HilltopSecurities 2018 National Public Finance Year in Review

PUBLIC

FINANCE

NATIONAL YEAR IN REVIEW MUNICIPAL FIN ANCE

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ADVANCING RELATIONSHIPS TRUSTED

PUBLIC

FINANCE

Foreword Two themes dominated financial headlines in 2018: economic growth and interest rates.

What’s interesting is how context and time can change the conversation around these themes.

As we roll into 2019, both economic growth and interest rates are at a turning point.

Economic growth was substantial in 2018 with one of the most robust expansionary periods in recent U.S. history, though sentiment around the general economy seems to have turned quickly.

Will this year see the end of this expansionary period? Will it see the start of a recession?

2019 interest rate expectations changed dramatically in the last months of 2018. Experts predicted additional increases in the federal funds rate, but now forecast none. Some experts think we may even see rates decline in 2019.

In 2018, the municipal market saw the lowest issuance volume since 2013. The dominant cause of this drop was the elimination of advance refundings, which have not been this low since 2002, and we expect 2019’s volume to follow suit. However, 2020 and beyond should see growth as a significant number of deals become refundable. Last year was a solid year for bond elections once again, and with long-term interest rates still very low, new money issuance should be strong.

This year is stacking up to be full of possibilities and challenges for municipal issuers, and we take great pride in being able to help advance communities across the nation. Yet, to understand the year ahead of us, it’s important to look at the one that came before. We have compiled this Municipal Finance Year in Review to help you do just that, and we hope you find it useful.

David Medanich Head of Public Finance

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ADVANCING PURPOSE IN

PUBLIC FINANCE HilltopSecurities helps communities meet their boldest financing needs.

How? By putting 70 years of experience to work. By distilling the shared knowledge of a top-ranking municipal advisory practice. And by

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TA BLE OF CONTENTS

1 Foreword 3

Market Insights

6

2018 at a Glance

9

Arbitrage Rebate

10

Structured Finance

11

Continuing Disclosure

12

Municipal Cash Management

leveraging the insight of a national network of financial professionals to give you timely market solutions.

We like to think of ourselves as facilitators of bold visions. And we’re honored to work with those who move our society forward.

MARKET

INSIGHTS THE 2018 YIELD CURV E

Below is a chart showing daily treasury rates in December 2018. The latter half of the month shows an inversion of the

Since June 2009, the U.S. has enjoyed the second longest

yield curve as the five-year yield drops below the six-month

period of expansion on record, benefitting from steady

and one-year yields.

growth in a bull market. Despite the good times, experts warn a recession is imminent. Although headlining economic

DA I LY T R E A S U RY Y I E L D S

numbers like unemployment, GDP growth, and stock market

12/1/18 - 12/31/18

returns have been relatively strong, several factors signal the

3.00

risk of contraction in the near future.

2.90

The yield curve is essentially the difference between longand short-term interest rates on U.S. government bonds.

2.80 Yield (%)

Historically, an inverted yield curve (when short-term yields move higher than long-term yields) has been a very

2.70

2.60

reliable predictor of recessions and is closely monitored by policymakers. The yield curve is a leading indicator

2.50

of the business cycle, and the delay between an inversion

2.40

of the curve and the beginning of a recession has ranged from six to 24 months. The inversion of the yield curve

6 Month Yield

has correctly signaled all nine recessions since 1955 and

1 Year Yield

5 Year Yield

7 Year Yield

10 Yr Yield

Source: www.treasury.gov & Thomson Reuters

has had only one false positive in the mid-1960s, when an

There are plenty of reasons to be confident in the current

inversion of the curve preceded an economic slowdown

U.S. economy: unemployment is low, inflation is under

but not an official recession.

control, and growth is strong. However, there is also a key

While historical circumstances differed for each recession,

indicator signaling that we’re nearing an end-of-cycle

the patterns of past yield curve inversions are remarkably

environment. Along with the yield curve flattening and

similar. A pronounced increase in short-term interest rates

inverting in places, trade wars, geopolitical issues, and

(which are essentially controlled by the Federal Reserve,

government debt threaten to shock the system and could

or “the Fed�) generally drives the tightening of the curve.

lead to an economic downturn.

Long-term rates typically move much more gradually whether they increase or decrease. Long-term rates also reflect expectations of future economic conditions. While they increase with short-term rates in the early part of an expansion phase, they tend to stop when investors become pessimistic or fearful that a recession is nearing.

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MARKET

INSIGHTS LIBOR TR A NSITION TO SOFR

SOFR tracks closely with the effective fed funds rate and reasonably well with 1- and 3-month LIBOR. SOFR trades

The widely used London Interbank Offered Rate (LIBOR) will

below LIBOR because it is an overnight rate and represents

be discontinued in 2021 and replaced with a new benchmark,

collateralized transactions.

expected to be the Secured Overnight Financing Rate (SOFR) for U.S. dollar transactions. In 2018, we saw what appeared to be significant steps in the transition to SOFR: the New York Federal Reserve began publishing daily rates, the International Swaps and Derivatives Association (ISDA) published its SOFR definition, and market participants began trading in bilateral, uncleared OIS that reference SOFR. The market-wide transition from LIBOR to SOFR will affect issuers in both their existing LIBOR-based debt (bonds, loans) and LIBOR-based derivative contracts (swaps, caps). In addition, if LIBOR is a component of any existing or anticipated debt that extends past 2021, swaps, or both,

CONSIDER ATIONS FOR

there is risk exposure connected with the transition to SOFR. There are significant differences between SOFR and

EXISTING AGR EEMENTS

LIBOR which issuers will need to consider when preparing

Issuers may consider taking pre-emptive steps now to begin

for the transition.

addressing the effects of the pending transition on existing agreements. Steps and considerations may include:

DIFFER ENCES BETW EEN

•

LIBOR AND SOFR LIBOR

language

SOFR

Based on banks’

Based on actual U.S.

expectation of unsecured

Treasury repo (secured)

borrowing costs

transactions

Trades approximately $500

Trades approximately

million daily

$1.02 trillion daily

Maturity ranges from 1 day to 1

Overnight only

•

Consider the adjustments necessary to compensate for receiving a lower floating rate

•

Consider bilateral negotiation with counterparties and creditors to identify an economically neutral result under the new standardized method

•

Consider tax and accounting implications, such as potential triggers for reissuance of debt and hedge effectiveness 1

year. 3-month is most common

1

Review LIBOR references and potential replacement

Please consult with your legal and tax professional(s).

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MODIFICATIONS OF

Hilltop Securities Inc. (HTS), is a registered broker-dealer

E X I S T I N G S WA P AG R E E M E N T S

and registered investment adviser that does not provide tax or legal advice. The material, views, forecasts, figures, opinions

An issuer or borrower may determine that it is in its

and/or investment techniques and strategies discussed or

best interest to proactively eliminate or reduce “LIBOR

expressed are those of the authors(s) and are their own and

index” risk by modifying agreements prior to any LIBOR

not reflective or representative of HTS, its management,

discontinuation event. Several index alternatives exist,

employees, representatives and/or its affiliates and are for

including SIFMA and fed funds, with each strategy

informational and educational purposes only, as of the date of

carrying its own benefits and considerations.

•

presentation and are subject to change at any time based on

SIFMA Index Conversion: Issuers can modify

market or other conditions and may not come to pass. While

existing swap agreements with an index conversion

we believe the information in this document is reliable, HTS

to SIFMA in order to mitigate LIBOR discontinuation

cannot guarantee its accuracy. The information provided

risk in the future. SIFMA has a high correlation with

does not take into account the specific objectives, financial

weekly floating debt resets.

•

situation, or particular needs of any specific investor or entity.

Fed Funds Index Conversion: Represents another

All investments carry a certain degree of risk and there is no

alternative to mitigate LIBOR discontinuation risk. Fed

assurance that an investment will provide positive performance

funds have historically tracked closely to SOFR. Issuers

over any period of time. This material and/or items discussed as

would maintain the ability to subsequently convert to

part of this document are not intended to nor do they constitute

SOFR or another replacement index in the future based

a recommendation, solicitation or offer to buy or sell securities,

on market conditions selected by the issuer.

products/services provided by, and/or reflect the views of HTS, its management, employees, representatives and/or its affiliates

Issuers and investors can find out more about the effects

and should not be considered specific legal, investment or tax

related to any of your LIBOR transactions, and can take

advice. Securities offered by HTS (1) are not insured by the

steps now to prepare for these changes by contacting

FDIC (Federal Deposit Insurance Corporation) or by any other

HilltopSecurities’ Structured Products Group.

federal government agency; (2) are not bank deposits; (3) are not guaranteed by any bank or bank affiliate; and (4) may lose value.

HTS is a wholly owned subsidiary of Hilltop Holdings, Inc. (NYSE: HTH) located at 1201 Elm Street, Suite 3500, Dallas, Texas 75270, 214.859.1800. Past performance is no guarantee of future results. Please consult your financial professional before making any investment decision.

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N AT I O N A L

2018 AT A GLANCE

BOND MARKET

F I V E Y E A R S O F M U N IC I PA L B ON D F I N A N C E 2014 Total

2015

2016

2017

2018

$339,049.8

$397,707.9

$444,799.6

$436,345.4

$338,933.1

11,126

12,989

13,274

11,668

9,402

Development

12,195.6

12,631.1

11,768.2

17,199.1

7,602.2

Education

86,113.4

124,833.3

128,997.1

120,317.1

82,122.8

Electric Power

12,176.8

17,346.5

14,210.0

9,637.7

6,554.3

2,223.1

1,688.4

2,455.7

2,476.4

1,944.1

Health Care

25,604.3

32,975.5

49,592.0

48,890.8

30,965.4

Housing

13,124.9

15,578.0

19,186.5

20,883.6

21,109.3

Public Facilities

10,917.9

11,465.2

9,949.4

9,568.2

11,574.8

Transportation

53,800.6

47,848.7

50,895.2

63,135.0

51,587.9

Utilities

38,350.4

40,311.7

51,146.2

40,286.4

38,627.1

General Purpose

84,542.9

93,029.3

106,599.1

103,951.1

86,845.1

New Money

145,303.5

150,498.0

173,429.5

202,463.5

235,300.8

Refunding

127,914.7

163,768.5

178,110.3

145,034.6

59,419.5

Combined

65,831.6

83,441.3

93,259.8

88,847.3

44,212.7

242,994.7

290,375.5

325,202.5

311,783.5

238,169.1

Competitive

71,824.7

87,199.5

98,670.4

98,247.6

81,965.1

Private Placements

24,230.4

20,132.7

20,926.6

26,314.3

18,798.8

Number of Issues Purpose

Environmental Facilities

Use of Proceeds

Method of Sale Negotiated

Source: Thomson Reuters ( based on data available on December 31, 2018).

All dollar amounts are in millions of dollars. Figures are based on issues maturing in 1.09 years or longer. Private placements and municipal forward sales are included, but short-term notes maturing in less than 1.088 years and remarketings of variable-rate bonds are excluded. Taxable bonds issued directly by electric cooperative utilities are included.

Insurance figures represent only the insured portion of issues. Other Enhancements include certificates of deposit, collateralization, guaranteed investment contracts, private mortgage insurance, and surety bonds.

The purpose categories are defined as follows: Development: industrial development, economic development, non-government office buildings.

Electric Power: public power utilities.

Environmental Facilities: solid waste disposal, resource recovery, pollution control, recycling.

Health Care: hospitals, nursing homes, continuing-care communities, assisted living, general medical.

Housing: single-family housing, multifamily housing.

Public Facilities: government buildings, fire and police stations, jails and prisons, civic and convention centers, museums and libraries, stadiums and sports complexes, theaters, parks, zoos and beaches, other recreation.

Transportation: airports, seaports and marine terminals, toll roads, highways and streets, bridges, tunnels, parking facilities, mass transit.

Utilities: water and sewer, gas, flood control, sanitation, combined utilities, miscellaneous utilities.

General Purpose: general purpose, veterans (other than housing), agriculture, churches, temples and mosques, unknown.

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TA X - E X E M P T I N T E R E S T R AT E S A A A R ATED MMD W ITH M A R KET EV ENTS TIMELINE

3.50 3.30 3.10 2.90

Yield (%)

2.70 2.50 2.30 2.10 1.90 1.70 1.50

MMD Source: Thomson Reuters Source: Ipreo MuniAnalytics.

2YRMMD

10YRMMD

DATE

30YRMMD

EVENT

February 6, 2018

The DJIA falls 1,600 points

March 22, 2018

Fed rate hike of .25% moves the fed funds target rate to a range of 1.5% to 1.75%

May 31, 2018

U.S. announces that it will extend its tariffs on imported steel (25%) and aluminium (10%)

June 14, 2018

Fed rate hike of .25% moves the fed funds target rate to a range of 1.75% to 2.00%

July 6, 2018

President Trump announces U.S. Tariffs on $34 billion worth of chinese goods

September 14, 2018

Hurricane Florence makes landfall

September 27, 2018

Fed rate hike of .25% moves the fed funds target rate to a range of 2.00% to 2.25%

October 10, 2018

Hurricane Michael makes landfall

November 8, 2018

Three California wildfires displace thousands

December 3, 2018

Yield curve began to invert

December 20, 2018

Fed rate hike of .25% moves the fed funds target rate to a range of 2.25% to 2.50%

December 21, 2018

The DJIA closes at 22,445 after its worst week since 2008

page 7

G ENER A L

2018 AT A GLANCE

I N T E R E S T R AT E S

MUNI/TR E A SURY YIELD R ATIO 110

10 Year Maturity Ra�o (Muni/Treasury)

10 Year Ra�o - 10 Year Average

30 Year Maturity Ra�o (Muni/Treasury)

30 Year Ra�o - 10 Year Average

105

100

Ra�o (%)

95

90

85

80

75

70

65 1/1/2018

2/1/2018

3/1/2018

4/1/2018

5/1/2018

US T R E A S U RY S L OPE A N A LY S I S

6/1/2018

7/1/2018

8/1/2018

9/1/2018

10/1/2018

US Treasury Slope Analysis

2 10 Year minus 2 Year Spreads 1.8

1.6

1.4

1.2

1

0.8

0.6

0.4

0.2

0

page 8

30 Year minus 2 Year Spreads

11/1/2018

12/1/2018

ARBITRAGE R E B AT E

R EBATE

As 2019 commences, a subtle shift is taking place. The cause? Short-term interest rates. With the Fed anticipating

From a Rebate standpoint, the IRS allows issuers to earn

additional short-term rate hikes this year and predictions

and retain a profit on investing new money project proceeds

of an inverted yield curve, 2019 could catch issuers by

if they are spent quickly enough to meet a spending

surprise. Unless prepared, issuers may see something on

exception. The spending exception time periods are 6, 18,

their balance sheets they haven’t seen in 10 to 15 years:

and 24 months. The 18- and 24-month exceptions have

arbitrage liabilities.

semiannual interim spending benchmarks that must be met.

This year appears to be kicking off a short-term

If an issuer misses a benchmark, their spending exception is

investment cycle very similar to the 2003-2007 period

permanently lost.

when issuers generated liabilities by simply investing in

PREVENTATIVE ACTION: Monitor your investment

money market/pool accounts. The period can be broken

rates and bond yields by issue. Focus on spending

into two types of liabilities: Yield Restriction (2003-2004

the new money proceeds and monitor the benchmarks

series) and Rebate (2005-2007 series).

for compliance.

YIELD R ESTRICTION

The past 10-15 years have lulled issuers into a state of comfort

The IRS requires a calculation to be performed called

when it comes to worrying about Yield Restriction and

Yield Restriction. This calculation encourages issuers

Rebate liabilities. However, short-term rates are increasing

of new money project issues to spend their proceeds

and unless issuers are proactively monitoring and spending

within three years of the date of issuance. If there are

project proceeds, they may be sending a portion of their

unspent proceeds at the end of the three-year period, the

investment earnings to the U.S. Treasury.

Yield Restriction calculation kicks in and starts with a beginning zero balance (regardless of any negative Rebate or Yield Restriction generated during the first three years).

UNLESS PREPARED, ISSUERS MAY

In a rising investment rate environment, if an issuer has unspent proceeds at the end of the three-year period and

SEE SOMETHING ON THEIR BAL ANCE

the investment rates are above the issue’s bond yield, a Yield Restriction liability may be generated and a payment

SHEETS THEY HAVEN’T SEEN IN 10

may need to be made.

P R E V E N T A T I V E A C T I O N : Monitor and focus on

TO 15 YE ARS : ARBITR AGE LIABILITIES.

spending new money proceeds within three years of the date of issuance.

page 9

STRUCTURED FINANCE

In 2018, we saw increased interest in managing interest rate

2017. Natural gas average prices dropped only $0.02/mcf to

risk through a variety of interest rate derivative products.

$10.84 in 2018.

Long-term rate increases continued last year from their

Large governmental purchasers of liquid fuels and natural gas

absolute historical lows seen in mid-2016. The 10-year LIBOR

continued to use commodity futures, options, and derivatives

(taxable) swap rate reached a peak of 3.29% and municipal

(swaps, caps and collars) as part of their fiscal policy tools.

swap rates moved similarly, with the 10-year SIFMA swap

For these entities, commodity-hedging strategies are part of

rate reaching a 5-year relative high of 2.48% in November

a risk management program to mitigate unexpected spikes in

2018. Increases like these presented opportunities for

energy prices. Hedges also provide a level of price certainty

some issuers with pre-crisis swaps to finally unwind these

that makes budgeting easier.

transactions as part of a fixed rate refunding.

For 2019, the EIA projects decreases in annual average

Municipal issuers and borrowers also showed renewed

gasoline and diesel prices to $2.50 and $2.95/gal, respectively.

interest in executing new swaps and caps for synthetically

Conversely, the EIA expects natural gas to rise an average of

fixing-out new money deals and establishing rate lock

$11.24/mcf in 2019, compared to $10.84 in 2018.

strategies for anticipated debt issuance. Moreover, interest

BOND PROCEEDS IN VESTMENT

rate derivatives continued to be a cost effective way to

As short- to medium-term interest rates increased

mitigate future interest rate risk.

throughout 2018, opportunities to invest project or

As of December 12, 2018, the mid-market cost of hedging a 10-

construction funds grew. Many banks and dealers are

year bullet maturity for 12 months with a SIFMA swap was

reentering the REPO and GIC (unsecured) market as broader

approximately 1 basis point or .01% (excluding transaction

interest rates increase and credit conditions improve.

expenses). The long-term historical average has been 1-2

The 2- and 3-year U.S. Treasury rates increased from

basis points per month, while a forward bond delivery

a low of 1.88% and 1.97% to a high of 2.97% and 3.04%,

averaged approximately 5-6 basis points per month. We

respectively. At the beginning of December, the U.S.

expect this opportunity to last if the shape of the yield curve

Treasury curve began to invert between the 3- and 5-year

is unchanged, continues to flatten, or inverts on the short end.

maturities causing many issuers to keep their investments

COMMODITY HEDGING

short-term (1-3 years) until further steepening occurs.

Liquid fuel prices increased in 2018 compared to 2017

The U.S. 2-10 year spread diminished throughout the year,

averages, while natural gas prices remained effectively

so typically longer-term investments were invested in

the same. According to the U.S. Energy Information

shorter maturities.

Administration (EIA), retail gasoline prices per gallon

With the Tax Cuts and Jobs Act and the elimination of

rose to an average of $2.73 in 2018 from $2.42 in 2017.

tax-exempt advance refundings, most escrow open market

Retail diesel prices rose to $3.17 in 2018 from $2.65 in

securities investments were limited to within 90 days.

page 10

CONTINUING DISCLOSURE

In August 2018, the SEC announced amendments to its Rule

entails reviewing each issuer’s outstanding bonds,

15c2-12, increasing the number of event notices that issuers

determining their reporting requirements and verifying

must monitor for and file on EMMA to 16. These two new

that the filings were complete and timely for each of the

events, if material to the issuer, are:

prior five years.

1. A material financial obligation, an agreement to covenants, events of default, remedies, priority rights,

W H AT IS CONTIN UING DISCLOSU R E?

or other similar terms of a financial obligation; and

SEC’s Rule 15c2-12 requires dealers, when underwriting

2. Default, event of acceleration, termination event,

public finance securities, to ensure the issuer enters

modification of terms, or other similar events under

into an agreement to provide financial and operating

the terms of a financial obligation, any of which reflect

information to the MSRB on an ongoing basis, including

financial difficulties.

financial information and/or operating data reports and

Compliance date for the Rule change is February 27, 2019.

audits. Some issuers may have more frequent filings due

After this date, the Rule change is applicable when an

to the commitments made in their bond documents. The

issuer has a primary offering of municipal securities with

Rule also applies to material event notices, including

a new continuing disclosure undertaking agreement that

issuer- and bond-insurer rating changes and bond call

includes the two new event notices.

and defeasance notices, which must be filed on EMMA within 10 business days of occurrence.

W H AT DOES THIS ME A N FOR ISSU ER S? The new rule changes mean that issuers with new

W H AT’S N EXT?

financial obligations must be reported on EMMA within 10 business days of execution. The new obligations

While the industry saw less focus on disclosure

include private placements, direct loans, direct purchase

enforcement throughout 2018, questions remain about

of municipal securities by an investor, swaps, options, and

the level of SEC enforcement in the future for issuers

other derivative instruments and municipal leases that

and individuals alike. Issuers are looking to the guidance

operate as a financing instrument to borrow money.

provided by industry membership organizations, such as

This SEC Rule 15c2-12 change also requires issuers to

the Government Finance Officers Association, to focus

have policies and procedures in place to monitor for

on implementing post-issuance compliance policies and

incurrence of a debt obligation that, prior to February 27,

procedures and educating those responsible for their

2019, would not have been subject to reporting on EMMA.

execution. This is an important process, whether it’s performed in-house or handled by a third-party provider

Prior to the issuance of debt, the industry standard has

such as HilltopSecurities.

become a five-year look-back to determine compliance with previously required EMMA filings. The look-back

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MUNICIPAL CASH

MANAGEMENT In 2018, a strong labor market and tax-cut-fueled business

year drew to a close and it became apparent economic growth

investment drove GDP to its strongest back-to-back quarterly

was slowing, extension trades made sense.

performance since 2014. Fed officials, witnessing the surge

Significantly higher yields translated into higher earnings

in growth, seized the opportunity to continue “normalizing”

for clients and, like the previous year, interest in external

monetary policy.

management increased. In the first quarter of 2018 (the

After raising the overnight target rate by a total of 75 basis

highpoint for most local government clients) assets under

points in 2017, the Fed was even more aggressive in 2018,

management topped $13 billion, a two-fold increase over a

hiking short-term interest rates four times in quarter-point

five-year period.

increments. At year end, the overnight fed funds rate stood at a range of 2.25% to 2.50%.

A B OU T H I L LT OP SE C U R I T I E S

The run-up in bond market yields was significant. In a

ASSET M A NAGEMENT

12-month period beginning in early September 2017, the

Hilltop Securities Asset Management, LLC, is an

two-year Treasury-note yield more than doubled from a low

SEC-registered investment advisor focusing on local

of 1.26% to 2.71%. The two-year yield peaked at 2.97% in

government operating funds, bond proceeds, debt service

early November 2018, the highest in over a decade. Unlike

and reserve funds. Our philosophy is conservative with

the previous year, the anticipated Fed hikes were mostly

an emphasis on safety and liquidity. The investments

priced into the market, which meant investors had been

are restricted to highly rated fixed income securities,

compensated up front for those increases.

predominantly including Treasuries, agencies, municipal

As the fourth quarter began, the trade war with China

bonds, and prime commercial paper.

worsened and the threat that an agreement would not be reached began to drag on both confidence and spending.

Volatility was reintroduced to the equity markets and the year’s gains began to evaporate. The broad market S&P 500 index, which reached a fresh record high of 2,930 in mid-

THE FED WAS EVEN MORE

September, had surrendered all of its gains three months later. As investors took refuge in the bond market, bond yields

AGGRESSIVE IN 2018, HIKING

retreated in the fourth quarter.

SHORT-TERM INTEREST R ATES FOUR

In 2018, the most frequently applied management strategy for cash management clients was to gradually extend short

TIMES IN QUARTER-POINT INCREMENTS.

durations when the yield curve was favorable, mitigating market exposure and accruing as much advantage as possible from the Fed’s rate tightening moves during the year. As the

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SM

214.953.4000 800.678.3792 1201 Elm Street, Suite 3500 Dallas, Texas 75270

Hilltop Securities Inc. delivers the forthright advice and tailored solutions necessary for municipal issuers, institutions, broker-dealers, and individuals to thrive. We are a financial services firm and registered investment adviser headquartered in Dallas, Texas, with offices across the United States.

Our areas of focus include public finance, municipal and taxable fixed income underwriting, sales, and trading; equity and portfolio trading; retail brokerage services; securities clearing; structured 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.

CONTACT US HilltopSecurities is ready to help your organization advance the community it serves.

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