Public
Finance

We work with large corporate clients around the world to raise capital in the tax-exempt capital markets for exempt facilities that qualify for private activity bonds. In partnership with J.P. Morgan’s Global Banking teams, we originate, structure and execute primary tax-exempt debt offerings for corporations across different industries; these include new bond issuances, remarketing and restructuring existing debt in the capital structure and utilizing curated tax-exempt financing strategies across bond and credit structures. 

J.P. Morgan has developed structured finance energy prepayment transactions for over 25 years, using tailored financial solutions to meet the needs of public utilities and governmental clients. These transactions involve the advance purchase of natural gas or electricity, at a discounted rate, allowing clients to lock in long-term supply and price stability – passing on savings to customers. We bring extensive industry knowledge and coordination to these highly structured transactions, ensuring that clients benefit from optimized economics, counterparty diversification, strategic relationships and even green or sustainable designated financing. 

Our regional banking groups around the country assist local municipalities, counties, special districts, states and other public entities in securing critical funding to support public projects. These teams understand the challenges that our governmental clients face at the local level, and can provide a comprehensive suite of services including credit advisory, capital planning and debt structuring to help them manage their ongoing financial needs. 

We work with the largest and most prestigious healthcare systems across the nation – large multi-state integrated health systems, Catholic healthcare systems, academic medical centers, regional systems, children’s hospitals and small community hospitals. We help these organizations develop financial strategies for complex needs; these include leading capital markets offerings, full capital restructures, advising on the sale of assets, acquisitions and mergers of equal opportunities and inaugural transactions for newly merged entities. We also collaborate with our corporate team on large M&A transactions and joint-venture opportunities as partnerships accelerate in the not-for-profit and for-profit sectors.

We work with public and private colleges and universities across the country to develop bespoke financial strategies and assist in securing funding for capital needs through public and private offerings. We help facilitate short-term borrowing programs, long-term tax-exempt and taxable transactions, and customized financing opportunities for campus infrastructure including public-private partnerships. We also work with a broad range of tax-exempt organizations, including research and educational foundations, primary and secondary schools, cultural institutions and other mission-oriented entities, helping them determine financing strategies to meet their goals and further their reach.

We work with housing finance agencies, social housing providers, community development financial institutions, veterans agencies, developers, investors and other prospective partners in the affordable housing community across the country to help finance single and multifamily housing, workforce and transitional housing. Our financing and banking solutions include custom and market-based products, including securitizations, 501(c)(3) non-profit structures and private placements.

We work with public and private sector clients across all industries to provide structured advisory and financing solutions to facilitate project development and private capital investment in public infrastructure. We serve investment funds, corporations, construction firms and developers, helping them to issue project debt in various public and private markets, including publicly offered bonds, private placements, direct lending products and securitizations. 

We work with municipal-owned electric utilities, public utility districts, joint action agencies, gas utilities and electric cooperatives across the country to finance generation, transmission and distribution projects. In addition to traditional underwriting and direct lending, we offer expertise in strategic advisory, project finance, securitization, energy prepayments, credit and tax analysis, cash flow modeling and leveraging federal programs and tax credits. We also help our clients navigate the complexities of clean energy initiatives and secure funding for renewable and sustainable infrastructure projects.

We are a leader in structuring securitization financings for municipalities, states, and other public sector issuers, helping them to convert predictable revenue streams, such as tax receipts, utility payments, tobacco settlement receipts and other receivables, into marketable securities. We offer a comprehensive suite of services, including structuring, underwriting, trading and distribution, ensuring that each securitization transaction is tailored to the unique financial needs and objectives of the municipal issuer. 

We work with the world’s largest professional sports teams, owners, project sponsors and local governments to provide infrastructure financing for stadiums, arenas and other large entertainment venues. These buildings serve as the home and corporate headquarters for sports franchises, the anchor of largescale mixed-use real estate development projects and an asset to the public more broadly. We partner with J.P. Morgan’s Private Bank, Commercial Bank and Investment Bank to provide comprehensive solutions for our clients.

We work with local, state and federal transportation agencies ono raising capital to fund transportation infrastructure, supporting the construction and operation of mass transit systems, highways and toll roads. This includes leveraging revenue streams generated from transportation assets and tax revenue sources, as well as public-private-partnerships and project financings utilizing debt and equity tools.

We also work with U.S. airports and airlines to finance terminal, airfield, ground transportation and landside projects at airports across the country through the issuance of airport revenue bonds, special facilities bonds and general obligation bonds. This includes airports of all sizes and business models, including global gateways, connecting hubs, O&D airports, dual airport systems, private terminals and several medium and small hub airports. We provide a variety of financing solutions, from underwriting and direct lending, to private placements and credit advisory.   

We work with municipalities, utilities, state revolving funds and private sector clients to support the development and maintenance of critical water infrastructure nationally. We provide access to capital markets, tailored advisory services and innovative financing strategies for a wide range of projects across water supply, wastewater treatment, stormwater management and desalination. We also have significant experience working with borrowers under the Water Infrastructure Finance and Innovation Act (WIFIA) program, both in securing loans and structuring interim financing.