Specialized Investment Services

At PFMAM, we have an instinct for innovation. PFMAM's Structured Products Group provides clients with highly specialized financing techniques designed to enhance assets, trim borrowing costs and manage risk.

Innovative Options. PFMAM's Structured Products Group helps municipal issuers with:

• Interest rate swaps, caps and collars designed to reduce financing costs.
  
  
• Structuring and procurement of forward-delivery agreements, guaranteed investment contracts, flexible repurchase agreements and asset swaps.
  
  
• Structuring and restructuring advance refunding escrow portfolios for clients.

Steadfast independence. As always, independence constitutes the foundation of the PFMAM approach. PFMAM is not a broker or a dealer, so it's clear to our clients that we act as a completely unbiased advisor. PFMAM has no "soft-dollar" or fee arrangements with providers of interest-rate swaps or derivative products that could compromise our advice.

A Wealth of Resources. PFMAM maintains an abundance of tools to ensure that our structured products clients receive the most informed advice. Our technical resources include:

• In-house quantitative and technical modeling capabilities that enable us to independently model and accurately price complicated derivative products.
  
  
• Bloomberg and Reuters, major on-line market-trading systems that offer active market quotes, real-time on-line pricing, and news from a host of wire services.
  
  
• Subscriptions to economic services, as well as economic and company data from banks, securities dealers, and issuers.
  
  

PFMAM’s Structured Products Group remains active in the derivatives market on a continuous basis. In fact, we typically price several GICs, swaps and refunding escrows each week.