Yesterday, BDA submitted a comment letter to the MSRB on Notice 2021-08, “Request for Comment on Amendments to Rule G-10 Notification Requirements for Dealers.” MSRB last month issued the Notice and proposed to amend MSRB Rule G-10. Rule G-10 requires municipal dealers to send certain annual information disclosures to investor customers and issuer clients. View the…
Author: Bond Dealers of America
The Washington Weekly – Deal Reached but Questions Remain
After months of legislative haggling, yesterday the Biden Administration announced an infrastructure deal has been reached with a bipartisan group of Senators setting the stage for late summer passage. While many details remain unknown, such as many details on how the plan will be paid for, the initial response on the Hill has been mixed.…
Bonding Time Podcast – Credit Analysis with Tom Kozlik
This installment of Bonding Time featuring Tom Kozlik of HilltopSecurities discusses the continued debate over a potential federal infrastructure spending package, and the possibilities of achieving bipartisanship. The podcast also debates potential pay-for and the increased push to repurpose COVID state and local funds to pay for the package as outlined in a recent BondBuyer op-ed. Bonding Time…
Infrastructure Deal Within Reach – Muni Provisions Remain a Priority
A bipartisan group of 21 Senators has come to a soft agreement with the Biden Administration on a $1 trillion infrastructure package. While the deal has yet to receive support from Congressional Leadership, this is a promising step. The group plans to meet with the President this afternoon. The framework includes nearly $600 billion in…
Direct Pay Bonds and PABs Remain in Spotlight – Other Muni Provisions Expected to Receive Continued Support
As noted yesterday, a bipartisan group of 21 senators released the latest infrastructure compromise, a $1 trillion package with nearly $600 billion of new spending. While light on pay-for details, the package did include some details on how the group plans to finance the plan, which includes a new direct-pay bond and references to increased private investment…
EVENT RECAP: BDA’s Public Finance Leadership Roundtable
Yesterday, the BDA held its Public Finance Leadership Roundtable. The webinar was attended by dozens of representatives from BDA member firms and was sponsored by Quarles & Brady, DPC Data, and Lumesis. The panel discussion focused on the most recent market, legislative and regulatory topics facing middle-market banks and dealers in 2021. A recording of…
Bipartisan Senate Group Releases Updated Infrastructure Proposal
Last night, a group of 21 Senators released their much-anticipated infrastructure compromise. The package comes with a price tag of $1.2 trillion dollars, including over $570 billion in new spending. The package allocates $110 billion on roads and bridges, $66 billion on the rail, and $48.5 billion on transit as well monies for Democratic priorities…
BDA Comments on FINRA Margin Proposal for Agency MBS
BDA today filed a comment letter with the SEC in regard to their consideration of a FINRA proposal to amend FINRA Rule 4210, Margin Requirements, as it applies to Covered Agency Transactions (CATs), or agency MBS trades that settle outside a T+2 window. In our letter, we told the SEC that we are “seriously concerned…
Infrastructure in America – Case Studies of Municipal Bonds Efficiency, Low Cost, and Benefits
As part of its ongoing Infrastructure in America: Munis Since 1812 initiative to highlight bond-financed infrastructure, the Municipal Bonds for America Council is featuring a G.O. Bond issuance that funded a major reconstruction and development project in Waukegan, IL. Bernardi Securities served as the Senior Manager. Click the image below to learn more about this project. Waukegan, IL…
The Washington Weekly – New Bipartisan Infrastructure Deal?
After months of negotiations between the Biden Administration and a small working group of Senate Republicans, hopes for a grand infrastructure compromise have taken a major hit, laying the groundwork for a likely massive spending package that will pass along party lines later this year. While the most likely path for passage will be via budget…