Yesterday’s story about remarks at a federal policy conference inaccurately described how the Internal Revenue Service plans to process payment requests for direct-pay Build America Bonds. IRS officials stated that while staff will manually evaluate applications for the payments, the actual payment delivery system is automated. They said the entire process from evaluation to delivery of payments will take 45 days.
As the "slope of the municipal yield curve remains extremely steep and long bonds are cheap relative to U.S. Treasuries," Daryl Clements, a portfolio manager at AllianceBernstein, predicts "long municipal bonds have a long way to go until they are considered fair value."
A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.
Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.
Andrew Nakahata will replace Scott Wu as executive director and CEO less than a year after joining the organization.
Bond attorneys are eyeballing the possibility of attaching a tax title to the surface transportation reauthorization that could include issues of great interest to the municipal bond community as the appropriations process remains stuck in first gear.
The White House said it will appeal a circuit court ruling allowing Federal Reserve Gov. Lisa Cook to remain on the central bank board while her lawsuit challenging her dismissal is litigated.
