Municipal Finance

Sector Spotlight

Leadership Spotlight

Jefferies’ Muni Boss Built a Powerhouse While Others Scaled Back

Under Kym Arnone, Jefferies is the fourth largest muni underwriter. She’s known as architect of $85 billion tobacco-bond sector.

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Policy

The World Is Pulling Away From America. Japan Is Leaning In

Japan is emerging as a defining investment story of the 2020s, driven by a deepening alliance with the United States, structural corporate reforms, and a $2.3 trillion industrial investment cycle.

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Global Markets

What’s Driving the Canadian Economy?

The International Monetary Fund expects Canada to be the world’s third fastest growing economy in 2024, and that growth is coming from a more diverse mix of industries than ever before.

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Policy

Strong Labor Market Complicates the Case for Fed Rate Cuts

This article is adapted from Weekly Economic & Bond Market Insights by Thomas Simons, CFA, Chief U.S. Economist at Jefferies, and Michael Bacolas. Simons brings two decades of experience analyzing Federal Reserve policy and is a frequent commentator on CNBC and other major financial media outlets.

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Core Coverage & Services

We advise on M&A and debt and equity capital raises. Select focus areas are shown below; a full list is available upon request. Please contact us to discuss your needs.

Financing the Future

The municipal finance market is experiencing a historic inflection driven by federal infrastructure investment, ESG capital flows, aging infrastructure needs, and evolving credit dynamics. From the Inflation Reduction Act to IIJA funding, state and local issuers face unprecedented capital opportunities alongside new operational and financial challenges.

Jefferies combines extensive public finance expertise, deep relationships with issuers and investors, and senior-level engagement to guide municipal and public-purpose clients through transformational infrastructure financing, navigate complex capital structure decisions, and access capital markets efficiently.

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Current Themes
  • Federal Funding: Infrastructure Investment Wave. IIJA, IRA, and CHIPS Act creating largest infrastructure cycle in decades for state and local issuers.
  • ESG Capital: Green Bond Growth. Record demand for ESG-labeled municipal financing driving climate and sustainability investments.
  • Credit Evolution: Fiscal Dynamics. Post-pandemic revenue stabilization and ongoing service delivery challenges reshaping municipal creditworthiness.
All Recent Transactions
  • Healthcare
    Nov-2025
    $2,095,000,000
    Taxable Bonds, Series 2025
    Senior Manager
  • Tobacco Settlements
    Nov-2025
    $273,000,000
    Tender Offer for Tobacco Settlement Bonds, Series 2021A-B
    Sole Dealer Manager
  • Healthcare
    Aug-2025
    $249,000,000
    Obligated Group Revenue Bonds, Series 2025
    Bookrunning Senior Mgr.

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