Socially responsible bond issuances have grown rapidly over the past decade due to a rise in global awareness of ESG factors, but will their popularity continue to expand? In this Leaders forum session from Texas Public Finance, moderator Lynne Funk, innovative editor at The Bond Buyer, is joined by Adebola (Bola) Kushimo, vice president and senior analyst at Moody's Investors Service; Kevin Horan, director of fixed income indices at S&P Dow Jones Indices; Melissa Dubowski, deputy finance director at the City of Houston; and Unmesh Bhide, managing director at J.P. Morgan for a discussion about the global trend toward greater transparency in financing public infrastructure assets. The expert panel also discussed how investors evaluate the qualitative environmental credentials of these projects relative to other green fixed-income investments and how pricing and evaluations, and the traders who use them, are factoring in ESG into their models.
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Despite higher yields, muni to UST ratios remain rich. Ratios look "progressively richer" moving into the five- to 10-year part on the curve, with the 10-year spot "still far more attractive in taxables versus tax-exempts," J.P. Morgan said.
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The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.
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It's a time of change, challenge and opportunity in the infrastructure and P3 space, Patrick Harder said.
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The meeting was attended by trade organizations, MSRB board leadership, Finance Committee members and MSRB senior staff.
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The Federal Emergency Management Agency is asking for an additional $9 billion for this year in hopes they don't run out of funds in August as they're currently slated to.
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The SEC won its case against Richard Ganci and Richard Tortora of Capital Markets Advisors over conflicts of interest present in their fee arrangement in connection to a $119 million offering for the City of Rochester, New York.
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