Washington Recap: Following the bi-partisan passage of the monumental CARES Act, the month of April began with a bang. What started with talk of a sweeping infrastructure package as “phase 4 stimulus,” that would potentially spotlight many BDA priorities such as the reinstatement of advance refundings, and increase the BQ debt limit, has quickly turned…
Category: Muni Market Advocacy
Advocacy during the Covid-19 crisis
Term Sheets for Fed COVID-19 Response Facilities
In response to the COVID-19 pandemic and the passage of the CARES Act, the Federal Reserve has taken unprecedented measures to calm the markets. The BDA continues to take proactive steps to guide the Feds response. All BDA advocacy including direct Fed correspondence can be found here. Please find below links to Term Sheets on all…
BDA Submits Additional Comments to Fed on Municipal Liquidity Facility
Today, following continued discussions with the Muni Exec Committee, the BDAsubmitted comments to the Federal Reserve in response to the announcement of the Municipal Liquidity Facility. The BDA comments follow prior communications with the Federal Reserve and Treasury, and focus on support of the new program, while providing additional recommendations for the Fed as they…
BDA Submits Recommendations to Fed on Secondary Market Corporate Credit Facility (SMCCF)
Today, the BDA submitted a letter to the Federal Reserve in support of the recent creation of the Secondary Market Corporate Credit Facility (SMCCF). In the letter, the BDA states its belief that the SMCCF has the potential to help the corporate bond market return to normal conditions quickly as the corporate bond market is not…
BDA Hosts Call to Discuss Feds Muni Liquidity Facility
This morning, the BDA hosted a conference call with the Muni Exec Committee to discuss the Feds initial outline of the Municipal Liquidity Facility and potential next steps for the BDA. The call served as an overview of what was included in the fact sheet provided by the fed and a discussion of where more…
BDA Continues to Lead Bond Dealers Response to Capitol Hill, Treasury, Fed Action Related to COVID-19
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…
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…