The second panel, titled "The Role of FRNs in Municipal Debt Programs," allowed issuers in the market to offer their own perspectives on the trend. John Puig, RBC Capital Markets' Managing Director, Municipal Finance, moderated the panel, which included:
- Nikolaus Grieshaber, Chief Financial Officer, Pennsylvania Turnpike
- Carol Kostik, Deputy Comptroller for Public Finance, Office of the New York City Comptroller
- Katherine McManus, Deputy General Counsel Finance, New York Metropolitan Transportation Authority
- Donna Manuelli, Chief Financial Officer, New Jersey Turnpike Authority
The issuer panelists discussed how the municipal market has matured to such a degree that there is now a much larger investor base than there was previously and, as a result, the pricing in the market has become a lot more efficient, allowing issuers to gain floating rate exposure at a cost-effective price.
RBC's Municipal Markets group has underwritten more than $4 billion in FRNs since 2012 and is ranked as the top issuer of the debt for both 2012 and 2013.
About RBC Capital Markets' Municipal Markets Group RBC Capital Markets' municipal markets group employs more than 345 people in 26 cities, and in 2012 ranked fifth for senior managed negotiated transactions by Thomson Reuters. The group provides products and services annually to hundreds of municipal issuers across a broad range of sectors, including: healthcare, higher education, housing, K-12 education, public power, special districts, student loans and transportation. The firm is one of the country's most active underwriters of municipal bonds in terms of total number of senior managed issues, underwriting hundreds of issues annually. For more information, please visit www.rbccm.com/municipalfinance.About RBC Capital Markets RBC Capital Markets is the corporate and investment banking arm of the Royal Bank of Canada, the 4th largest bank in North America by market capitalization. RBC Capital Markets is a premier investment bank that provides a focused set of products, services and expertise to corporations, institutional investors and governments around the world. With over 6,500 professionals in 15 countries, we deliver our products and services to clients in over 100 countries through operations across North America, Europe and the Asia-Pacific region. For more information, please visit www.rbccm.com. SOURCE RBC