Municipal Guaranteed Investment Contracts 

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Put bond proceeds to work with RGA’s municipal guaranteed investment contracts (Muni-GICs).

Municipal issuers face a familiar challenge: how to make bond proceeds work harder while maintaining compliance, predictability, and control. RGA’s Municipal Guaranteed Investment Contracts (Muni-GICs) are structured to provide a fixed rate of return that is priced competitively across the term spectrum with a highly rated provider.

 

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What is a muni-GIC? 

A muni-GIC is a funding agreement that allows municipalities to reinvest proceeds from bond issuances into secure, fixed-return instruments. These contracts are designed to match the liability profile of the project.

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What can a muni-GIC achieve? 

  • Reinvestment of idle capital - Deploy debt service and capitalized interest funds into income-generating agreements
  • Predictable cash flow - Deliver a fixed rate of return in an amortizing or bullet structure
  • No reinvestment rate risk 
  • No market price risk 
  • Provide a perfect asset/liability match 
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Why RGA?

RGA offers a differentiated model built on financial strength, institutional credibility, and execution discipline.

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Financial Strength

  • AA- (S&P) and A1 (Moody’s) ratings
  • $89 billion portfolio, 87% managed internally
  • 95% of fixed maturity securities rated investment grade

Institutional Experience

  • 12 years in stable value markets
  • $15 billion in synthetic GICs
  • $2.7 billion in funding agreement-backed notes
  • $4 billion in pension risk transfer solutions

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Dedicated Team

  • Based in Louisville, KY
  • Dedicated team with experience in the municipal reinvestment market 
  • Kutak Rock engaged as outside counsel to facilitate a seamless closing process 

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Steven Curry

Stephen Curry

Senior Analyst
Stable Value Operations
Americas Institutional Markets

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