Municipal disclosure

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.

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

The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.

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

The historic nature of how ratings for municipal issuers play out in times of severe volatility is under scrutiny from various market participants.

Issuers say Clayton’s comments on corporate disclosure from earlier this month can be applied to municipal disclosure.

Debt restructuring options as the transit agency navigates through the coronavirus crisis include refundings for savings or to push out debt, according to Robert Foran.

The site will provide a single location for investors to access its financial and operating data.

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.

Tom Kozlik from Hilltop Securities explores the effects of Washington variables such as political risk on states and localities. He also discusses rating agencies and muni disclosure. Paul Burton hosts.