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CDFA Bond Finance Update - June 15, 2021

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Bond Finance Update
June 15, 2021
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CDFA Bond Finance Update

Features

Take Action -- Tell Congress to Include Bond Provisions in the Infrastructure Bill
CDFA is mobilizing a nationwide coalition to submit a letter to Congress asking that bond financing provisions be included in the infrastructure bill. We invite you to sign our coalition letter to show your organization's support for including several key tax-exempt bond provisions.

CDFA to Host Legislative Briefing to Provide Update on Infrastructure Bill, Bond Provisions
Join CDFA on Wednesday, June 16 at 4:00 PM Eastern for a free Legislative Briefing. We'll discuss the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We'll also outline important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill.

Bond Financing in a Post-Pandemic World: What's Next?
Even amid economic turmoil, tax-exempt bond financing fared well in 2020. New legislation and a recovering economy promise to keep the momentum going. Boston Capital Finance executives recently shared their insight on how the events of the past year - including December 2020 legislation that established a minimum 4% low-income housing tax credit rate - will affect bond financing.

Revival of Build America Bonds Receives Bipartisan Support
A revival of direct-pay Build America Bonds received bipartisan support Tuesday from the Democratic chairman and ranking Republican of the Senate Finance Committee. Other senators and the witnesses also advocated the restoration of tax-exempt advance refundings and an expansion of private activity bonds as lawmakers explored options for financing infrastructure.

Prepare for Infrastructure Modernization at CDFA's Intro Infrastructure Finance Course
As the infrastructure negotiations continue in Congress, now is the time for development finance agencies to prepare by learning innovative financing tools being used nationwide. The development finance toolbox provides a vast array of capital solutions for infrastructure, including federal and state grants and loans, bonds, tax increment financing, tax credits, revolving loan funds, opportunity zones, and public-private partnerships.

ESG Municipal Bonds: The Next Sustainable Opportunity
This infographic from Wells Fargo Asset Management highlights the growth of ESG (environmental, social, governance) municipal bonds and how investors can identify them. Issued by state and local governments, these bonds often have a positive impact on society or the environment.

Credit Rating Agencies See Improved Outlook for Alaska, but Note Risks From Budget Uncertainty
As Alaska lawmakers decide what to do about the budget, one group that's keeping an eye on the outcome are the agencies that rate the state's ability to pay off its debts. As the budget situation worsened in recent years, the agencies downgraded the state's credit rating 10 times between 2016 and 2020. But the rating agencies see improvement in Alaska's outlook.

Global Green Bond Issuance to Gather Steam After Record Q1, EU to Stay in Lead
Europe, home to the world's largest green bond market, will likely lead global issuance to another record this year, while the climate-friendly administration in the U.S. and more Asian countries joining the race to zero emissions will give the market another boost.

Upcoming Events
Intro Revolving Loan Fund WebCourse

CDFA Legislative Briefing - June 16, 2021
June 16, 2021 - 4:00 - 4:30 PM Eastern
Join us on Wednesday, June 16 at 4:00 PM (Eastern) for a free Legislative Briefing. We will discuss the status of the infrastructure bill and CDFA's latest efforts on Capitol Hill. We will also outline important action items that you can take to ensure that bond financing provisions are included in the infrastructure bill.

CDFA Food Systems Finance Webinar Series: Financing Food Systems Through FinTech
Tuesday, July 13, 2021 - 2:00 PM - 3:30 PM Eastern
In this installment of the CDFA Food Systems Finance Webinar Series, we will explore how tech innovations are increasing access to financing for food-related businesses and projects, and how finance is supporting the integration of new technology in local food systems.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

High-Yield Deals Are Blowouts; ICI Reports $2.3B Inflows
Municipals were firmer in both secondary trading and with primary deals repricing to lower yields as the Investment Company Institute reported more than $2.3 billion of inflows into municipal bond mutual funds, helping to keep muni yields low. Trading jumped up Wednesday with several high-grade names clearing at lower yields, combined with solid, large new-issues repriced and upsized, easily closing.

WMATA, High-Grade Competitives Direct Yields Lower
Municipals improved Tuesday on the back of a strong primary led by the Washington Metropolitan Area Transit Authority's $788 million green bonds, gilt-edged Loudoun County, Virginia, and the New Jersey Infrastructure Bank, which sold competitively with tight spreads.

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.

Legislative & Federal Affairs

CDFA is the national leader for development bond advocacy on Capitol Hill. A look at the latest discussions from Washington, DC:

Infrastructure Bill Deal: Congress Can Spend Now, Pay Later
Bloomberg | Jun. 15 | Bond Finance | Infrastructure Finance | Legislative

Walorski Co-Chairs the Municipal Finance Caucus
The Bond Buyer | Jun. 10 | Bond Finance | Legislative

Visit CDFA's Advocacy Center to view the latest legislative and federal updates, explore CDFA's Policy Agenda, track legislation relevant to bond finance, get involved in CDFA-led initiatives, and more.

Bond Finance Headlines

Fitch Downgrades Syracuse IDA, NY PILOT Bonds to 'CC'; Removes Rating Watch Negative
Fitch Ratings | Jun. 15 | Bond Finance | Tax Credits

Investors Gobble Up Parkway Bonds; State Garners $423M for West Virginia Road Projects
MetroNews | Jun. 15 | Bond Finance | Infrastructure Finance

West Chester, OH Paying $2.7M for Work Around I-75 Interchange
Journal-News | Jun. 15 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Thirty-Year Treasury Bond Auction Attracts Average Demand
Nasdaq | Jun. 15 | Bond Finance | Federal | U.S. Dept. of Treasury

Everything You Need to Know About the Infrastructure Bills Traveling Through Congress
The American Prospect | Jun. 14 | Access to Capital | Bond Finance | Energy Finance | Federal | Green Finance | Infrastructure Finance | Legislative | Water Finance

Yankees Parking Garage Bonds Jump After Restructuring Deal
Bloomberg Law | Jun. 9 | Bond Finance | Economic Development | Urban Development

Washington Wants to Bring Back Build America Bonds. The Municipal Market Isn't Buying It
Market Watch | Jun. 9 | Access to Capital | Bond Finance | Economic Development | Infrastructure Finance | Legislative

SBA Recognizes the Office of Surety Guarantees FY20 Award Winners
Global News Wire | Jun. 7 | Access to Capital | Bond Finance | Federal | U.S. Small Business Administration (SBA)

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs
Fitch Ratings | Jun. 2 | Bond Finance | Infrastructure Finance

Solano, CA Board Signs Off on $12M in Local, Tax-Exempt Bonds
The Daily Republic | May. 26 | Bond Finance | Infrastructure Finance

Santa Monica, CA Considers Revenue Bonds to Close Funding Gap for Water Self-Sufficiency Projects
Santa Monica Daily Press | May. 26 | Bond Finance | Infrastructure Finance | Revolving Loan Funds (RLFs) | Water Finance | Water Finance | WIFIA

JEDA Bonds Finance Statewide Expansion for Presbyterian Communities of South Carolina
SC JEDA | May. 25 | Bond Finance | Community Development | Member News | Exempt Facility Bonds

Greystone Affordable Development Transforming Indiana Affordable Housing with 4% and 9% LIHTC Hybrid Portfolio
Greystone | May. 24 | Bond Finance | Housing Finance | Rural Development | Tax Credits | U.S. Dept. of Agriculture (USDA) | Low Income Housing Tax Credits (LIHTCs)



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
info@cdfa.net

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