We are pleased to announce the newest member of the BDA, Ballard Spahr LLP. Founded in 2008 by 14 firms, the BDA now represents over 110 firms headquartered nationwide and is the only DC based trade association exclusively representing the fixed income interests of US based securities firms and banks. The addition of the legal team at Ballard…
Author: Bond Dealers of America
HR2: U.S. House Infrastructure Tax Bill
Including long sought provisions by BDA and BDA members, the Democratic House leaders this morning released their full transportation infrastructure bill. The House bill HR2, includes the following provisions: Restoration of direct pay bonds: The bill proposes a new category of “Qualified Infrastructure Bond.” QIBs would be taxable bonds similar to Build America Bonds where a cash…
G-23 Update: BDA Speaks with MSRB on Potential Rule Changes
Thanks to those who participated in our call this morning on the SEC’s Temporary Conditional Exemption related to Municipal Advisors role in bank placement transactions. One of the issues we discussed this morning involves MSRB Rule G-23. Rule G-23 prevents role switching in transactions where a dually registered MA/BD is serving as MA on a deal, so…
House Ways and Means Announces Legislation to Reinstate Advance Refundings
BDA Continues Supporting Senate Efforts Today, the House Committee on Ways and Means announced pending legislation titled, the Moving Forward Act, the tax title for the broader House Surface Transportation Reauthorization. The legislation would fully, and permanently reinstate Advance Refundings, allow for expanded usage of Private Activity Bonds, raise the BQ Debt limit, and create a new…
BDA to MSRB: Its Time to Address Dramatic Funding Imbalances and Outdated Revenue Model
Today, the Bond Buyer featured a BDA op-ed titled, Its Time to Address the Dramatic Funding Imbalances and Fix MSRB’s Revenue Model. The piece comes as the 10th anniversary of the Dodd-Frank Act approaches next month, and following the recent submission of MSRB Draft Amendments to Rule A-3 and A-6. The Op-Ed can be viewed…
SEC Hosts Secondary Market Municipal Disclosure Virtual Conference
Today, the SEC Office of Municipal Securities hosted a virtual conference titled, Spotlight on Transparency: A Discussion of Secondary Market Disclosure Practices. The event, which was originally scheduled for March, was opened by Chairman Jay Clayton who announced the Commission will provide a “temporary conditional exemption” allowing Municipal Advisors to engage in certain small private placement activities…
SEC Grants Temporary Conditional Exemption for MA’s
Follows BDA Recommendations to Vastly Narrow Scope Chairman Jay Clayton today announced that the Commission has issued an emergency order providing a “temporary conditional exemption” allowing Municipal Advisors to engage in certain small private placement activities without registering as broker dealers. The relief will expire on December 31, 2020. **BDA SEC advocacy can be viewed here…
Trump Administration Considering Renewed Infrastructure Push
The Trump Administration is considering a new push for infrastructure in an effort to restart the economy. The draft plan is expected to call for nearly $1 trillion in infrastructure spending, and would be attached to the Surface Transportation Reauthorization which is up for renewal on September 30th. While the Administration will likely not follow the…
Fixed Income Insights: GSE Policy Review
Today, the BDA released a review of GSE policy, and the politics driving the potential changes. The policy brief takes a deep dive into current GSE proposals, BDA and market advocacy, and discusses prospects for both legislative and administrative action in 2020. This follows the recent release of the BDA’s Infrastructure Policy Review. These political intel documents…
Fed Expands Secondary Market Corporate Credit Facility
Today, the New York Fed announced it will be expanding the SMCCF and will purchase individual bonds along with the currently traded ETF’s. Under the new guidelines, the Fed will buy individual bonds on the secondary market that have remaining maturities of five years or less The updated term sheet can be viewed here. **All BDA…