• Structuring of Tax-Exempt and Taxable Transactions
• Rating Agency/Credit Enhancement Services
• Debt Restructuring
• Derivatives
• Defensive and Offensive Creditor Representation
• Balance Sheet Management
• Mergers & Acquisitions


• Insured and uninsured transactions
• Arranging and negotiating letter of credit transactions
• Fee negotiations
• HUD "242" Mortgage Insurance Programs



• Client representation
• Credit presentation development
• Site visit orchestration and implementation



• Structuring advanced and current refunding
• Synthetic refunding
• Capturing negative arbitrage



The objective of these products is to reduce costs and manage interest rate exposure. Plain and simple. PAC has developed derivative programs for clients over the last twenty years that saved millions in interest expense. We also present the structures to rating agencies and bond insurers and offer extensive monitoring and advice on portfolio structure and management. Derivatives enhance fiscal performance and reduce financial exposure to changing market conditions. They serve a useful purpose in every issuer's capital structure.

• Interest rate swaps, basis swaps, and CMS trades
• Forward delivery contracts
• Debt service reserve and debt service float contracts
• Guaranteed Investment Contracts
• Yield enhancement programs and many other structures that improve investment performance
• Independent mark-to-market valuations


• Expertise dealing with real or potential rating downgrades/upgrades