ARRA: ONE YEAR LATER

The bond provisions of the American Recovery and Reinvestment Act have been among the most widely-used components of the stimulus package, and in the process innovative structures like BABs and QSCBs have changed the face of the municipal market.  But while the clock to expiration is ticking, the innovation wave is continuing – as investors, issuers, and dealers gain familiarity with the products, new structures and more efficient sales processes are rising to the forefront.  What will these new approaches include, and what should issuers and other participants watch for from Washington as the re-authorization debate moves forward?