Story
Morgan Stanley Public Finance Co-Head Zach Solomon Joins TD Securities
Summary
Zach Solomon, the Morgan Stanley co-head of public finance who led Brightline's multi-billion dollar bond deals, has departed for TD Securities. The move comes as the Florida rail company files for bankruptcy and TD Securities expands its U.S. municipal finance business.
Zach Solomon, the co-head of public finance investment banking at Morgan Stanley (NYSE:MS), has left the firm to join TD Securities, according to a Bloomberg report citing people with knowledge of the matter. The high-profile move comes as Solomon's key client, the private passenger rail company Brightline, filed for bankruptcy protection.
A Strategic Hire for TD Securities
Solomon officially departed Morgan Stanley this week, confirming his exit to Bloomberg on Friday but declining to provide further comment. A spokesperson for Morgan Stanley also declined to comment, while TD Securities did not respond to requests for comment, the report stated.
The hiring marks a significant step in TD Securities' push to expand its municipal bond business in the United States. The Canadian bank has been actively building its team, recently hiring sales staff from JPMorgan and Cantor Fitzgerald and growing its public finance banking presence in Texas.
AdCoincides with Brightline Bankruptcy
Solomon's departure coincides with the Chapter 11 bankruptcy filing of Brightline on Thursday. During his tenure at Morgan Stanley, Solomon served as the lead banker for more than $5 billion in bond offerings for the private Florida passenger rail line, which connects Miami and Orlando.
The bankruptcy was prompted by years of revenue falling short of projections, which left the company unable to service the billions in debt incurred to build the railway. Brightline's financing structure was considered unique in the municipal bond market, with Solomon telling *The Bond Buyer* in a 2024 interview about the importance of "telling the Brightline story" to market the deals. The bankruptcy filing does not affect Brightline's operating entity, and its trains will continue to run during the reorganization.
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