Utilities
Raymond James is an active underwriter of utility bonds, both on a negotiated basis and at competitive sale. In fact, we were involved in the first-ever bond issue by a public utility for the prepayment of electricity. This $1.5 billion bond issue was executed by the city of Memphis to purchase electricity over a 15-year period at a discount from Tennessee Valley Authority, the city’s sole supplier.
In 2014, Raymond James ranked as the nation’s sixth leading underwriter of water/sewer/gas transactions senior managing 93 issues with a total par amount of $1.8 billion, and over the last two years, the firm has ranked ninth in the nation in senior managed public power issues.
Other utility clients include:
- New York City Municipal Water Finance Authority
- Nashville Electric System (Tennessee)
- North Dakota Rural Water Finance Authority
- Wisconsin Rural Water Construction Loan Program Commission
- North Carolina Eastern Municipal Power Agency
- Shreveport, Louisiana
- Water Works Board of Birmingham, Alabama
- Mississippi Development Bank
- Kentucky Rural Water Finance Corporation
Rankings compiled by Thomson Reuters