US Municipal Finance

Our K-12 School District Finance group is one of the leading bond underwriters as well as one of the top municipal advisors to school districts nationwide, with primary and secondary education finance as a core municipal practice. We provide reliable underwriting and high-quality advisory services to our school district clients to assist them in obtaining critical funding through the issuance of general obligation bonds, certificates of participation, bond/tax/revenue anticipation notes, and interim lease financings.

Our Higher Education Finance group is one of RBCCM's central specialty banking practices and we are proud of the diverse group of over 200 public and private higher education clients we serve. Our core capabilities include debt capital markets, corporate banking and derivatives capabilities, as well as asset monetization and M&A advisory services. Additionally, our team has been instrumental in developing the privatized student housing financing model currently being used throughout the industry and has a market-leading P3 practice.

Our Not-for Profit Healthcare group is a full-spectrum platform, serving clients ranging from multi-billion dollar multistate and international organizations to smaller community-based providers. The team’s expertise spans debt capital markets, strategic advisory, the provision of credit via RBC’s balance sheet, as well as underwriting and distribution services.

Our Housing group provides a comprehensive suite of debt, credit and equity products, providing a range of housing finance solutions to meet the needs of housing finance agencies, investors and the affordable housing community. Our group is a key specialty sector within our Municipal Markets platform and serves as senior, co-manager, or financial advisor to over 30 state Housing Finance Agencies (HFA) and numerous local HFAs. In addition, we work with many public housing authorities and affordable housing developers nationwide and have one of the largest dedicated teams of full-time municipal finance bankers covering single and multifamily housing.

Our Public Power & Utilities group works nationally with municipal and investor-owned electric utilities, water and sewer utilities, State Revolving Funds, gas utilities, electric cooperatives, and renewable energy project finance developers. We provide our clients with an array of products and services including bond underwriting, prepaid gas solutions, buyout options from Rural Utilities Services (RUS) debt, rate payer models, securitization, interest rate and commodities risk management, municipal utility strategic advisory services, and sustainability bonds. We also assist clients in establishing pooled financing structures to better meet their capital needs. Further, we work in combination with RBCCM’s renewable energy tax credit team to provide expertise in both monetizing US federal tax credits and accessing tax-exempt debt under the Inflation Reduction Act. We also work with clients at the state and local government levels to leverage federal programs and dollars for renewable and other environmental projects.

RBCCM has one of the most active real estate development & redevelopment banking practices in the country. Our Special Districts group bankers have experience with many different forms of development, including master planned communities; mixed use commercial office, residential, and industrial developments. We have provided infrastructure financing for clients on a vast array of projects with complex revenue streams. We strive to provide unique and creative solutions to fit our clients’ infrastructure needs.

Our Student Loan group collaborates with a broad range of student loan organizations to design and execute interim and permanent financing solutions in support of their student loan and refinancing loan programs. Our areas of expertise include loan program design and modification, debt structuring and restructuring, tender offers, loan portfolio and enterprise valuations, balance sheet lending, letters of credit and liquidity facilities, interest rate protection agreements, and strategic advisory services.

Our Transportation group has been on the cutting edge of structuring and marketing a wide variety of transportation revenue bonds as well as structuring complex project finance transactions. Our team’s services include developing innovative financing structures, sophisticated cash flow financial models, and working with the rating agencies, investors, financial advisors, banks, legal counsels, bond insurers, and other stakeholders to devise advantageous financing solutions for the benefit of the clients we serve. With expertise in both general transportation (airport, seaport, mass transit, toll roads / bridges and departments of transportation) and public-private partnerships (P3), our clients span from state and local transportation authorities to global P3 developers and investors.

Our General Governmental group consists of bankers and quantitative professionals located in regional offices from coast-to-coast, who are tasked with providing high-quality financial services to their local municipalities and issuing authorities on traditional municipal finance projects. General governmental bond issues are traditionally secured by either ad valorem tax revenues (general obligation bonds) or by an issuer’s General Fund non-ad valorem tax revenues and can come in a multitude of shapes and sizes, which we can fit to meet the specific needs of our clients.