Two Senators have introduced a bipartisan bill that would allow tax-exempt private-activity bonds to be used to help power plants and industrial facilities finance projects to capture and store carbon dioxide.
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Most investors agree that municipal bonds in 2012 will not match 2011's robust returns. But there are opportunities at various points in the yield curve and among lower investment-grade credits. more »
The Internal Revenue Service's tax-exempt bond office has formed a seven-person team that is using EMMA and other data from the Municipal Securities Rulemaking Board to determine if muni bonds were initially offered at prices that raise questions about tax-law compliance. more »
The municipal securities market, still reeling from a handful of proposals President Obama and others offered during the last 14 months that pose the greatest threat to tax-exemption since 1986, may have a year's respite due to partisan bickering in Congress and the forthcoming presidential election, according to tax experts. more »
In the realm of muni enforcement, the new year will start with the most high-profile federal criminal trial since the mid-1990s, stemming from the Justice Department's extensive probe of bid-rigging. more »
Transportation officials and lobbyists will be watching Capitol Hill early next year, hoping lawmakers pass long-term reauthorization legislation funding aviation and surface programs that would bring much-needed stability to the sectors. more »
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.