Muni Think

This week we explore the challenges often faced by Issuers and Underwriters in navigating the municipal bond disclosure regime. We also take an early look at the impact of the reopening of the SLGS window.

The SEC recently approved a new set of rules that would likely alter the behavior of one of the municipal bond market's largest, and one of the most influential, investor segments of the industry — mutual funds. Surprisingly, the industry appears not to be considering its full implications outside of a few closed circles.

Rhode Island and Michigan top the list of most improved States over the last year. Notable underperformers from the bottom ten are New Jersey, Pennsylvania, and Virginia.

The Administration has concluded that, as part of a comprehensive approach to Puerto Rico's crisis, a tested federal bankruptcy regime is necessary.

Data released last week show continued solid performance from the strongest States, but perhaps more importantly, signs of strength in some of the weakest States.

The $3.6 trillion municipal bond market may benefit from the infrastructure moves if states, agencies, and localities choose to borrow against the new revenue to provide immediate infusions of construction cash.

The proposed legislation doesn’t radically alter Michigan law for the benefit of bondholders.

The strong performance of the New York Mets this season, which resulted in their appearance in the National League Championship Series this week, may also help the team’s bonds.

School districts in Michigan have suffered enrollment declines tied to aging demographics and competition from neighboring public schools and charter schools.

The local property tax exemption for non-profit institutions has come under attack in recent years, as municipalities, coping with diminishing tax bases, have sought new sources of revenue to bolster their treasuries.