By Stephen M. Shapiro and Timothy S. Bishop For the first time in a century, the Obama administration’s April budget proposal would levy federal taxes on municipal bond income. That proposal is now under review in the House Ways and Means and Senate Finance committees. Presented as a measure to close “tax loopholes,” it would transfer hundreds…
Author: Bond Dealers of America
BDA Webinar on the Current Status of Tax Reform
BDA hosted a webinar of expert panelists to discuss the current status of tax reform, a new announcement of a path forward from the Senate Finance Committee, and the factors that could lead to or prevent a deal. To hear a recording of this webinar, please click here. To view the slide presentation, please click…
Opportunity in Munis – Janney Fixed Income Strategy
This document, entitled “Opportunity in Munis” addresses the recent municipal market downdraft and identifies the compelling the value in municipal securities. Specifically, the report expands upon the following: • The rapid increase in yields of the past two months, and in particular last week, is the sharpest adjustment since the days immediately following the Lehman…
Potential Interest Rate Risks to Fixed Income – A Report Prepared by Piper Jaffray
Considering the recent bond market price volatility, Piper Jaffray Fixed Income Analytic Services has produced a research report outlining some of the current potential risks in the bond markets. Piper Jaffray has agreed to make this document available to all BDA member firms. The full paper is available to BDA members [here.]
BDA Submits Comment Letter to MSRB Regarding Guidance on SMMPs
This proposal would streamline and codify existing guidance regarding the application of MSRB rules to transactions with SMMPs, currently set forth in interpretive guidance to MSRB Rule G-17. The MSRB is proposing to establish a stand-alone definition for SMMPs and a single, comprehensive rule addressing dealers’ obligations to SMMPs. You can find the BDA’s final…
MSRB Releases Educational Video: "The Municipal Bond Market and the MSRB"
The MSRB has released a new educational video, “The Municipal Bond Market and the MSRB,” that explains in simple terms the roles of municipal bond issuers, investors and the MSRB in the municipal markets. You can view the video by clicking item number 1, “Learn About the Municipal Market,” featured on the front page…
The Bond Buyer: Tax Reform Discussion Draft Would Repeal Munis
Tax Reform Discussion Draft Would Repeal Munis by: Jennifer DePaul Wednesday, May 15, 2013 The Senate Finance Committee released a paper Wednesday containing tax reform options for economic and community development, including repealing tax exemption for all governmental and private activity municipal bonds, replacing tax-exempt bonds with direct-pay and traditional tax-credit bonds, and capping the value…
BDA Submits Comment Letter Re: MSRB Revisions to Suitability Rule
The final letter focused on the following items: MSRB Should More Clearly Identify What Constitutes a Hold Recommendation Proposed Rule G-19 Should Include an Exception for an SMMP Similar to FINRA’s Exception for Institutional Investor Accounts under FINRA Suitability Rule 2111 Supplementary Material for Proposed Rule G-19 Should be Updated View the full letter [here.]
2012 Fixed Income Compensation Survey
The BDA released our annual Middle Market Dealer Fixed Income Compensation Survey. This year’s survey captures data on dozens of fixed income positions within middle market dealers at over two-dozen participating firms. The full survey results are only available to BDA members and are available here.
The Bond Buyer: Obama's Budget Again Includes 28% Cap
Read the full Bond Buyer article here.