August 02, 2023
ELIZABETH COOLIDGE
TREASURER, CIVIC FEDERATION BOARD OF DIRECTORS
Number of years with the Federation: 17
Committees: Executive Committee, Debt & Infrastructure, State Budget
Day job: Managing Director and Head of the Public Finance Midwest Region, UBS
Elizabeth Coolidge joined UBS Financial Services Inc. in 2017 as Managing Director and Head of the Public Finance Midwest Region. She has more than 30 years of experience in public finance, having begun as an institutional bond salesperson at a local bank. She has served as lead banker and underwritten over $40 billion of tax-exempt and taxable securities for state and local governments. She served as the lead banker on the Chicago Housing Authority Capital Program Revenue Bonds, Series 2001; the Indianapolis Bond Bank Community Justice Center Revenue Bonds, Series 2019; and the City of Chicago’s inaugural Social Bond in January 2023.
In addition to her work with the Civic Federation, Ms. Coolidge serves as a board member and Co-Chair of the Chicago Summer Business Institute, on the Board of Regents of St. Ignatius College Prep and on the boards of Catholic Charities, The Irish Fellowship Club of Chicago and the board of Maryville Academy. She is a member of The Economic Club of Chicago where she serves on the membership committee. In 2018, Ms. Coolidge was appointed to the board of the Chicago Infrastructure Trust by Mayor Rahm Emanuel and the Chicago City Council. She is an instructor for the Municipal Bond Club of Chicago Bond School and received the 2017 Trailblazing Women in Public Finance Award from The Bond Buyer. She served as Chair of the Illinois Council Against Handgun Violence from 2000 to 2015 and received her B.A. from the University of Illinois-Urbana on a General Assembly Scholarship.
What made you want to join the Civic Federation?
I was asked by Laurence Msall to join the Civic Federation in 2007. I had gotten to know Laurence through my work as Chair of the Illinois Council Against Handgun Violence. I was also a public finance banker so I was aware of the Civic Federation through the great research and policy recommendations they had made through the years.
What do you enjoy most about being a part of the Civic Federation?
I enjoy being part of the discussion when looking at solutions to issues that confront our local communities. As a lifelong Chicagoan, I have spent my career being engaged on both the public finance side of these discussions through my career in public finance, as well as the social policy side through my board service related to combating gun violence and promoting equality in education.
What's your favorite Chicago hidden gem?
Taylor Street. I went to high school at St. Ignatius College Prep. My sons attended there as well. I have spent a lot of time at the establishments on Taylor Street. Mario’s Italian Ice is definitely a favorite!
What's a project you're working on right now?
I just completed the first social bond deal for the City of Chicago. It was two years of hard work but we were able to establish a pricing differential in favor of the social bond. This saved the city and its taxpayers hundreds of thousands of dollars in interest cost throughout the life of the bonds. The deal also attracted a tremendous amount of local retail participation. In particular, there were a number of first time investors that had access to these bonds and through this process were able to open first time brokerage accounts. The projects that were part of the bond issuance will make a lasting impact on the neighborhoods where they are located, which have been historically underserved.
How has the practice of public finance changed since you started your career?
The biggest change has been the advent of ESG in our marketplace. There is a very strong demand from investors to invest in projects that fund both green and socially focused initiatives that support underserved communities. Climate change and affordable housing are a big focus of retail investors. I hope this trend continues.