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CDFA Bond Finance Update - February 19, 2019

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Bond Finance Update
February 19, 2019
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CDFA Bond Finance Update


SEC Amends and Updates Rule 15c2-12; Changes Take Effect February 27
Under the Rule, governmental entities that issued securities were required to enter into continuing disclosure agreements. This amendment may or may not increase the future financial reporting obligations of public entities. The SEC amendment to the Rule will take effect on February 27, 2019.

Municipal Bonds: A Primer for the 116th Congress
The next generation of Congress should start with an issue that affects every voter in every district: the protection of the tax-exemption of municipal bonds to help rebuild our infrastructure. Although not currently under siege, the tax-exemption of municipal bonds becomes more vulnerable with every increase in the deficit. 

Green Bond Market Poised to Hit $200B in 2019
Global green bond issuance looks set to scale new heights, if a new industry report on issuance levels is anything to go by. A client report, published by Moody's Investors Service, has forecast a 20% annualized jump in issuance to $200 billion in 2019, citing continued issuer diversification and greater clarity around standards that have been providing a boost to the market.

Why Green Bonds May Be Our Best Hope for Tackling Climate Change
Municipalities have been selling bonds to pay for public works projects — fire stations, parking garages, sewage treatment systems — for 200 years. It's only in the past decade or so, however, that they've been selling them with an extra perk: helping the environment. In the absence of a global carbon pricing scheme, bond markets will be central to financing climate change.

Columbus, OH Will Ask Voters to Approve $1.3B Bond Package
The City of Columbus will ask voters to approve a $1.03 billion bond package that would include $50 million for an affordable-housing plan and $130 million for a new County Municipal Court complex. It would also pay for capital improvements like street improvements, new recreation centers and police and fire stations, without raising taxes.

High-Yield Bonds Party Like There's No Tomorrow
Investors are snapping up speculative corporate debt but are ignoring longer-term warning signs of a recession. Bond traders are dusting off their tried and true post-crisis playbook after the Federal Reserve's pivot last month. What they don't realize is that the game has most likely changed.

Illinois Housing Development Authority Launches Initiative to Attract Bond Investors
The Illinois Housing Development Authority (IHDA) launched a new initiative aimed at attracting more investors to its municipal bond offerings. IHDA introduced a new investor relations site providing access to over 1,000 pages of data and documents, providing a single location for investors to access their credit fundamentals.

OR to Issue $518M in Bonds for Projects
The State of Oregon is preparing to issue $518 million in bonds. The issuance includes $40 million of Oregon Sustainability Bonds, which provides money for affordable housing projects, $100 million for matching funds for schools for capital projects, and $77 million for seismic retrofitting of schools and public buildings.

MassDevelopment Issues $2.8M IDB for MA Manufacturer
MassDevelopment issued a $2.8 million tax-exempt bond to assist two western Massachusetts-based manufacturers in the purchase of 2.87 acres of vacant land, and construction of a 24,400 square foot manufacturing facility.

Market Reports

Weekly Capital Markets Update
Wye River Group | Feb. 15 | Bond Finance | Bond Finance\Market Reports

Moody's Weekly Market Outlook
Moody's | Feb. 14 | Bond Finance | Bond Finance\Market Reports

KPM Weekly Rate Update
KPM Financial | Feb. 11 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Federal Policy Conference

CDFA - PFM Capital Markets Webinar Series - Financing for Climate Resilience
March, 14, 2019 - 2:00 - 3:30 PM Eastern
The effects of climate change are widespread and varied. Many communities are suffering from more frequent violent storms, severe droughts, and massive forest fires. As climate change becomes an ever-pressing challenge, cities and rural areas are looking to fortify their development and infrastructure in more resilient ways. Climate resilience requires substantial upfront investment and generates benefits over decades, making bond financing an attractive financing option. This session will discuss how cities are addressing the challenges of climate change and the types of bond and financing structures being used to build more resilient communities.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

NABL Letter Requests Clarification on Multifamily PABs
The National Association of Bond Lawyers sent a letter to top officials of the IRS and Treasury requesting regulatory clarification on the permissibility of using veterans' preferences in projects financed with multifamily private activity bonds.

Issuers Not Clear on 15c2-12 Amendments
With rule 15c2-12 amendments set to take effect at the end of February, issuers at the Government Finance Officers Association meeting aired out their confusion over how the changes will affect their continuing disclosure responsibilities.

Mayors Welcome Water Infrastructure Improvement Act
The passage of the Water Infrastructure Improvement Act came in the nick of time for U.S. mayors as they battle to shore up aging water infrastructure. According to panelists at the U.S. Conference of Mayors, the bipartisan bill gives municipalities more flexibility to meet federal standards under the Environmental Protection Agency's Clean Water Act.

CDFA is proud to partner with The Bond Buyer as our Official Media Sponsor. Read more about this partnership and all of its benefits here.

Bond Finance Headlines

Westfield, IN Pitches TIF Bond Plan to Fund $35M Downtown Park
Indianapolis Business Journal | Feb. 12 | Bond Finance | Tax Increment Finance (TIF)

Verizon Seeing Green After $1B Green Bond Deal
Bloomberg | Feb. 7 | Bond Finance | Energy Finance

$24M WHEFA Bond Financing Assists Black River Falls, WI Hospital
WHEFA | Feb. 6 | Bond Finance | Community Development

Cedar Rapids, IA Utilizes TIF District and Bonds to Spur Development
The Gazette | Feb. 5 | Bond Finance | Tax Increment Finance (TIF)

Hartford, VT Addresses Possible $1.3M Shortfall in Bond Repayment
Valley News | Feb. 1 | Bond Finance | Organizational Management | Tax Increment Finance (TIF)

Providence Plans to Issue $30M Bond for School, Building Repairs
WPRI | Jan. 31 | Bond Finance

OR Approves $150M in Bonds to Finance Intel Water Treatment Project
The Oregonian | Jan. 25 | Bond Finance | Water Finance

Frisco, CO Approves $6M in Bonds for Marina Improvements
Summit Daily | Jan. 24 | Bond Finance

Citi Announces Inaugural Green Bond Issuance
Business Wire | Jan. 22 | Bond Finance | Green Finance

SC College Uses $60M in JEDA Bonds to Finance, Refinance and Renovate
SC JEDA | Jan. 21 | Bond Finance

$2M Muni Bond Approved for School Staircase Repairs, Asbestos Removal
Montclair Local News | Jan. 17 | Bond Finance

A Potential Green Bank for AK
Clean Energy Finance Forum | Jan. 16 | Bond Finance | Energy Finance | Green Finance

North Little Rock, AR Will Pursue Bonds for New Police, Courts Building
Northwest Arkansas Democrat Gazette | Jan. 16 | Bond Finance

Highlights from the Online Resource Database

CDFA - PFM Capital Markets Webinar Series: Regulatory Landscape with MSRB and SEC Framework
Bond Finance | Municipal Securities Rulemaking Board (MSRB) | U.S. Securities and Exchange Commission (SEC) | Webcasts
This session discussed the recent amendments and how to prepare. The discussion included insights and reminders about how to remain compliant in all areas from main regulatory bodies for bond financing in the capital markets. Speakers on this session included Teri Guarnaccia with Ballard Spahr LLP, Leo Karwejna with Public Financial Management, and Julia Cooper with the City of San Jose.

The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net

For more information about sponsoring one of CDFA's electronic newsletters, please contact CDFA or call 614-705-1300.

Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300

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