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The costs of issuing, trading and managing portfolios of tax credit bonds would cause such securities to be unappealing both to issuers and investors.
December 8 -
Underwriters of municipal bonds have an obligation to perform due diligence on the issuer and any other individual or entity that may be required to make payments on the bonds as they come due.
November 24 -
The notion of option-adjusted spread (OAS) is the standard analytical tool for taxable fixed income securities. It is also making inroads into the muni market. Unfortunately the usual implementation for munis is flawed, rendering the results virtually meaningless. So it is understandable that many muni professionals shy away from OAS in favor of the archaic yield-to-worst approach. Correct implementation would undoubtedly attract converts.
November 23 -
The slowing Chinese economy and the strong U.S. dollar have the potential to impact export oriented industries in the U.S.
November 17 -
The second wave of underwriter settlements was similar to the first, but with some new details on issuers failures to comply with prior continuing disclosure undertakings.
November 16 -
Rating upgrades overlook rural and secondary markets with high unemployment and aging demographics that will continue to challenge hospitals in those markets.
November 13 -
Recent MCDC settlements provide guidance concerning the scope of materiality in continuing disclosure obligations.
November 11 -
As many communities struggle, the capital necessary for investment may be hidden in plain sight with community development finance institutions.
November 11 -
This week we explore the challenges often faced by Issuers and Underwriters in navigating the municipal bond disclosure regime. We also take an early look at the impact of the reopening of the SLGS window.
November 10 -
The SEC recently approved a new set of rules that would likely alter the behavior of one of the municipal bond market's largest, and one of the most influential, investor segments of the industry mutual funds. Surprisingly, the industry appears not to be considering its full implications outside of a few closed circles.
November 10