Bond Pricing

  • PFM’s Pricing Group is a group of dedicated professionals whose mission is to provide clients with superior execution and achieve the lowest possible cost of financing for them, given current market conditions and structural objectives.  PFM is among the most active participants in the municipal market.  As a result, our Pricing Group possesses extensive expertise and experience in both competitive and negotiated sales matched only by the largest underwriting firms. We offer each client the benefits of superior levels of pricing participation, preparation, strategy and advocacy.

    We use our deep experience in the marketplace to provide a broad range of services and tools that help our clients receive fair pricing for their bonds and credit enhancement. The benefits that PFM brings to every bond transaction engagement include:

    • Pricing Group dedicated to primary market pricing
    • Constant access to market information and trends
    • Ability to leverage PFM’s firm-wide knowledge for our clients’ benefit
    • A deep understanding of the internal workings of the underwriting process at the investment banks
    • Access to all widely used industry market services and data
    • A comprehensive understanding of different types of securities and the benefits/risks associated with each
    • An extensive store of knowledge of credit in general and our clients’ credit needs in particular
    • Our quantitatively-supported and rigorous understanding of coupon structures, call option valuation and spread relationship
      • Call Option Valuation Model
      • Deep Discount Bond Pricing Analysis
      • Insurance Valuation Model
      • Refunding Screen with Option Valuation
      • Defeasance/Tender Optimization Model

    PFM takes a rigorous and quantitative approach to pricing an issuer’s bonds. The special attention we give to every transaction, coupled with our leadership in the municipal finance industry nationwide and our reputation for independence, make us an excellent choice to best represent issuers.

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