Muni Think

The Oversight Board and the other PREPA parties are attempting to create precedent that frontally attacks not only PREPA bondholders and their insurers but also municipal revenue bond finance and basic bankruptcy jurisprudence.

Prior to last year, there were varied expectations from investors that led to confusing directions and expectations for issuers. In other words, there was a lack of consistency from investors on ESG matters.

Exploring why some call 2022 "the year of the great reset" and what that may mean for the muni market this year.

Some industry observers still question the need for machine-readable municipal disclosure.

It is not clear whether FOMC members truly believe their higher inflation and interest rate forecasts, or if they are being overly hawkish to prevent further market exuberance.

While the MSRB's compliance resources are not a rule and it has not been filed with the SEC, one can infer that following the same will be beneficial should the SEC inquire.  

The municipal dealer community supports market transparency. The proposal before Congress, however, is poorly conceived, has few if any market supporters, and has the potential to be very expensive.

We believe our industry should coalesce around objective measures of ESG "risk" and leave the"impact" considerations to the investors and their proxies. Buy-side participants should welcome this as they structure impact strategies to match their clients' needs.

Nominations are live for the 21st Bond Buyer Deal of the Year and Freda Johnson awards. The application deadlines are Friday, October 7.

The rise of ESG investing exemplifies supply meeting demand in the free market, but some conservative leaders seem to have forgotten their Econ 101.