Schwab connects with Piper Jaffray on muni bonds

Deal expands universe of issues available to Schwab clients via BondSource

Nov 26, 2012 @ 3:36 pm

By Jeff Benjamin

The Charles Schwab Corp. Ticker:(SCHW) is expanding investor access to municipal bonds through a partnership with Piper Jaffray Cos. Ticker:(PJC), a leading muni bond underwriter.

The partnership will enable Schwab's clients to view and place orders for more new muni bond issues on Schwab's BondSource platform.

“Our clients have asked for the ability to participate in regional new-issue municipal bond offerings, and we're thrilled that they'll be able to access a wide variety of specialized, regional deals now through Piper Jaffray,” Schwab senior vice president Peter Crawford said.

The bonds available through Piper Jaffray are expected to complement the new-issue muni bonds already available to Schwab clients through the BondSource platform.

According to Schwab, in the 12-month period through Aug. 31, clients had access to more than 930 new-issue offerings.

Last year, Piper Jaffray, which ranked second nationally in number of senior managed long-term negotiated issues, acted as underwriter or financial adviser on 900 municipal bond transactions with an aggregate par value of $52 billion.

“We are excited to join with Charles Schwab to expand our distribution reach, providing their clients with significant new-issue municipal opportunities and a broad range of secondary fixed-income offerings,” said Brad Winges, head of fixed-income services at Piper Jaffray.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

What's next for adviser consolidation?

After a strong start to M&A activity in 2017, the year stalled in the third quarter. What's ahead? M&A Expert David Devoe explains.

Video Spotlight

Help Clients Be Prepared, Not Surprised

Sponsored by Prudential

Recommended Video

Path to growth

Latest news & opinion

Brace for steepest rate hikes since 2006 in new year

Citigroup, JPMorgan Chase predict average interest rates across advanced economies will climb to at least 1 percent in 2018.

Why private equity wants a piece of the RIA market

Several factors, including consolidation in the independent advice industry and PE's own growing mountain of cash, are fueling the zeal to invest.

Finra bars former UBS rep for private securities transactions

Regulator says Kenneth Tyrrell engaged in undisclosed trades worth $13 million.

Stripped of fat commissions, nontraded REIT sales tank

The "income, diversify and interest rate" pitch was never the main draw for brokers.

Morgan Stanley fires former Congressman Harold Ford for misconduct

Allegations against the wirehouse's former managing director include sexual harassment, which Ford denies.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print