Associate General Counsel (Debt Management)
The Massachusetts State Treasurer’s Office is one of the largest and most frequent issuers in the municipal bond market. With approximately $20 billion in Commonwealth of Massachusetts debt obligations outstanding, the State Treasurer’s Office is expected to issue approximately $2 billion to $3 billion in bonds, notes and commercial paper per year over the next five years. The Commonwealth has a diverse portfolio of outstanding debt that includes general obligation bonds, revenue bonds, interest rate swaps, and variable-rate bonds supported by bank liquidity facilities. In addition to bonds, the Commonwealth issues revenue anticipation notes and commercial paper for short-term cash flow needs. The State Treasurer’s Office is the paying agent on most outstanding general obligation bonds, notes, interest rate swaps, and the State Qualified Bond program. The Department is responsible for overall debt repayment of more than $3 billion per year.
The Associate General Counsel for Debt Management is a key part of Treasury’s legal and debt management teams. The State Treasurer’s Office is seeking a transactional lawyer with experience working on a variety of debt financing transactions to support the Debt Management Department’s borrowing responsibilities. The Associate General Counsel for Debt Management will work directly with professionals in the Debt Management Department as well as senior Treasury staff, including on debt financings, compliance/auditing projects, and trustee operations for debt service repayment. A successful candidate for the position will have significant experience with a nationally recognized public finance practice at a law firm or equivalent experience practicing in the areas of finance, securities, and/or corporate law.
The Associate General Counsel will: • Manage outside counsel. • Review documents for bond closings. • Work with disclosure counsel to manage the Commonwealth’s disclosure update process. • Review Commonwealth’s industry-leading voluntary disclosure efforts (marketing relating to bond offerings and other postings on the Debt Management website). • Post all of the Commonwealth’s filings with the MSRB’s Electronic Municipal Market Access system. • Together with outside counsel, negotiate various transaction documents, including Bond Purchase Agreements, ISDA Master Agreements and other documentation relating to swaps, liquidity agreements, Bondholder’s Agreements, and Remarketing Agreements. • Establish and maintain the department’s compliance procedures and calendars. • Responsible for maintenance of department policies and procedures. • Draft and review contracts with third party vendors as required. • Draft and participate in procurement process for debt-related services. • Work with bond counsel and other Commonwealth departments to ensure proper allocation of bond proceeds to capital spending, meeting all state finance law and Internal Revenue Service requirements. • Work collaboratively with the Executive Office for Administration & Finance and the Office of the State Comptroller to maintain a robust post-issuance compliance monitoring, reporting, and recording system to ensure Commonwealth bonds meet IRS rules and maintain their tax-exemption through final maturity. • Monitor and analyze credit and legal developments that may impact the Commonwealth’s debt operations and the financial markets, including regulatory and legislative activity, government-sponsored programs, mergers and acquisitions, restructurings, downgrade events, and bankruptcies. • Review responses to investor inquiries. • Review bond financing documents associated with Commonwealth guaranteed borrowings. • Coordinate approval and execution of required documentation . • Lead or assist with other debt-related legal issues as needed.
Qualifications:
- Licensed attorney in good standing. Must be admitted to practice law in Massachusetts. • Must have five (5) to seven (7) years of experience in public finance, securities, and/or corporate law. • Able to read, analyze, and interpret financial instruments and legal documents. • Strong commitment and ability to work cooperatively in a team environment is critical. • Self-motivated and well-organized with an ability to handle multiple tasks at one time. • Excellent oral and written communication skills. • Familiar with the capital markets, in particular the municipal bond market.
ADDITIONAL INFORMATION:
Salary range: $70,000-$90,000
Location: Debt Management, 3 Center Plaza, Boston, MA
How To Apply: Email cover letter and resume to HR@tre.state.ma.us
and include “Associate General Counsel (Debt) – MBL” in the subject line.