WASHINGTON – The Internal Revenue Service announced today that it is accepting applications from cooperative electric companies for $190.8 million of unallocated new clean renewable energy bond authority left over from the $2.4 billion authorized as part of the stimulus act.
Geopolitical and macroeconomic factors are hurting USTs, but the muni market still has momentum, said Hennion & Walsh's James Pruskowski.
The larger tax-exempt portion of the bonds reportedly were 18 times oversubscribed.
The Texas city plans to bring general obligation bonds, certificates of obligation and tax notes to market later this month.
"They're totally more vulnerable," Michael Sudsina, president and CEO of Ohio-based municipal advisory firm Sudsina & Associates, LLC, said.
The deal was too highly leveraged for some investors.
Scrutiny of what qualifies as a muni bond is coming, and when it happens, there will be direct implications for liquidity, pricing and investor protection across the market, said James Pruskowski, managing director at Hennion & Walsh.
