXEMPUTGO
04/28/2010Aa2/AA/AA0.6500.650RI
 500Aa3AA207758KA0CONNECTICUT ST SPL TAX OBLIG-N5.00012/01/20140.500111.276  CONNECTICUT ST SPL TAX OBLIG REVENUE REF
-TRANSN INFRASTRUCT-B REFUNDING BONDS
FED & ST TAX-EXEMP
11/10/2009Aa3/AA/AA0.5000.500CT
 665AaaN.A.462308A80SUBJ Iowa City IA-N2.00006/01/20150.600104.083  IOWA CITY IA SER A
PUBLIC IMPS. RECREATIONAL FAC. IMPS. UTG
FED TAX-EXEMPT
06/20/2012Aaa/N.A./N.A.0.6000.600IA
 275Aa3AA-64983RGH4NEW YORK ST DORM AUTH REVS-N5.00007/01/20150.650113.363  NEW YORK ST DORM AUTH REVS
MBIA IL-INSD
02/24/2005Aa3/AA-/AA-0.6500.650NY
 60N.N.36159DSC9GE MONEY BANK-N2.25007/30/20151.300102.953  GE MONEY BANK

07/30/2010N./N./N.1.3001.300 
 0Aa2AA-774280SL6ROCKWALL TX CTFS OBLIGAMBACN5.00008/01/20150.750113.377  ROCKWALL TX CTFS OBLIG
PUBLIC IMPS. LTGO
FED TAX-EXEMPT AMBAC INSURED
08/01/2005Aa2/AA-/WD0.7500.750TX
 1880Aa1AA+604129AK2MINNESOTA ST-N5.00010/01/20150.510114.931  MINNESOTA ST
REFUNDING BONDS PUBLIC IMPS. UTGO
FED & ST TAX-EXEMP
10/01/2005Aa1/AA+/AA+0.5100.510MN
 15N.N.36159D6Q2GE CAPITAL RETAIL BANK-N1.75011/16/20151.420101.118  GE CAPITAL RETAIL BANK
CERTIFICATE OF DEPOSIT
11/16/2011N./N./N.1.4201.420 
 250Aa2AA646080JS1NEW JERSEY ST HIGHER ED ASSIS-N3.75012/01/20151.250108.594  NEW JERSEY ST HIGHER ED ASSIST STUD LN
REV BDS 1ASTUD L
01/26/2010Aa2/AA/N.A.1.2501.250NJ
 150A1A+645916Y76NEW JERSEY ECONOMIC DEV AUTHNATL-N5.25012/15/20151.050114.653  NEW JERSEY ECONOMIC DEV AUTH
NATL-RE INSD
01/27/2005A1/A+/A+1.0501.050NJ
 500Aa1AA349515PG5FORT WORTH TX WTR & SWR REVEN-N5.00002/15/20160.700115.805  FORT WORTH TX WTR & SWR REVENUE REF & IM
PT REFUNDING BONDS WATER UTILITY IMPS.
FED TAX-EXEMPT
08/01/2011Aa1/AA/AA+0.7000.700TX
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* - Denotes Pre-Refunded Offering

This document is intended for illustrative purposes only, and is not a solicitation, commitment or offer. The information herein & the data underlying it has been obtained from sources that we believe are reliable, but no assurance can be given that this information is accurate or complete or that the returns or yields described can be obtained. First Southwest Co. or its employees may take the other side of any order by you, enter into transactions contrary to any recommendations herein, or have positions or make markets in the securities mentioned herein or options or futures contracts relating thereto and may also have performed investment banking services or public finance services. The investments discussed herein may not be suitable for all investors, you should consult your own investment advisor.

About Municipals

Who may consider them, why you may consider them, and how they work.

Generally considered the second safest asset class behind U.S. treasuries, Municipals (also called Munis) offer income or appreciation that is exempt from regular Federal income tax, and generally State and Local income taxes (based on the location of the issues).  Bonds are purchased by individual investors in high income tax brackets, and are favored particularly by those in high combined federal and state income tax brackets. To demonstrate, to compete with a municipal yielding 5%, a top bracket investor in the state of California would need to realize a taxable yield of 8.89%; in New York State, 8.35%; in Texas, 7.69%;  and in Massachusetts, 8.12%.*  Combine that return with an understanding of the historic safety of municipals relative to other asset classes,  and generally good liquidity, then you are well on your way to answering the question, "Why municipal bonds?".

Who should consider municipals? 

Certain Federal tax advantages make municipal bonds particularly attractive to higher income individuals.  Their high degree of safety relative to other asset classes, and in many cases, State Tax Exemption, make municipals attractive to investors who reside in states with high income tax levels who desire relatively safe, predictable income.  A less attended to area of the municipal market, zero coupon munis can offer working individuals who do not presently need additional income from their investment portfolio, with a relatively safe vehicle for appreciation that is exempt from federal and state taxation.

How do municipals work?

Below are details about pars, premiums, discounts, zero coupons and taxable munis.

Par Bonds: In general, the simplest municipal structure to understand.  $100,000 invested in a 5.0% coupon bond available at Par ($100) would pay $5,000 per year until its maturity date when it repays the $100,000 initially invested. Notice that the coupon and yield are identical when looking at par bonds.

Premium Bonds: In our experience, a general reluctance by investors to pay substantially over par for municipals can create opportunities for those willing to consider premium bonds. Premiums are municipals that have above market coupons that compensate the holder for investing some amount more than the holder will receive at maturity. Think of premiums this way:  If sometime ago, municipals issued in the primary market were paying 10% coupons, then interest rates began to fall, and had  dropped all the way from 10% to 5% ... how would the market compensate the 10% coupon holder if he/she needed to sell? The answer is simple, the market would pay the holder of the 10% coupon a premium, or some price that is more than new holder will receive at maturity.  That will decrease the bonds yield from its 10% coupon rate, to some level closer to the 5% presently available in the marketplace.  Notice that premium bonds always have a yield to maturity that is lower than their coupon rate. Opportunistic municipal investors who wish to generate a high level of current income may consider premium municipals. 

Discounted Municipals: A discounted municipal has 2 components that make up yield: the coupon, and the appreciation of the discount when the bonds are called or mature. A discounted muni will always have a yield to call or yield to maturity that is higher than its coupon rate.  Investors must consider the tax implications of discounted bonds. Frequently, the coupon portion of the yield may be tax exempt, but the appreciation, under some circumstances, may be taxable. Investors who are not as concerned with immediate current income, but who may benefit from a combination of moderate income and some appreciation might consider discounted municipals.

Zero Coupon Municipals: Zero coupon municipals, or zeros, pay no income but are bought at a discount and mature at par ($100) at some point in the future.  Generally, long term zeros are bought at a substantial discount to par, and short term zeros are purchased at a more moderate discount. Investors with high current income from other sources may find zeros are an effective product for their portfolios. Maturities can be purchased to coincide with planned retirement, then rolled into appropriate income producing alternatives.  Zeros with maturities that coincide with a child's college years may be appropriate for educational savings. In our experience, zeros tend to offer a yield advantage over coupon bonds with comparable rating and maturity features.

Taxable Municipals/Build America Bonds: While taxable municipals have been available for some time, the creation of Build America Bonds has increased dramatically the size and number of participants in this market. Suitable for lower federal income tax brackets or tax deferred retirement accounts, taxable municipals can provide a high degree of current income, and often, yield pick up over treasuries, CDs and comparably rated corporate bonds.

 

*Tax rates are for 2009 and assume AGI for joint filers in excess of $372,950.

 

Underwriting Calendar

Sales TypeIssuerStateDescriptionPar AmountPricingMaturityBQ
NegotiatedArkansas Dev Fin AuthARSt Prk Fac Rev Rfdg Bds, S12$25,750,000.00  No
NegotiatedArkansas Dev Fin AuthARSt Ag Fac Rev Rfdg Bds, S12$19,810,000.00  No
CompetitiveWorcester, MAMAGO Dist Imp Financing Bds, S12$6,844,000.005/17/2012 No
CompetitiveRapid City Area SD #51-4, SDSDLT GO Capital Outlay Certificates, S12B $12,500,000.005/17/2012 No
CompetitiveSan Augustine ISD, TXTXUT Sch Bldg Bds, S12 $3,770,000.005/17/2012 Yes
CompetitiveUpper Saddle River Borough, NJNJGO Bds, S12 $6,130,000.005/17/2012 Yes
CompetitiveNederland, TX,TXGO Rfdg Bds, S12$2,750,000.005/17/2012 Yes
CompetitiveWest St. Paul ISD 197, MNMNGO Sch Bldg Rfdg Bds, S12A$36,510,000.005/17/2012 No
CompetitiveFayette County SD, Fin Corp, KYKYSch Bldg Refdg Rev Bds, S12A$48,255,000.005/17/2012 No
CompetitiveAlbany USD, CACAGO Rfdg Bds, S12 $19,215,000.005/17/2012 No
CompetitiveHarris Co MUD 119, TXTXWW SS Comb UT and Rev Bds, S12$1,690,000.005/17/2012 Yes
CompetitiveMarshfield, MAMABANs, S12 $5,577,000.005/17/2012 No
CompetitiveFall River, MAMAGO St Qlfd Bds, S12$36,005,000.005/17/2012 No
CompetitiveNorfolk County MAMAGO BANs, s12$2,000,000.00  No
NegotiatedCedar Park, TXTXGO Refdg & Imp Bds, S12$31,845,000.00  No
NegotiatedRio Grande City CISD, TXTXUT Refdg Bds, S12$9,180,000.005/21/2012 Yes
CompetitiveNew MexicoNMServance Tax Bds, S12A$70,635,000.00  No
CompetitiveSioux City, IAIAGO Bds, S12A$9,930,000.005/21/2012 No
CompetitiveHarris Co MUD 105, TXTXUT Bds, S12A$4,805,000.005/21/2012 Yes
NegotiatedHouston ISD, TXTXVar Rate LT Rfdg Bds, S12$186,455,000.005/22/2012 No
NegotiatedBrownwood, TXTXComb Tax & Rev CO, S12$10,750,000.005/21/2012 No
NegotiatedHighland Village, TXTXGO Ref Bds, S12$4,685,000.005/22/2012 No
NegotiatedHighland Village, TXTXComb Tax Rev CO, S12$2,740,000.005/22/2021 No
CompetitiveTempleton, MAMABANs, S12$472,505.00  No
NegotiatedNew Shoreham, RIRIGO Bds, S12$7,540,000.00  No
CompetitiveDenver Board of Water CommCOMaster Res Water Rev Bds, S12A$40,330,000.005/22/2012 No
CompetitiveWaukesha Co, WIWIGO Promissory Notes S12$20,000,000.005/22/2012 No
CompetitiveSan Francisco Pub Util, CACAWater Rev Bds, S12 ABC$16,150,000.005/22/2012 No
CompetitiveFort Bend Co MUD 46, TXTXUT Park Bds, S12A$2,195,000.005/22/2012 Yes
CompetitiveIdaho Falls SD #91, IDIDGO Bds, S12A$14,745,000.005/22/2012 No
CompetitiveIdaho Falls SD #91, IDIDGO Bds, S12B$29,000,000.00  No
CompetitiveChula Vista ESD, CACAGO Refdg Bds, S12$20,535,000.005/22/2012 No
CompetitiveNorth Reading, MAMAGO Muni Purp Ln Bds, S12$51,411,000.00  No
CompetitiveTempleton, MAMABANs, S12$500,000.00  No
CompetitiveAmarillo Jr College Dist, TXTXGO Bds, S12$14,305,000.005/22/2012 No
CompetitiveSpencer, MAMASHSLN, S12$700,000.005/22/2015 No
NegotiatedNew York City, NYNYGO Bds, S12H and S12I$800,000,000.005/21/2012 No
NegotiatedAlaska HFCAKGen Mortgage Rev Bds II, S12B $50,000,000.00  No
NegotiatedLittle Elm, TXTXGO Rfdg Bds, S12$7,585,000.005/22/2012 Yes
NegotiatedWest Travis PUA, TXTXGO Rev Bds, S12$48,000,000.005/23/2012 No
CompetitiveGreenfield, MAMAGO BANs S12$3,220,000.005/23/2012 No
CompetitiveOshkosh Area Sch Dist, WIWIGO Sch Bldg Bds, S12$12,995,000.005/23/2012 No
CompetitiveMetro, ORORGO Bds, S12A$140,000,000.005/23/2012 No
CompetitiveMetro, ORORGO Bds, S12B$29,075,000.005/23/2012 No
NegotiatedNavarro CCD, TXTXCons. Fund Rev & Rfdg Bds, S12$22,205,000.005/23/2012 No
CompetitiveSan Luis Obispo, CACACap Impvt Lease Rev Refdg Bds, S12$5,180,000.005/24/2012 No
CompetitiveNorth Sanpete SD BOE, UTUTGO Sch Bldg Bds, S12$18,000,000.005/24/2012 No

Account Executives

    • Jim Kerley
    • Executive Director
    • james.kerley@firstsw.com
    • 214.953.4010
    • Read Bio
    • Linda Callaway - Gusnowski
    • Senior Vice President
    • linda.callaway@firstsw.com
    • 512.481.2041
    • Read Bio
    • Janie Landherr
    • Senior Vice President
    • janie.landherr@firstsw.com
    • 713.654.8629
    • Read Bio
    • Kent Snodgrass
    • Senior Vice President
    • kent.snodgrass@firstsw.com
    • 817.348.5868
    • Read Bio
    • Doug Waddill
    • Senior Vice President
    • doug.waddill@firstsw.com
    • 713.654.8626
    • Read Bio
    • Jake Edwards
    • Vice President
    • jake.edwards@firstsw.com
    • 214.953.8795
    • Read Bio

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  • Carl Giles
  • Managing Director
  • Capital Markets
  • 214.953.4000
  • Read Bio
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