I’m pleased to announce the newest member of the BDA, The Karn Group. The BDA now represents over 100 firms headquartered nationwide and is firmly established as The Association for Fixed Income Firms active in the US bond markets. The addition of The Karn Group benefits all BDA member firms by adding market intelligence and experience to the BDA’s…
Author: Bond Dealers of America
Infrastructure and Municipals Expectations and Predictions for the Remainder of 2021
Many questions remain unanswered as we enter the 6th month of infrastructure discussions with little tangible accomplishments achieved. While some compromise has been reached in recent weeks, frankly, both parties remain miles apart and the most likely outcome is an infrastructure spending bill passed via reconciliation with only Democratic votes. However, that as well remains…
Bipartisan Infrastructure Talks Falter House Muni Caucus Adds Republican Co-Chair
Following a White House meeting between President Biden and Senator Shelly Moore Capito (R-WV) yesterday afternoon, time is running out on hopes for a large-bipartisan infrastructure package. Key differences remain between negotiating parties such as what actually constitutes infrastructure and how to pay for such a large spending package. Following the meeting, Administration officials made…
Biden Administration Proposes Increase in PAB Limits Amongst Other Potential Tax Changes
The Biden Administration has released its annual “Green Book,” which includes a plethora of proposed tax changes for the coming fiscal year. While many changes proposed in the Treasury document are historically ignored on Capitol Hill, these documents can be used as a road map for where the Administration’s priorities lie. Bond Components The “Green Book”…
MBFA Submits Testimony to House and Senate Committees Supporting Muni Financing of Infrastructure
Today, the Municipal Bonds for America Council (MBFA) submitted testimony to the House Committee on Ways and Means and the Senate Finance Committee following recent hearings featuring municipal bond financing in the context of infrastructure. While the hearings covered a wide variety of funding and financing measures, bonds were at the center of many bipartisan…
The Washington Weekly – Republican Infrastructure Counter/ MBFA Submits Testimony
Yesterday, Senate Republicans offered another counteroffer to President Biden’s $2 trillion dollar infrastructure package. The counter includes $928 billion of infrastructure spending including $500 billion for roads, $98 billion for public transit, $46 billion for passenger rail, and more than $70 billion for water infrastructure and $20 billion for infrastructure financing-a show of support for…
Senate Leadership Waivers on Infrastructure Process – Munis Remain a Bipartisan Priority
Early this week, news began to emerge from Capitol Hill that Senate Democratic Leadership may be shifting course in the short term on the size and scope of infrastructure spending for this year due to a budgetary time crunch. While details are still being worked out, at this time it seems that infrastructure may come…
Firms Request Capital Relief from the SEC
Working with BDA, a coalition of women-, minority-, and veteran-owned broker-dealers has requested that the SEC provide targeted relief from the net capital rule for comanagers in corporate underwriting syndicates. You can read the BDA’s letter to the SEC here. FINRA’s syndicate closing rule (FINRA Uniform Practice Code Rule 11880) specifies that book-running managers on…
Bonding Time Podcast – Credit Analysis with Tom Kozlik
This installment of Bonding Time featuring Tom Kozlik of Hilltop Securities discusses the American Rescue plan which provides $350 billion in unencumbered funding to state and local governments, and the growing potential this provides for a post-COVID economic boom. We also discuss lessons learned from the Great Recession recovery and how that is impacting current policy. Bonding Time…
Bonds Receive Bipartisan Support in Senate Hearing – House to Host Muni Hearing Today
Yesterday, the Senate Finance Committee hosted a hearing titled, Funding and Financing Options to Bolster American Infrastructure. While the hearing covered a wide variety of funding and financing measures, bonds were at the center of many bipartisan agreements. The House Committee on Ways and Means will host a similar hearing later this morning. The MBFA…