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New Issuance

Thursday was quiet in the muni market as many deals — which did pretty well upon pricing or selling — came to market earlier in the week, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.

Thursday was quiet in the muni market as many deals — which did pretty well upon pricing or selling — came to market earlier in the week, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.

Anatomy of a Deal
Jeff Klein
MuniThink

Banks have a range of options to calculate "gross-up" provisions on direct placement bonds, which allow them to maintain their after-tax yield after this year's cut in corporate tax rates.

Andrew Kalotay says taxpayers would have come out half a billion ahead had the issuer waited out the call date instead of refunding their exempt bonds with taxable paper for 14 transactions between 2018 and 2020.
MuniThink

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

  • Joan Stern, a legend in public finance law in Philadelphia and Pennsylvania, is a member of The Bond Buyer's 2024 Muni Hall of Fame class.

    Joan Stern has been elected to The Bond Buyer's Muni Hall of Fame
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