Compliance-focused
Governing documents, permitted investments, and federal tax considerations inform the process. SEC/MSRB codes of conduct, rules, and procedures provide the framework.
BOND-PROCEEDS REINVESTMENT ADVISORY
Independent guidance for
bond-proceeds reinvestment.
mGIC helps bond issuers structure and execute reinvestment strategies designed around safety, liquidity, competitive yield, and compliance.
- $60B+
- proceeds invested & swaps executed
- 1,000+
- transactions
- 40+
- states represented
- Since 2002
- reinvestment focus
Representative transactions include
BOND-PROCEEDS REINVESTMENT
A disciplined reinvestment path from
bond closing to project use.
A successful financing does not end when proceeds are raised. Those funds must be reinvested until they are needed for construction, reserves, or other authorized purposes.
mGIC methodically reviews permitted reinvestment alternatives, projected cash needs, market conditions, and transaction requirements. The result is a strategy that supports compliance, preserves principal, maintains liquidity, and captures a competitive market yield.
First, we identify and rank all available alternatives. Then, to maximize yield, we competitively bid the option deemed most appropriate. Issuer is never left wondering, “Did we do the best we could?”
How mGIC supports reinvestment →FOUR PRINCIPLES. ONE INTEGRATED PROCESS.
Structured for confidence.
Safety first
Provider, credit, and collateral parameters are designed to protect principal within the issuer’s definitions and legal framework.
Liquidity aligned
Investment terms follow the project’s spending schedule, so authorized funds can be withdrawn at par when needed.
Competitively bid
Qualified providers compete in a disciplined process that makes rates and terms transparent.
COMPLIANCE DOCUMENTATION
A complete record of the transaction.
At the close of each transaction, mGIC delivers a comprehensive transaction file reviewed by a nationally recognized compliance agent. The file organizes the transaction documents to support a municipal advisor’s record-keeping and compliance duties. Core themes focus on U.S. Treasury arbitrage regulations, MSRB Rule G-42, and SEC rules on client protection and transparency.
REPRESENTATIVE REINVESTMENT TRANSACTIONS
Proven reinvestment experience
across complex public financings.
Transportation
Pocahontas Parkway (Route 895), VA
Richmond Airport Connector
Chesterfield County, Virginia
Public Power
Grand River Dam
120 MW hydroelectric project
Langley, Oklahoma
Aviation
DHL Air Cargo Headquarters
900,000 SF air cargo facility
Cincinnati / Northern Kentucky
Aviation
Miami Air Cargo, MIA
500,000 SF Eastern “U” air cargo facility
Miami International Airport, Dade County, Florida
Higher Education
Cardinal Stadium
Multi-purpose university stadium
Louisville, Kentucky
THE mGIC PROCESS
From requirements
to settlement.
Compliance is not a final checkbox. It informs each stage of the reinvestment process.
01
Discover
Bond documents, permitted investments, cash flows, and requirements.
02
Evaluate
Eligible structures assessed and ranked according to safety, liquidity, and yield.
03
Structure
Clear terms and protections laid out in competitive bid specifications for review.
04
Compete
Qualified providers invited and bids evaluated transparently.
05
Close
Award, documentation, and settlement coordinated with the financing team.
06
Compliance
Clients and their advisors receive a comprehensive transaction file supportive of regulatory requirements and record-keeping responsibilities.
REINVESTMENT PRODUCTS & SERVICES
State-of-the-art designs offer fixed yield
with maximum security and liquidity.
REINVESTMENT PRODUCTS
Built around each issuer’s requirements.
Guaranteed Investment Contracts
Customized fixed-rate investment agreements that match authorized withdrawals and issuer requirements.
Learn more →Full-Flex Repurchase Agreements
Collateralized structures combining defined protections with authorized at-par liquidity.
Learn more →Structured Treasury Portfolios
U.S. Treasury portfolios with maturities aligned to anticipated project expenditures and liquidity needs.
Learn more →REINVESTMENT SERVICES
Independent guidance from evaluation through execution.
Evaluation of Alternatives
Potential investment formats are evaluated and ranked by safety, liquidity, and yield. Final recommendations follow MSRB and SEC rules that protect the client’s best interests and transparency.
Learn more →Bidding Agent
Bid specifications, provider outreach, competitive bidding, and award. Introductions between the working group and provider’s counsel, and the initial exchange of GIC documents.
Learn more →Transaction Processing & Settlement
Oversee the development and finalization of GIC documents. Schedule the closing date and guide the transaction to settlement two to three weeks after the bid.
Learn more →INDICATIVE RATES · November 4, 2026
Today's bond proceeds investment rates.
Indicative levels for project and reserve funds. Executable rates are set by competitive bid.
See the full rate sheet| Term/Avg Life | U.S. Treasury | Repo | Uncollateralized | UST/MMF*Blend |
|---|---|---|---|---|
| 6 months | 4.25% | 3.84% | 4.27% | 4.06% |
| 1 year | 4.39% | 4.08% | 4.52% | 4.17% |
| 2 years | 4.58% | 4.18% | 4.68% | 4.32% |
* UST/MMF: 80% U.S. Treasuries, 20% money market fund. Indicative only. Not an offer or commitment. Details and disclaimer
FEATURED INSIGHT
PROJECT FINANCE: Reinvestment that can strengthen the financing itself.
In a project financing, bond proceeds do more than wait to be spent. In revenue-backed, “closed system” financings, such as housing revenue bonds, state water revolving funds, and other project financings, a qualifying GIC’s fixed earnings may be counted alongside project revenue under applicable rating criteria. That can strengthen projected debt-service coverage or support a larger bond issue, while proceeds stay available at par for construction draws.
Read the guide: Leveraging GICs to Drive Superior Project‑Finance Economics ↗START THE CONVERSATION
Planning a bond issue or
reviewing existing proceeds?
Speak with mGIC about a compliance-focused reinvestment strategy tailored to your financing, cash-flow needs, and permitted investments.
Representative transactions include
