Muni Think

Puerto Rico's short term problems are tied to a Greece-like debt trap whereby policies aimed at reducing its fiscal deficit deepen a recession that further widens the deficit, with no end in sight to the vicious cycle.

In the guise of "bringing greater transparency and consistency to the analysis of pension liabilities," Moody's proposed an essentially "one-size-fits-all" approach to pensions that would effectively overstate pension obligations by applying an unreasonably low discount rate, said GFOA's Jeffrey Esser.

The Securities and Exchange Commission's $20,000 penalty on the Greater Wenatchee Regional Events Center Public Facilities District highlights the regulator's heightened focus on the municipal market.

Here is some advice to issuer's counsel regarding their role in bond issues.

In response to a recent commentary on the Securities and Exchange Commission's approval of a final rule defining municipal advisors, SIFMA agrees with Ms. Rodgers Caruso on an important point.

NAIPFA supports the practical, common-sense approach taken by the SEC and its office of municipal securities in writing its final municipal advisor rules, and believes that they will directly benefit the interests of issuers by creating a more robust, fair, competitive and transparent municipal market.

Congress is not honoring its Build America Bond promises to state and local governments, even as state and local governments are pledged to make payments to their investors and to rebuild the nation’s infrastructure critical to the future economy, jobs, and competitiveness of the country.

The city of Allen Park in Michigan is demonstrating a potential path for working through municipal financial stress by addressing issues relatively early on and by gaining important support from residents and the banking community.

After the Fed decided not to taper its stimulus program, muni investors may want to grab an airbag, as the market faces likely volatility in interest rates, fund flows, potential issuance and municipal bond relative attractiveness.

Bonds issued by the Commonwealth of Puerto Rico and related entities have experienced dramatic price swings since mid-August, amid shifting expectations about future supply and a growing media spotlight on the island's budget fundamentals.