DALLAS – The Texas Public Finance Authority will retain First Southwest Co. and Coastal Securities as financial advisors after taking proposals from six companies.
The TPFA board voted Feb. 11 to retain the two companies that have worked for the agency for several years.
First Southwest has worked with TPFA since 1987, said Jack Addams, head of public finance for Dallas-based FSW.
Austin-based managing director Chris Allen will continue to advise the agency for FSW. First Southwest is the leading financial advisor in the Southwest region and the second-ranked in the nation based on volume behind Public Financial Management Inc.
First Southwest grew dramatically in 2015 with completion of its merger with Southwest Securities under the ownership of Hilltop Holdings. SWS now operates as Hilltop Securities, a name that FSW expects to adopt within the year.
Coastal has been co-FA since 2002, according to Jorge Rodriguez, head of public finance for the Houston-based firm. Rodriguez works in the firm's San Antonio office.
"Coastal has an extensive history of representing TPFA, having assisted TPFA with many significant issues including CPRIT and tax-exempt general obligation offerings," Rodriguez said. "Since 2010, Coastal has structured approximately $ 2 billion in financing for TPFA."
CPRIT is the Cancer Prevention Research Institute of Texas.
The TPFA is one of the state's top issuers of triple-A-rated GO bonds after the Texas Transportation Commission and the Texas Water Development Board. TPFA issues bonds for a broad array of agencies, including schools, higher education and other departments of the state.
As of Aug. 31, 2015, the TPFA had approximately $1.9 billion in outstanding GO bonds, according to Fitch Ratings.
