The BDA continues to lead bond dealers response to Capitol Hill, Treasury, Fed Action related to COVID-19. By hosting member conference calls, developing interactive upcoming webinars, providing up to the minute political intelligence, and working with members to ensure Congress, regulators, the Treasury Department and the Federal Reserve are provided with workable, main-street solutions to ongoing…
Author: Bond Dealers of America
Capitol Hill Update: Congress Hits Roadblock in Effort to Pass Interim Aid Package
Last week, the Senate failed to advance legislation intended to work as an interim measure in between the robust CARES Act and a potential “stimulus 4” package later this month. The Senate Majority announced plans to pass an emergency supplemental package of an additional $250 billion for small business loans. This quickly escalated into a…
BDA Hosts Call with MSRB on Unique Challenges Posed by COVID-19
Last week, a group of BDA Municipal Bond Division and Legal & Compliance leadership hosted a call with the MSRB to discuss the unique challenges dealers are encountering because of the volatility in the market and the move to work from home for many market participants. The MSRB shared its focus during these challenges, which primarily…
BDA Submits Municipal Note Guarantee Recommendation to Fed
Today, the BDA submitted a one-pager to the Fed in response to the recent announcement of the Municipal Liquidity Facility stemming from passage of the CARES Act. In the one-pager the BDA calls on the Fed to create a Note Guarantee Program for State and Local Governments. The Municipal Guarantee recommendation can be viewed here. Municipal…
Fed Announces Revised Terms of Secondary Market Corporate Credit Facility
The Federal Reserve this morning revised the terms of its Secondary Market Corporate Credit Facility, the temporary program announced last month to support corporate bond market liquidity. The revised term sheet can be viewed here. The program will now support some “fallen angels,” issues whose ratings are as low as BB-/Baa3 but that were investment…
Press Release: BDA Statement on the Federal Reserve Municipal Liquidity Facility
We welcome the Fed’s support for the market and we are hopeful this facility will provide needed help to municipal issuers. We are looking particularly at how smaller issuers will access the facility. We look forward to working with the Fed and others to ensure that any extraordinary help for the market is applied as…
Fed Announces Municipal Liquidity Facility
Announcement Follows BDA Letter / Recommendations to the Fed The Federal Reserve today announced the guidelines of the Municipal Liquidity Facility, authority that was provided by the recent passage of the CARES Act. The fact sheet can be viewed here. Last week, the BDA urged to the Fed and Treasury to take action in the primary…
Capitol Hill Update: Infrastructure Push Slowed
Congress Turns Focus Back to Direct Funding to Cities Last week, the House of Representatives announced its push to include a massive infrastructure package into a future “stimulus phase 4” bill. This idea ran into strong Republican push-back in the Senate, and seems to have been tabled for the potential April stimulus legislation. This week,…
Politico and the Bond Buyer Feature BDA Letter to Federal Reserve – Pressing for Muni Market Action
Both Politico and the Bond Buyer had featured articles covering the BDA’s second letter to the Federal Reserve and Treasury – encouraging aggressive action to provide support for the municipal bond market. The BDA letter can be viewed here. Politico: Bond Group asks Treasury, Fed for Robust Municipal Support BondBuyer: BDA Urges Fed to Provide Short-Term…
BDA Urges Fed to Provide Additional Support for Muni Market
Today, following extensive work with the Muni Exec Committee, the BDA submitted a letter to the Federal Reserve and Treasury urging them to take action in the municipal market due to historic price volatility, cancellation or postponements of new issuance, and significant deterioration of liquidity. The letter can be viewed here. This call to action follows a…