Barclays Public Finance Department (“PFD”) is a group within Barclays Capital Inc., the investment banking division of Barclays Bank PLC.  Barclays PFD facilitates the financing of a wide variety of municipal activities through the sale of bonds to the public market, or through utilizing its balance sheet to directly purchase bonds or lend directly to municipalities.

The Capstone project will be focused on the evolution of a Social Impact Bond, termed a Municipal Impact Bond (“MIB”).  An MIB is a municipal bond that utilizes a payment-by-results feature to adjust the bond’s return as a function of the project’s performance. That is, the return for the investor is directly linked to the outcome of a particular project (i.e., the better the project’s performance, the greater the investor’s return).