MSRB

In March 2020, spreads skyrocketed to 97 basis points before dropping slightly to 88 basis points in April 2020.

The MSRB also said more municipalities have begun referencing CARES Act loans in their disclosures.

SIFMA released two new model documents to reflect the senior managing underwriter’s role to make standard disclosures as well as its own dealer transaction specific disclosures to keep up with changes to the MSRB's fair dealing rule.

More issuers are missing bond payments and deadlines for filing annual financials; the Roman Catholic Church of the Archdiocese of New Orleans filed for bankruptcy partially blaming COVID-19, affecting $41 million of bonds.

BB&T failed to submit accurate minimum denomination and maximum interest rates to the MSRB’s Short-Term Obligation Rate Transparency (SHORT) System in 3,710 instances, FINRA found.

The National Federation of Municipal Analysts asked the Municipal Securities Rulemaking Board to create a separate category for COVID-19 related disclosures.

Mark Kim, MSRB chief operating officer, predicted even more disclosures in the near future.

Many of the MSRB’s past and current public board members have had significant connections with regulated dealers or banks, the unions said.

The MSRB is looking to cut back on repetition in its broker-dealer suitability rules, which is a welcome change for the dealer community as Reg BI goes into effect in less than two months.

Broker-dealers oppose a proposed change to MSRB's governance rule that would reserve two seats for municipal advisors.

In a weekly COVID-19 disclosure report released Tuesday, included among the hundreds of disclosures were two unscheduled draws on debt service reserves.

MSRB Chief Market Structure Officer John Bagley will join the Federal Reserve Bank of New York for eight months to lend his municipal market knowledge toward the Fed’s new Municipal Liquidity Facility.

At a virtual quarterly board meeting this week, the board discussed its search for the next CEO, which has been affected by the virus.

A disclosure filed with the MSRB said two rehabilitation and nursing facilities in Massachusetts were unable to make a scheduled payment due to the coronavirus pandemic.

The MSRB's proposal to implement a more strict standard for public board members would impede the recruitment of qualified candidates, ICI said.

Starting on March 10, ETF prices consistently diverged from benchmark indices and were underpriced for about 10 trading days before converging again.

The board will "review the MSRB’s organizational response to the COVID-19 pandemic, including measures to ensure the safety of staff and stakeholders."

Technical and fundamental concerns surrounding credit and supply could present challenges for the market going forward but participants tepidly welcomed signs of stability.

Due to the coronavirus, a plant in Indiana may not be able to make its bond payments.

The MSRB wants to give dealers and muni advisors more time to implement amended rules and interpretive guidance as well as finish professional qualification and supervisory requirements.