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It turns out that all tax-exempt munis exhibit negative convexity near par, even if they are not callable. The driver of this phenomenon is the so-called de minimis tax effect.
October 20Andrew Kalotay Associates Inc. -
A painful reality of the current environment is that headcount is a target for cost reduction despite that demands have never been greater — compliance, client demands and the need to access and leverage data and information to avoid a competitive disadvantage.
October 15SOLVE -
For more than 80 years, soliciting investors has been recognized by federal securities regulators as broker-dealer activity, so the SEC’s action on municipal advisors breaks significant new ground. It also sets a dangerous precedent.
October 2Bond Dealers of America -
As devastating as natural disasters can be, their impact to municipal bond prices has been muted.
October 1Western Asset Management -
A larger green bond market will help the municipal market and state and local governments.
September 30Build America Mutual -
A localized circular economy with sustainable solutions can help keep state and local government budgets sustainable.
September 24Spring Lane Capital -
The conventional wisdom has been that clients should keep six to 12 months of living expenses in cash in case of job loss or another unexpected event. While that is sound advice, in the age of COVID-19, this may no longer be enough.
September 22MaxMyInterest -
Congressional inability to agree on further stimulus aid means issuers are unlikely to see budgetary relief that would free up dollars for infrastructure at least until after the November election.
September 17The Volcker Alliance -
Congress should pass legislation that would allow Home Loan banks to backstop deposits by local governments at commercial banks and lower the cost of bond financing, two mayors argue.
September 16City of Miami -
With its new policy framework in place, the Fed will decide how it can use its tools more aggressively and effectively to achieve its primary goal of increasing jobs and wage growth through a more robust economic rebound.
September 15Keel Point