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Special Report

Commentary

The Bond Buyer accepts bylined commentary pieces of 1000 words or less for publication in the Monday edition of The Bond Buyer and The Bond Buyer online. The deadline for submissions is Noon on the Thursday prior to publication. We reserve the right to edit submissions.

Letters to the editor of 500 words or less can also be submitted for publication.

To submit a Commentary or Letter to the Editor, email the document to Editor in Chief Gavin Murphy at gavin.murphy@sourcemedia.com


Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments. more »
Gov. Andrew Cuomo’s infrastructure proposals set the state up for long-term economic competitiveness. more »
Because long-term non-callable bonds are virtually non-existent, muni analysts no doubt spend sleepless nights trying to figure out what optionless rates would look like. more »
While the market overall is fragmented, there is some concentration in the trading of the largest obligors. more »
Whether the cause of the slowdown is weak personal-income growth, income-tax cuts, or the collapse of oil prices, pressure on governors and legislators to balance their budgets will be intense. more »
Despite increased issuance, senior living outperformed comparable bonds in 2015, a trend that is likely to continue. more »
The Internal Revenue Service is changing the wrong regulation as it seeks to curb the perceived abuse that tax-exempt, governmental purpose bonds are being issued for the impermissible benefit of private developers. more »
This week we identify the best and worst performing states and highlight the recent spike in the SIFMA Municipal Swap Index. more »
Instead of prefunding other post-employment benefits, states and cities need to focus on scaling down, and ultimately eliminating this unnecessary and unaffordable benefit. more »
New best-execution regulations fail to call for or help establish what is missing in the fixed income market – a consolidated quote feed. more »
Bradley Wendt of Charles River Associates provides market context to the MSRB’s 2016 mandate that “best execution,” a hallmark of the taxable fixed income and equity markets, becomes a staple for retail municipal bond investors. more »
In the Flint, Mich., case, Congress seems to be making clear it will increase its criticism of state and local leaders, but avoid any fiscal or moral responsibility. more »
If the decline in Cook County’s population continues, it will make solutions to Chicago’s and Illinois’s fiscal problems more difficult, especially if the decline in population is driven by a desire to escape the tax burden. more »

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Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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