Refunding bonds

The authority appears ready to take advantage of market conditions following a successful December refunding.

The current prohibition against tax-exempt advance refunding was used as a minor pay-for in the GOP’s Tax Cuts and Jobs Act that cut personal and corporate tax rates.

The first quarter of 2021 concludes with $102.1 billion, slightly higher than the $95.3 billion that the market saw in the COVID-ravaged first quarter of 2020.

The savings from the March 19 bond sale will be dedicated to Guam’s tourism recovery efforts as well as debt service.

The public notice filed on EMMA is the first report by any issuer in calendar 2021 of any type of IRS audit communication.

Planning will require favorable tax policies, sophisticated capital programing, bond financing, and pioneering public-private partnerships. It also requires a cohesive national, bipartisan infrastructure plan as a foundation to begin addressing this impending infrastructure crisis.

Although all of the proposals have some bipartisan support in Congress, the extent of that support remains unclear.

From the use of taxables to forward deliveries, refunding deals drove an overall 15.8% hike in Midwest bond volume that exceeded the national average.

Municipal issuers in the Southwest sold $93.5 billion of debt in 2020, a year in which the coronavirus upended the way bond business is done.

Bills to expand the use of tax-advantaged bonds that are being reintroduced in the new Congress have favorable odds for being signed into law this year.