HilltopSecurities’ Client Wins The Bond Buyer’s Innovative Financing Deal of the Year for DFW International Airport Taxable Joint Revenue Refunding Bonds

Dallas, December 4, 2019 – The Bond Buyer recently awarded HilltopSecurities’ Public Finance client, the DFW International Airport (the Airport), with the 2019 Innovative Financing Deal of the Year.

The award is for DFW International Airport’s Joint Revenue Refunding Bonds, Taxable Series 2019A. HilltopSecurities served as co-financial advisor, alongside Estrada Hinojosa, for the $1.2 billion issuance of taxable bonds, which refunded a portion of the Airport’s outstanding Alternative Minimum Tax (AMT) obligations.

In 2018, the Airport decided to discontinue the use of AMT bonds and use taxable bonds for new projects and refundings. Through the use of taxable debt, the Airport was able to expand its investor base to the larger global taxable corporate market and reduce the risk of selling to the smaller AMT market, which is estimated to see $60 billion of new money AMT debt issued by large hub U.S. airports in the next 5-7 years.1

The deal marked the inaugural issuance of DFW’s taxable plan of finance and included a comprehensive global marketing plan, resulting in the largest taxable airport deal to date with international investor orders totaling 39 percent of the deal size. The innovative nature of the deal is expected to influence the reception and strategy of future airport transactions by:

  • Generating future international taxable paper demand for U.S.-based infrastructure and municipal issuers
  • Generating future U.S. domestic demand for taxable airport paper
  • Influencing other U.S. airports to consider issuing taxable bonds instead of AMT bonds
  • Encouraging other U.S. airports to adopt the environmental, social, and governance (ESG) format

The Bond Buyer selected its 2019 Deal of the Year finalists based on “creativity, the ability to pull a complex transaction together under challenging conditions, the ability to serve as a model for other financings, and the public purpose for which a deal’s proceeds were used,” according to the publication.

Visit The Bond Buyer for more information on the deal.

View a complete list of HilltopSecurities’ award-winning deals.

About Hilltop Securities Inc.

Hilltop Securities Inc., a member of NYSE, FINRA and SIPC, delivers the forthright advice and tailored solutions necessary for municipal issuers, institutions, broker-dealers and individuals to thrive. The financial services firm and registered investment adviser is headquartered in Dallas, Texas, with offices across the United States. HilltopSecurities’ Public Finance department ranked as the No. 1 financial advisor in the nation for 2015 and for the five-year period ending December 31, 2015, based on total number of issues. The firm also ranked as the No. 2 financial advisor in the nation for 2015 based on total par volume.* The firm’s other areas of focus include municipal and taxable fixed income underwriting, sales and trading; equity and portfolio trading; retail brokerage services; securities clearing; structured finance; corporate finance; and securities lending. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Hilltop Securities Independent Network Inc., PlainsCapital Bank, PrimeLending and National Lloyds Corporation.


1Terminally Challenged: Addressing the Infrastructure Funding Shortfall of America’s Airports. ACI Airports Council. March 2019


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