Public Finance

BANKING

Public Finance

Municipal Securities Banking and Advisory Services

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Our Capabilities

Public Finance isn't just about balancing budgets — it's about building futures. Our team works alongside our municipal partners to create sustainable financial strategies that empower communities to grow and thrive.

We provide municipal securities banking services to issuers of tax-exempt and taxable municipal securities across sectors in the municipal securities industry. Working in conjunction with our municipal bond department, the firm executes both negotiated and competitive sales' municipal underwritings for Issuers located across the United States.

Our combination of resources, expertise, relationships, and services is powerful, unique, and highly focused to bring strong pricing results and flawless transaction execution to municipal issuers across the country. Whatever your public project goals may be, we provide innovative financing ideas, abundant capital strength, exceptional investor access spanning across all asset classes, and strong pricing execution no matter the market environment.

Our Network icon

Our Network

Positioned within the fixed income division of a larger financial services institution, you benefit from access to powerful resources and expertise alongside the customer attention, services, and delivery that only a regional firm with local understanding can provide. As a division of First Horizon Bank and as a Municipal Securities Department, we do not hesitate to put our capital behind every underwriting in which we participate. Even after an initial bank sale, we provide valuable liquidity to your investors in the secondary market, establishing the pricing integrity for your bonds.
Our Scale icon

Our Scale

No matter size, frequency of transaction activity, or unique nature of a financing, our large team and complementary sales force has the capabilities, expertise and access to investors to fulfill the financing objectives of any Issuer in need of raising capital in the municipal securities marketplace.
Our Relationships icon

Our Relationships

We leverage our strong relationships with Regional Insurance companies, Separately Managed Accounts (SMA), Bank Trust Departments, and our unparalleled national Depository Distribution System, among other participating asset classes to reach a wider range of potential clients per issue, regardless of if the client has bought tax-exempt general market municipal bonds along with the distribution to reach Tier II, and IV accounts that have limited coverage by any of our competitors.
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Analytics & Insights

We are supported by a municipal credit analytics and economics team that provides valuable insight and advocacy to investors to encourage their participation in your transaction in any market environment. Our Municipal Analytics & Insights, and Economics team led by Chief Economist Chris Low, is recognized for its analysis and economic views – important in the more volatile financial markets Issuers engage in today.

Who We Serve

We're committed to making a meaningful impact in local communities. With the right tools and expertise to bring your bond sale to market, we proudly work with a variety of public entities.

Municipalities

Municipalities

Counties

Counties

State Agencies

State Agencies

School Districts

School Districts

Utilities Providers

Utilities Providers

Higher Education Institutions

Higher Education Institutions

Healthcare

Healthcare

Housing

Housing

Municipal Project Finance Issuers

Municipal Project Finance Issuers

Who We Serve
20
Public Finance banking professionals
$9.5B+
access to capital as a division of First Horizon Bank
140+
Active Sales Representatives
Top 20
Underwriter* of Competitive and Negotiated Sales
Top 5
Underwriter* of Negotiated Texas K-12 Bond Financings
* In 2025, by number of transactions. As of 12/31/25. Sources: FHN Financial and Bloomberg.

Recent Transactions

Demonstrated expertise across a variety of industries

Conroe, TX ISD

Conroe, TX ISD

$424,525,000
Series 2026 — Senior Manager — January 2026
Allen, TX ISD

Allen, TX ISD

$209,815,000
Series 2025A — Senior Manager — November 2025
Hays, TX CISD

Hays, TX CISD

$460,335,000
Series 2025 — Senior Manager — August 2025
Northwest, TX ISD

Northwest, TX ISD

$783,305,000
Series 2025 — Co-Senior Manager — July 2025
Forney, TX ISD

Forney, TX ISD

$207,515,000
Series 2025 — Senior Manager — July 2025
Denton, TX ISD

Denton, TX ISD

$195,340,000
Series 2025B-1, 2 — Senior Manager — July 2025
Alvin, TX ISD

Alvin, TX ISD

$145,475,000
Series 2025 — Senior Manager — March 2025
Sunnyvale, TX ISD

Sunnyvale, TX ISD

$103,150,000
Series 2025 — Senior Manager — February 2025
Mabank, TX ISD

Mabank, TX ISD

$117,115,000
Series 2024 — Senior Manager — August 2024

Your Community. Our Commitment.

FHN Financial Capital Markets Public Finance department was established in 2012 with the goal to make a difference. We are strongly committed to the municipal securities industry and continue to invest in and grow the firm's involvement with issuers across the country.

Our team consists of a Municipal Products Manager, a national Head of Public Finance, approximately 20 public finance banking professionals, and 10 municipal trading and underwriting professionals who are complemented by over 138 active sales representatives focused on selling municipal securities. We are consistently ranked among the top-20 Municipal Underwriters for Competitive and Negotiated Sales Underwritings.

From healthcare and school districts, state agencies to local governments, and now, project finance, we service a diverse group of sectors that is only expanding. No matter the size of transaction or credit, we have the comprehensive resources and demonstrated expertise to bring your bond sale successfully to the marketplace.

Your Community. Our Commitment.

Our Management Team

Ajay Thomas

Ajay Thomas

Executive Vice President, Head of Public Finance

John Feery

John Feery

Head of Negotiated Municipal Underwriting

Michael Allen

Michael Allen

Executive Vice President, Municipal Products

Gerard Baker

Gerard Baker

Head of Competitive Sales Underwriting

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News & Insights

Stay informed with the latest updates, market insights, and FHN Financial news.

Ajay Thomas in The Bond Buyer
Media Alerts
Ajay Thomas in The Bond Buyer
April 28
FHN Financial Economic Weekly: Friday, April 24, 2026
Commentary
FHN Financial Economic Weekly: Friday, April 24, 2026
April 24
FHN Financial Economic Weekly: Friday, April 17, 2026
Commentary
FHN Financial Economic Weekly: Friday, April 17, 2026
April 17
Jeff Lacker on Shrinking the Fed’s Balance Sheet
Podcast
Jeff Lacker on Shrinking the Fed’s Balance Sheet
April 17
SPECIAL PODCAST: Rachel Ziemba on the Strait of Hormuz
Podcast
SPECIAL PODCAST: Rachel Ziemba on the Strait of Hormuz
April 9
Q1 2026 Quarter in Review
Video
Q1 2026 Quarter in Review
April 7
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