Arbitrage Rebate Consulting

We understand that ongoing compliance with federal tax law is integral to tax-advantaged financing programs. The ideal compliance approach goes beyond simply achieving “compliance". Our professionals believe that an effective compliance approach can minimize costs by reducing liabilities and the financial and resource-driven burdens associated with managing audits or information requests initiated by the IRS. By proactively addressing arbitrage and tax compliance with our team, our clients can focus precious time and resources on their day-to-day operations.

We regularly discuss tax issues with prominent public finance law firms. Our clients are not limited to tax advice from simply one firm. Instead, we review with them and their counsel how other firms treat a given complex tax issue and provide independent advice on the benefits and risks of any given approach.

Client by client, we have built a distinguished reputation for preparing thorough and thoughtful analyses with the goal of identifying the best after-tax result. We aim to implement the most beneficial rebate minimization strategy, no matter how complicated and involved it may be. As a firm, we have found that the greatest reward is passing along the largest possible savings to our clients.

We provide refunding and defeasance escrow verification solutions through Bond Resource Partners, LP, a wholly-owned subsidiary of PFM Asset Management. We also offer a full range of arbitrage rebate compliance and related solutions including:

  • Arbitrage Rebate and Yield Restriction Compliance Reports
  • Refunding and Defeasance Escrow Analysis and Verification Reports
  • Pre-Issuance Planning and Consulting
  • Post-Issuance Compliance Consulting including IRS Audit Assistance


Featured Article

Arbitrage Rebate Basics

The arbitrage rebate rules are complex and can be cumbersome. This summary is meant to provide the basics that all issuers should be familiar with and understand. Consult your financial advisor, bond counsel or arbitrage rebate consultant for more information.

Why work with PFMAM?

With more than 40 years of experience, we serve public sector, non-profit and other institutional clients. We combine national perspective with local connection to build tailored, flexible investment solutions across fixed income and multi-asset class strategies. Our focus is on liquidity management, investment-grade fixed income and outsourced chief investment officer (OCIO) solutions. We look forward to working with you to develop bespoke solutions to your specific needs.