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Analysts and issuers say the Municipal Liquidity Facility is a last resort aimed primarily at lower-rated issuers. But recent deals could prove the MLF’s effectiveness as a backstop.
May 15
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With retail sales' record decline, budget pain will continue.
May 15
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Most observers expect advance refundings and BABs will be included in some legislation enacted this year.
May 14
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SIFMA released two new model documents to reflect the senior managing underwriter’s role to make standard disclosures as well as its own dealer transaction specific disclosures to keep up with changes to the MSRB's fair dealing rule.
May 13
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The $3 trillion plan doesn't allow advance refundings or reinstate Build America Bonds
May 13
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Market participants want the Fed to get the program up and running by the end of this month.
May 13
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More than four out of five states needed supplemental appropriations, rainy day funds or fiscal reserves to meet coronavirus challenges.
May 12
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More issuers are missing bond payments and deadlines for filing annual financials; the Roman Catholic Church of the Archdiocese of New Orleans filed for bankruptcy partially blaming COVID-19, affecting $41 million of bonds.
May 12
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The Fed’s rates send a signal to the municipal market that it wants it to survive on its own.
May 11
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IRS General Counsel Michael Desmond said Wednesday his office has received “a number of requests” for extending deadlines.
May 8
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BB&T failed to submit accurate minimum denomination and maximum interest rates to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System in 3,710 instances, FINRA found.
May 8
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A bipartisan group of New York lawmakers announced Wednesday plans to introduce a bill that would split federal aid between counties and municipalities.
May 7
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The House is expected to release a stimulus package in the next few days.
May 7
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The National Federation of Municipal Analysts asked the Municipal Securities Rulemaking Board to create a separate category for COVID-19 related disclosures.
May 7
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One of the bills authorizes $17 billion in new federal authorization to invest in water infrastructure as municipalities grapple with coronavirus’ impact on their water systems.
May 6
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The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities and towns with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population.
May 5
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Mark Kim, MSRB chief operating officer, predicted even more disclosures in the near future.
May 5
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The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.
May 5
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The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.
May 5
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The congressional letter emphasizes that Congress wants the Fed to expand its support for the municipal bond market beyond the scope of the Municipal Liquidity Facility.
May 4
