Arbitrage Rebate

Most issuers of tax-free bonds - from the smallest school district to the largest state - know something about arbitrage rebate - that is, they must repay the federal government for any earnings above the average yield paid to investors.

Sounds relatively simple. Unfortunately, the rules that govern the process are highly complex - and highly confusing to many issuers. PFMAM offers issuers the right resources - and the right experience - to secure the best after-tax arbitrage rebate result.

Every year, hundreds of bond issuers seek advice from PFM. Here's why:

An Established Track Record
PFMAM has provided arbitrage rebate services since 1989. Client by client, we've built a sterling reputation for preparing thorough, thoughtful, and concise analyses, and identifying the best after-tax result.

An Industry Leader
Unlike smaller newcomers to the market, PFMAM has the experience that comes from providing arbitrage rebate services for more than 15 years. And, as part of a firm that has advised issuers on thousands of transactions and that manages or provides advisement for billions in assets, PFMAM's Arbitrage Group has access to the substantial resources of an industry leader.

Just the Right Size
While our  Arbitrage Group is part of an industry-leading firm, we're also nimble enough to provide outstanding service. To ensure quality, each calculation is subject to a rigorous review process. To clarify any questions that you may have, our staff and our arbitrage director are available to discuss the results of the analysis delivered to you - one example of the focus on quality that's made us a leader.

A Team Built to Serve
PFMAM's Arbitrage Group of professionals is focused exclusively on the challenges of arbitrage rebate compliance. We know arbitrage. Our director routinely provides training to government financial officers on arbitrage rebate compliance issues. And our analysts have worked with issuers of every size, all across the country.