PRG Senior Director George Felcyn co-authored an article with Bracewell attorney Charles Almond published today in The Bond Buyer. The commentary article titled “Make-America-Great-Again Bonds?” explores investment in public infrastructure and its increased discussion since the 2016 election was decided.
“If federal policymakers are indeed serious about incentivizing public infrastructure investment and realizing the related job-creation benefits in the relatively near future, an ‘all of the above’ approach is essential,” write Almond and Felcyn. “Innovative P3 approaches enhanced by tax credits for equity investments may well attract private-equity capital and foster cost savings for certain types of projects. However, the bread and butter of public finance has always been, and will likely continue to be, debt capital that is subsidized one way or another by the federal government. While the old dogs in the public-finance arena are learning the new tricks of the P3 world, efforts should be made to improve the ability to access low-interest-rate debt capital from the tried and true state and local bond market to supplement those new tricks and continue to fill the many gaps that will never be filled by private equity alone.”
To read the complete article, click here.