Tax reform

Uncertainties surrounding tax reform and a spike in supply are creating opportunities in the municipal market. Natalie Cohen, head of Municipal Research at Wells Fargo Securities, weighs the various factors. John Hallacy hosts.

Experts are uncertain how significant the decline in multifamily housing bond issuance in 2018 might be.

Many of the 41 states with their own income taxes will have to decide whether to enact laws conforming to the new federal tax code.

Dawn Mangerson, senior portfolio manager at McDonnell Investment Management talks about the ramifications of the new tax legislation and articulates her concerns for municipals in 2018. Aaron Weitzman and Chip Barnett co-host.

S&P Global Ratings sees a ripple effect for New Jersey local governments.

They introduced a bill to allow taxpayers to donate to the state to avoid the federal deduction cap.

Some municipal market participants believe Sen. Mike Crapo would be a good replacement for Sen. Orrin Hatch as chairman of the Senate Finance Committee.

What do municipal market participants see for tax legislation in 2018?

Congress is expected to renew expired tax breaks for Puerto Rico and qualified zone academy bonds as well as enact corrections for the new tax reform law.

The new tax law and imminent scarcity threaten to change market dynamics for muni buyers in 2018.

The muni market absorbed almost $58 billion, a record for December, before a holiday hiatus to end the year.

The year was marked by price fluctuations, yield curve flattening, spread compression, credit quality concerns, and other stresses.

The new temporary spending bill includes Medicaid funding for Puerto Rico.

The long holiday weekend comes at a perfect time for tired muni market participants after a furious few weeks of action spurred by tax reform.

The muni primary market ground to a halt after a barrage of deals triggered by tax legislation.

The urgency for healthcare issuers to sell tax-exempt bonds is gone after private activity bonds survived tax reform.

The muni market is skidding to a halt from a break-neck issuance filled two weeks, as an eerie quiet pervades ahead of the long holiday weekend.

The two largest deals of the week touched down, as yields rose with comprehensive tax reform just a few President Trump pen strokes away from becoming official.

If Trump signs the tax bill this year without a waiver from the PAYGO Act, it would trigger a $136 billion cut in mandatory federal programs, wiping out federal subsidies for Build America Bonds and other direct-pay bonds.

The primary market is still waiting for the last few deals of the week to hit, as both the holiday weekend and tax bill becoming law draw closer.