Our Transportation Finance Group strives to help our clients build modern transportation infrastructure that better connects businesses, communities and people. We provide a complete range of financing solutions to airports, ports, and surface transportation clients across the country. Transportation issuers require specialized banking knowledge and expertise, and our transportation bankers are among the most experienced and recognized leaders in the industry. Our approach has client focus as its main driver and together with our locally-based bankers, we provide enhanced expertise and value-added service to our clients.

Areas of Expertise

Our Transportation team has been on the cutting edge of structuring and marketing a wide variety of transportation revenue bonds, including 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.

The RBC Capital Market’s Transportation team has experience with transportation bonds backed by a wide variety of revenue sources.

  • General Revenue Bonds (GARBs)
  • Customer Facility Charge (CFC)
  • Passenger Facility Charge (PFC)
  • Fuel Revenues
  • Motor Vehicle Fuel Tax
  • Other Excise Taxes and Fees
  • State Appropriations
  • General Obligation
 Toll Facilities
  • Toll Revenues
  • Availability Payments
  • Private Activity Bonds
  • Specialized Loans
 Mass Transit
  • Sales Tax
  • Grant Anticipation Notes
  • Farebox
  • Section 5307/5309
  • Seaport Revenues
  • Tax Subsidies

Since 2012, our Transportation Finance Group has senior managed or joint senior managed over 140 negotiated transactions totaling more than $36 billion of principal amount for 85+ unique clients.

Notable Transactions

Our Team

Andrew Mendelson

Managing Director & Sector Co-Head
New York


Andrew Mendelson is a Director in the Municipal Finance Group at RBC Capital Markets and is Co-Head of Municipal Transportation Finance. He specializes in project finance with expertise and experience including:

  • P3 transportation financings for both greenfield and brownfield projects representing both the private and public sectors as financial advisor and financer (tax-exempt, private-activity, and taxable bonds; bank facilities);
  • Tax-exempt and taxable municipal banking for transportation and large governmental issuers; specializing in user fee (toll road and mass transit), transportation revenue (sales tax, gas tax) and P3 (demand risk and availability payment) financings; and
  • Particular expertise with Federal programs such as TIFIA.

Public-Private Partnership Experience

Selection of Senior Managed Underwriting, Financing, and Advisory Mandates

  • LAX Automated People Mover
  • LAX Consolidated Rental Car Facility
  • Maryland Purple Line Light Rail
  • Port Newark Container Terminal TIFIA Loan
  • Colorado Central 70
  • Georgia I-285 & SR 400 Reconstruction
  • Florida I-4 Ultimate Express Lanes
  • Pennsylvania Rapid Bridge Replacement
  • Ohio Portsmouth Bypass
  • Goethals Bridge Replacement
  • Indiana East End Crossing / Ohio River Bridges
  • Virginia I-95 Express Lanes
  • Northwest Parkway, Denver, CO
  • Missouri DOT Safe & Sound Bridge Program
  • Tampa East-West Road
  • Indiana Toll Road

Municipal Finance

Selection of Senior Managed Underwriting, Financing, and Advisory Mandates

  • Metropolitan Washington Airports Authority
  • Texas Department of Transportation
  • Pennsylvania Turnpike
  • New Jersey Turnpike
  • Illinois Tollway
  • New York State Thruway
  • Miami-Dade Expressway
  • New Jersey Transportation Trust Fund
  • Connecticut Special Tax Obligation Infrastructure
  • Puerto Rico Highways / Infrastructure Financing Authority GO-Backstop Dedicated Tax Fund BANs
  • Puerto Rico General Obligation Bonds
  • St. Louis Metro
  • Clark County, Nevada Highways
  • Tampa International Airport
  • North Texas Tollway Authority

Andrew focuses on complex debt strategies and financial structuring / engineering for transportation infrastructure projects nationwide. He has led the development and structuring of multiple new indentures for large bonding programs and worked through rating agency and investor education processes for the related new credits.

Andrew holds an A.B. in Economics (Suma Cum Laude/Phi Beta Kappa) and a B.S. in Systems Science and Engineering (Magna Cum Laude/Tau Beta Pi), both from Washington University in St. Louis, as well as a MBA with specializations in Finance and Management (Stern Scholar/Beta Gamma Sigma) from New York University Stern School of Business.

Tom Yang

Managing Director & Sector Co-Head