Tennessee Public Finance

Strategic investment in Tennessee’s future

Raymond James has deep roots in Tennessee and remains committed to the Volunteer State, having established Memphis as the firm’s Public Finance and Fixed Income headquarters. The firm maintains institutional sales offices in Nashville, Memphis, Adams and Knoxville and public finance investment banking offices in Nashville and Memphis.

Our goal is simple: Help provide clients with quality financial services. In doing so, over the last 10 years, Raymond James ranks as the No. 1 market participant in Tennessee.*


public finance professionals in the state


municipal bond underwriters nationwide


institutional fixed income sales professionals nationwide


financial advisors nationwide


under management in 237,460 retail accounts serviced by 563 financial advisors in the state

As of September 30, 2023
*Source: Bloomberg, based on total number of transactions

Full-service Capabilities


  • Underwriting
  • Financial advisory/municipal advisor
  • Placement agent
  • Bond proceeds investment strategy
  • Derivatives advisory
  • Rating agency strategy
  • Debt portfolio analysis and structuring
  • Capital project planning
  • Financial/budget projections
  • Continuing disclosure dissemination agent

Debt advised on or underwritten

  • General obligation bonds
    • Limited tax
    • Unlimited tax/referendum
    • Alternate revenue source
  • Utility revenue bonds
  • Tax anticipation warrants/notes
  • Master lease program financing
  • Tax increment financing (TIF)
  • Tax-credit financings
  • USDA financings

Issuers Served

  • Municipalities
  • Counties
  • School districts
  • Water and sewer/utilities
  • Economic development projects
  • Charter schools
  • Community colleges
  • Universities
  • Transportation authorities
  • Airports
  • Housing
  • Healthcare
  • Senior living


Elizabeth Zuelke
Vice President
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Hugh Tanner
Hugh Tanner
Managing Director
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Lukas Fischbach
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Featured Transactions

Public Finance Market Watch

In-depth and timely commentary and analysis on the municipal market from industry experts.