BuyInfrastructure

Munis | Project Financing | P3

[BuyMuni @BuyMuni]

JP Morgan says the MTA may be downgraded further, but bankruptcy is unlikely due to state law, state and local fiscal support... and possibly... a Blue administration in 2021.

Visit https://t.co/qBhdVnsuPl for insights on #Muniland.

#Bonds #Investing

https://t.co/eqidNaymXv

[BuyInfrastructure @BuyInfras]

@BuyMuni The social good should be computed and deemed a portion of the total return

[BuyInfrastructure @BuyInfras]

Not seeing a “climate px penalty” for Florida but that’s only because NY issues so much! Gov Cuomo and NYC Council policies continue to squeeze small businesses and drive costs up. Move to FL we say, just buy the house on the hill because prices triple in 2030! #Muniland #Climate

[BuyMuni @BuyMuni]

Florida may be particularly vulnerable, with @MoodysInvSvc estimating 24% of the state's GDP is generated within the 100-year flood zone.

#Muniland #Bonds #ESG #ImpactInvesting #BuiltByBonds #ClimateWeekNYC @ClimateGroup @ClimateReality @NewClimateEcon

https://t.co/P8uUuulMqA

[BuyInfrastructure @BuyInfras]

Perhaps economists should challenge the orthodoxy that low Fed rates spur inflation? We know they inflate ASSET PRICES. But if there’s one thing we learned in “
‘08 and ‘20 - the markets are not the economy (at least not for the American masses). #Muniland #Inflation #Contrarian

[BuyMuni @BuyMuni]

Morgan Stanley: Fed Likely To Succeed In Spurring U.S. Inflation. Investors Say Municipal Bond Yields Have Risen As A Result. #Muniland #Bonds #Economy #Investing #Portfolio #Inflation #FederalReserve https://t.co/HqmIJKHHkE

[BuyMuni @BuyMuni]

In a research note, JPM analysts Marko Kolanovic and Bram Kaplan said DJ.Trump’s re-election chances are increasing and the impact on investments may be “dramatic” as markets are currently pricing-in a Biden win. #Muniland #Bonds #Election2020 #JPMorgan https://t.co/tg4hNSVezH

[BuyInfrastructure @BuyInfras]

And off we go to Never-Never-Land. The fate of the free world and our $4 trillion municipal bond market may hang in the outcome of #REOPENSCHOOLS - or #CLOSESCHOOLS, as the case may be. #Muniland

[BuyMuni @BuyMuni]

Moody's: Schools Reopening Is Credit Positive for New York State, City and MTA. But Gains Could Be "Short-Lived".

#Muniland #Investing #Bonds #NewYork @MoodysInvSvc

https://t.co/pMVc1NsRd2

[BuyInfrastructure @BuyInfras]

We do think the POTUS EOs have some teeth and @FEMA will disburse the $300/weekly expeditiously. The only obvious issue is the $44B allocated will only last 5-6 weeks. Maybe that’s enough time for a bipartisan #stimulus bill. #Muniland #Congress #UI

[BuyMuni @BuyMuni]

Bank of America - anticipating delays and confusion - says the recent executive orders will have a limited impact on the U.S. economy. Absent of enhanced UI, the economy will lose $12B of stimulus weekly. #Muniland #HEALSAct #HEROESAct #Congress #ExtendUI

https://t.co/tBuQoDh2Sz

[BuyMuni @BuyMuni]

In the sleepy world of municipal finance, New York City's multi-year ritual of selecting book-runners is a big deal. ⁦@BuyMuni’s⁩ Karen Bigelow covers the winners, losers and then some. #Muniland #Bonds #PublicFinance #InvestmentBanking
#LeagueTables https://t.co/eRrJtv8nkd

[BuyMuni @BuyMuni]

Morgan Stanley has waded into the Congressional prediction sweepstakes, predicting a new stimulus bill will extend up to $600 billion in federal aid to states, local governments and hospitals; as well as authorize advance refundings. #Muniland #CARESAct

https://t.co/4jNDot3GJI

[BuyMuni @BuyMuni]

With the prospect of a Blue Wave increasingly real in November, analysts are predicting strong gains for CA and NY bonds.

For municipal bond insights, visit https://t.co/qBhdVnsuPl or get newsletters at https://t.co/GdxYkbRSAG.

#Finance #Muniland #Bonds
https://t.co/yZTWUAsd6z

[BuyInfrastructure @BuyInfras]

New York’s “ESG” approach to selecting bond underwriters may well become a template for the nation. Large banks may want to spin off women and minority-friendly units to specifically underwrite munis. And no more scandals, @WellsFargo! #Muniland #ESG #Investing #ImpactInvesting

[BuyMuni @BuyMuni]

New York State and City lead the U.S. in progressive bond underwriter selection policies: providing “plus points” for MWBEs, stressing diversity and removing banks with gross ethical lapses. But more needs to be done to elevate Black-owned firms. #Muniland https://t.co/tqZ6MWRF02

[BuyMuni @BuyMuni]

The @NewYorkFed released today an NOI or "Notice of Interest" for eligible borrowers under the Municipal Liquidity Facility (MLF) program.

BLX Group - an affiliate of @Orrick - will help the Fed administer and review applications.

#Muniland #CARESAct

https://t.co/UrIkJ3mQzB

[BuyInfrastructure @BuyInfras]

Both the Left and Right will have a field day picking apart #CARESAct and “free money” - who is deserving vs who not simply reflects one’s political agenda/beliefs.

The economics is more illuminating: cash for the needy boosts the economy more than helping the rich.

#Muniland

[BuyMuni @BuyMuni]

A Morgan Stanley report might close the window to future Federal stimulus for U.S. corporations.

For contrarian insights, visit https://t.co/qBhdVnsuPl or sign up for newsletters at https://t.co/GdxYkbRSAG.

#Muniland #CARESAct #CorporateWelfare @COVID19

https://t.co/YJDoM7oHoG

[BuyInfrastructure @BuyInfras]

Investors are under-appreciating how Fed’s liquidity program for munis is just “kicking the can”.

States and locals need real Federal $, like the airlines.

If schools and infrastructure aren’t “nationally strategic”, we don’t know what is.

#Muniland @Politico @washingtonpost

[BuyMuni @BuyMuni]

Industry insiders are reporting some of the nation's largest issuers may be constrained from tapping the @FederalReserve's Municipal Liquidity Facility (MLF).

The MLF might be "extremely negative" for the industry over the long-term.

#Muniland #Bonds

https://t.co/TIi9zaaiBZ

[BuyInfrastructure @BuyInfras]

Welcome back Lisa - thoughtful Op-Ed, as always. The Feds not having enough experienced muni professionals advising on muni issues is nothing new. The industry needs 50 Hiteshews advising Federal agencies on #infrastructure and bonds. #Muniland #MunicipalBonds
#MuniBlackSwan

[BuyMuni @BuyMuni]

Opinion: Buyer of One - Why The Federal Reserve's Municipal Liquidity Facility (MLF) Will Worsen Muniland's Outlook.

**For muni insights, visit https://t.co/ekQleFkRdT or subscribe for newsletters at https://t.co/GdxYkbRSAG**

#Muniland #FederalReserve

https://t.co/6iLJZ0pmN2

[BuyInfrastructure @BuyInfras]

NY faces likelihood of downgrade in 1-2 years under normal Fitch timeline but our prop models indicate a treadwater of 20% decline in PIT and sales tax revenues for FY2021, after which a downgrade for the Empire State will likely be a foregone conclusion. #Muniland #Credit

[BuyMuni @BuyMuni]

.@FitchRatings revised its outlook on New York State from “Stable” to “Negative” on Friday. This follows similar action by @MoodysUSPubFin on April 1.

The State may have to borrow $10B in the coming months to address cashflow needs.

#Muniland #COVID19

https://t.co/6xs14URl7B

[BuyInfrastructure @BuyInfras]

Yes indeed. And yes we would have buyers lined up for AA-rated, index-eligible 5-yr bullet maturity (or hard/soft put) at T+100. Still more cost-effective than selling at a +50 spread to MMD - if you can sell at all! Take the deal, issuers! #Muniland #Bonds @LinkedinEditors

[BuyMuni @BuyMuni]

Opinion: How The 30-Year Level Debt Structure Is Killing Muni Innovation #Muniland #PublicFinance #Markets #MunicipalBonds ⁦@TheBondBuyer⁩ https://t.co/c8kzmyRZWs

[BuyMuni @BuyMuni]

In a move not unexpected to municipal market players, @MoodysInvSvc revised its outlook for New York State to “Negative” from “Stable”. The rating agency affirmed the state’s “Aa1” rating for its GO, personal income tax and sales tax credits. #muniland

https://t.co/pBfh36L6Si

[BuyInfrastructure @BuyInfras]

Smart of S&P to do a universal “downgrade” (technically, outlook change) given uncertainty and opaque State/Local finances. Municipal credit will be very challenged in 2020. And the bills will be paid over time in the form of higher taxes for decades to come. #Covid19 #Muniland

[BuyMuni @BuyMuni]

In what is believed to be an unprecedented action by a major rating agency, @SPGlobalRatings has revised ALL of its sector outlooks in U.S. Public Finance to “negative”. #Muniland #PublicFinance #MunicipalBonds #Ratings #Credit #Covid19 @LinkedInEditors
https://t.co/cQnw6ky5iV

[BuyMuni @BuyMuni]

As New York contemplates a ban on cigarette sales to combat #COVID19, municipal bond investors are scrambling to determine the impact of the proposal on tobacco bonds - a cornerstone of the municipal high-yield sector. #Muniland #Bonds ⁦#Investing https://t.co/gxPMRajVjV