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CDFA Bond Finance Update - July 16, 2019

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Bond Finance Update
July 16, 2019
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CDFA Bond Finance Update


CDFA Food Finance White Paper Series: Food Systems & Bonds
Researched and written by CDFA, this is the third white paper in a series examining the potential creation of a food systems asset class that supports the market growth of local and regional food systems. This paper focuses specifically on bond financing, which CDFA considers a ‘bedrock tool' for the historic and foundational role bonds have played in public financing.

Study: Muni Bond Defaults More Common than Rating Agency Tallies Suggest
Defaults on local government bonds have been more frequent than credit rating agencies have reported, according to a paper by Lang (Kate) Yang of The George Washington University and Yulianti Abbas of the University of Indonesia prepared for the 2019 Municipal Finance Conference at the Brookings Institute.

Several Pieces of Federal Legislation Propose PAB Expansions
The use of private activity bonds would be expanded to include financing for new charging stations for zero-emission vehicles under recently introduced Greener Transportation for Communities Act. Several other bills that would expand the usage of PABs have been introduced in this Congress, including the Move America Act and the Public Buildings Renewal Act.

GA Sells $1.03B in General Obligation Bonds for Construction Projects
The State of Georgia successfully sold $1.03 billion in three different series of general obligation bonds to fund new construction projects and equipment, make repairs and renovations to existing facilities, and refund outstanding bonds to achieve debt service savings.

LISC, CDFA, and the Ford Foundation Collaborate on Community OZ Playbook
LISC, with support from the Ford Foundation and in collaboration with CDFA, has released Navigating the Opportunity Zones: Community Partners. The release is the first installment of the LISC Opportunity Zones Playbook series and is geared to the people and organizations committed to community revitalization and shared prosperity for all residents.

Why Regional Economics Matter For Municipal Bonds
At the most basic level, the credit quality of a municipal bond issuer is largely influenced by the economics of the region in which it's located. Knowing which areas are prospering and expanding today, and what to watch for in the future, can help municipal bond investors avoid potential credit problems down the road.

High-Yield Bond Sales Accelerate as Investors Price In Rate Cuts
Issuance in the U.S. junk bond market gained new momentum Thursday boosted by rate cut bets following testimony by Federal Reserve Chairman Jerome Powell. Bloomberg's Lisa Abramowicz takes a look at high-yield bond sales on "Bloomberg Markets: The Close."

PR Begins Economic Recovery
Buildings and infrastructure are still being repaired and upgraded, and the government has instituted a full slate of tax incentives to lure investors. On top of this, Puerto Rico is the beneficiary of community development block grant funding, and 97% of the entire commonwealth — much of it beachfront — has been designated a qualified opportunity zone.

Market Reports

Capital Market Insights
Wye River Group | Jul. 16 | Bond Finance | Bond Finance\Market Reports

Weekly Market Outlook
Moody's Analytics | Jul. 11 | Bond Finance | Bond Finance\Market Reports

Upcoming Events
CDFA Summer School
News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Federal Funding Uncertainty Stunting Infrastructure Finance
Infrastructure leaders need predictable funding to plan for large projects, and uncertainty about the future of federal spending is hampering the ability of state departments of transportation to structure financings that include bonding.

House Appropriations Bill Allocates $86.6B for Transportation
The House of Representatives passed a five-bill appropriations package allocating $86.6 billion to the Department of Transportation, $167 million more than in 2019. The funds would be dispersed to BUILD grants, the Federal Highway Administration, Federal Transit Administration, and port infrastructure among others.

NY and OH Muni Water Deals Price; IL Tollway Authority Sells Bonds
Municipal Water Bond Deals priced in Ohio and New York City. Revenue Bonds issued by the Illinois State Toll Highway Authority were also priced. This article covers them, as well as a bevy of additional bond deals.

Miami, FL Airport Plans $5B in Improvements
Miami International Airport officials have launched a $5 billion capital improvement plan, which will be financed with bonds and grants from the Transportation Security Administration, Florida Department of Transportation, and Federal Aviation Administration, as well as passenger facility charges.

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

NC Eyes Upgrading Old Rural Water and Sewer Systems
The Mountaineer | Jul. 14 | Bond Finance | Infrastructure Finance | Rural Development | Water Finance

Los Alamos County, NM Assists Bioscience Business with $12.5M in IRBs
Associated Press | Jul. 12 | Bond Finance | Tax Credits

Carbon Capture Legislation Means Potential for a New Type of Exempt Facility Bond
National Law Review | Jul. 11 | Bond Finance | Energy Finance | Green Finance | Legislative

Soil Wealth Report Identifies 67 Investment Approaches to Regenerative Agriculture Capital Opportunities
PR Newswire | Jul. 10 | Access to Capital | Agriculture Finance | Bond Finance | Food Systems Finance | Resiliency

SC College Using $24.4M JEDA Bond Issue For Construction, Renovations
SC JEDA | Jul. 9 | Bond Finance | Community Development | Social Finance

Portland, ME Water District Issues First 'Green' Bonds
Mainebiz | Jul. 8 | Bond Finance | Green Finance | Infrastructure Finance | Water Finance

NY Development to Serve Formerly Incarcerated and Other Seniors
Affordable Housing Finance | Jul. 5 | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Tax Credits

Beaverton, OR Housing Project Will Use $3M from Bonds, $11.4M in LIHTC
Portland Tribune | Jul. 5 | Bond Finance | Housing Finance | Tax Credits

Junk Debt Investors Welcome Rare Green Bond
Newsmax Finance | Jul. 3 | Access to Capital | Bond Finance | Energy Finance | Green Finance

Jefferson City, MO Debates Allowing Local IDA to Issue Bonds for Redevelopment
News Tribune | Jul. 2 | Bond Finance | Special Assessment Districts | Tax Increment Finance (TIF)

New York, NY Development to House Formerly Incarcerated and Other Seniors
Affordable Housing Finance | Jul. 2 | Bond Finance | Housing Finance | Tax Credits | Urban Development

$7.6M Slated For Enfield Water Pollution Control Facility
Patch | Jun. 27 | Bond Finance | Energy Finance | Green Finance | Infrastructure Finance | Water Finance

Kalamazoo, MI Apartment on Brownfield Utilizes Bonds, Tax Credits
Grand Rapids Business Journal | Jun. 27 | Bond Finance | Brownfield Financing | Housing Finance | Tax Credits

Appleton Partners Announces Municipal Opportunity Zone Credit Strategy
Business Wire | Jun. 26 | Bond Finance | Opportunity Zones

SC JEDA Issues $912M Hospital Revenue Bonds for Prisma Health
SC JEDA | Jun. 25 | Bond Finance

New York, NY Moves Forward on $82M Affordable Housing Project
Multi-Housing News | Jun. 24 | Bond Finance | Tax Credits

NH Towns Still Struggle to Lure Broadband
NH Business Review | Jun. 24 | Bond Finance | Community Development | Public-Private Partnership (P3) Financing | Rural Development

Life and Debt Question: Are Bank Loans More Pricey Than Bonds?
Knowledge@Wharton | Jun. 20 | Bond Finance | Community Development | Development Finance Toolbox

Highlights from the Online Resource Database

2019 Q2 CDFA Quarterly Legislative Update
Bond Finance | Legislative | Tax Credits | Webcasts
In the second Quarterly Legislative Update of 2019, CDFA's Legislative Team discussed progress on pending CDFA legislation, other pending development finance legislation such as extenders, as well as what to expect from Congress in the coming months.

Financing Native Nations: Access to Capital Markets
Access to Capital | Bond Finance | Community Development | Economic Development | Tribal Finance
One-third of reservation-based Native Americans fall below the poverty line, and the nations governing these reservations, unable to spur economic development, struggle to provide even the most basic services. Yet, despite their difficulty in accessing capital markets, native nations harbor significant potential for economic growth due to their vast resources, land, and sovereignty; so much so, in fact, that tribal finance expert dubbed them "America's domestic emerging market."

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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