Yet another way tax reform hurt issuers: Higher rates on the long end

Changes in tax rates made mutual funds, not banks, the main driver of demand on the long end, according to Glenn McGowan, director, municipal underwriting at RBC Capital Markets. The change has had the effect of pushing yields on long-term munis higher.

The Bond Buyer's 2018 California Public Finance Conference, held Oct. 1-3 at the Los Angeles JW Marriott, is where municipal finance leaders discussed and debated the key topics of the day from infrastructure to tax reform fallout.