Muni Think

The interest rate environment can have a big effect on issuers' debt management programs. Here’s how to incorporate interest rates prudently to ensure flexibility and long-term sustainability.

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.

Gov. Andrew Cuomo’s infrastructure proposals set the state up for long-term economic competitiveness.

While the market overall is fragmented, there is some concentration in the trading of the largest obligors.

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.

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.

Despite increased issuance, senior living outperformed comparable bonds in 2015, a trend that is likely to continue.

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.

This week we identify the best and worst performing states and highlight the recent spike in the SIFMA Municipal Swap Index.

Instead of prefunding other post-employment benefits, states and cities need to focus on scaling down, and ultimately eliminating this unnecessary and unaffordable benefit.