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CDFA Bond Finance Update - January 21, 2020

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Bond Finance Update
January 21, 2020
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CDFA Bond Finance Update


Want to Talk to Lawmakers about Bond Legislation? Join Us for Capitol Hill Day on April 16!
On April 16, we will head to Capitol Hill to conduct legislative briefings on the importance of bond legislation such as MAMBA. Join CDFA and our members and partners as we visit with Congressional leaders to reinforce the importance of federal economic development finance solutions and proactive approaches. Anyone attending must register in advance with CDFA.

Learn All About Bonds at the Intro to Bond Finance WebCourse
The Intro Bond Finance WebCourse addresses the basic requirements for issuing a bond, the rules and regulations that govern tax-exempt and taxable bonds, the major players involved in a bond transaction, and the roles and responsibilities of both public and private sector participants. This course is essential for public leaders, economic development professionals, financial experts and anyone working to address local economic challenges.

MN Governor Unveils Nearly $2.6B Bonding Proposal
Gov. Walz would use $2.028 billion in general-obligation bonds (GO) to fund that work along with $571 million in financing, including general fund cash, bringing the Local Jobs and Projects Plan to $2.599 billion. These funds would go toward investing in projects improving public safety, housing, water quality, higher education and other needs through the state.

CA Postpones Vote on 2nd Virgin Trains Bond Allocation
The meeting was held to decide whether to award Virgin Trains USA its second allocation of $300 million in private activity, tax-exempt bonds to subsidize the rail project. Although the committee ultimately postponed its decision on issuing the second allocation until next month, Virgin Trains presented an analysis that predicted the project would be an economic shot in the arm.

Department of the Treasury to Issue New 20-Year Bonds in First Half of 2020
The U.S. Department of the Treasury today announced it plans to issue a 20-year nominal coupon bond in the first half of calendar year 2020. Over the past several years, Treasury has explored a range of potential new debt products, including 20-year, 50-year, and 100-year bonds, as well as floating-rate notes linked to the Secured Overnight Financing Rate.

Columbus, OH Housing Authority Plans a Year of Big Acquisitions
The Columbus Dispatch reported recently that the Authority plans to spend close to $250 million this year on acquisition and renovation of new units. In May 2019, voters approved a $50 million housing bond to support affordable housing work, and in June, the city announced an additional $100 million public/private Housing Action Fund.

WHEFA Bond Financing Helps Goodwill Refinance in North Central WI
Bond financing facilitated by WHEFA was used to help Goodwill Industries of North Central Wisconsin refinance bonds previously issued by WHEFA. This tax-exempt financing process has enabled Goodwill Industries of North Central Wisconsin to operate more effectively by refinancing its capital expenses at a low interest rate (2.16%).

The World Bank Releases 2019 Green Bond Impact Report
The World Bank's 2019 Green Bond Impact Report shows investors how we are working with our member countries to support their climate finance efforts and deliver results, on a project-by-project basis.

Reps. Murphy, LaHood Introduce the Modernizing Agriculture and Manufacturing Bonds Act
U.S. Rep. Stephanie Murphy (D-FL) and Rep. Darin LaHood (R-IL) introduced a proposal to help farmers and manufacturers get financing for their businesses. With the "Modernizing Agriculture and Manufacturing Bonds Act," (MAMBA) Murphy hopes to "modernize decades-old financing tools used by farmers and manufacturers to grow and create more jobs" by streamlining "private activity bonds to help small manufacturers and first-time farmers grow their businesses, invest in new equipment, and hire more workers."

Market Reports

Weekly Market Outlook
Moody's Analytics | Jan. 17 | Bond Finance | Bond Finance\Market Reports

Capital Markets Newsletter
Wye River Group | Jan. 7 | Bond Finance | Bond Finance\Market Reports

Investment Strategy Group Outlook 2020 - Janney Montgomery Scott LLC
Jan. 2 | Bond Finance | Economic Development

Upcoming Events
CDFA Federal Policy Conference

Intro Bond Finance WebCourse
February 26-27, 2020 - Daily: 12-5pm (Eastern)
The Intro Bond Finance WebCourse provides an in-depth look at governmental and qualified private activity bonds, with a focus on industrial development bonds (IDBs), 501(c)(3) non-profit bonds, exempt facility bonds, and other special bond programs authorized by the federal government.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

SEC to Focus on Issuer Disclosure, Municipal Advisors in 2020
Enforcers will have a strong focus on municipal advisor rules and timely issuer financial disclosure in 2020. Securities lawyers and muni market participants told The Bond Buyer where the Securities and Exchange Commission could be headed in the next year. One thing is for sure, sources agreed — the SEC will continue being active in the municipal advisor space.

PAB Volume Caps Decline in New York, 4 Other States
This year will be a challenging time to grow the issuance of tax-exempt private activity bonds because New York and four other states have had their annual volume caps reduced and other states are getting increases of no more than 1.6%. The challenge will be biggest in the three states that were found by the CDFA to be closest to using their 2018 limits — California, New York and Massachusetts.

Surface Transportation Bill Muniland's Best Bet in 2020
Muni market participants are banking on a surface transportation reauthorization bill passing in the first half of next year before elections get underway in 2020. The November election leaves a small window to pass the American Transportation Infrastructure Act, a five-year surface transportation reauthorization.

Small Manufacturing Bonds Bill would Raise IDB Limit to $30M
The Modernizing Agriculture and Manufacturing Bonds Act, H.R. 5422, sponsored by Reps. Stepanie Murphy, D-Fla., and Darin LaHood, R-Ill., expands the definition of a manufacturing facility and eliminates IDB restrictions on "directly related and ancillary facilities." Meanwhile, the limitation for first-time farmers using so-called Aggie Bonds would be raised to $552,500 from $450,000.

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

U.S. Supreme Court Declines to Hear Puerto Rico Bonds Dispute
Reuters | Jan. 17 | Bond Finance

Chicago, IL Bond Refunding Produces Budget Savings, Lower Market Penalty
Reuters | Jan. 16 | Bond Finance

Low Bond Yields Are Killing Muni Tax Breaks
Barron's | Jan. 15 | Bond Finance

San Diego, CA City Council Moves Forward on $900M Bond Measure for Affordable Housing
Fox 5 San Diego | Jan. 15 | Bond Finance | Housing Finance

SC JEDA Issues $3.65M in Refinancing Bonds for Alcohol and Drug Abuse Council
SC JEDA | Jan. 14 | Bond Finance | Member News | Social Finance

Missoula, MT to Explore Redevelopment Options for Old Library Site, Midtown Parcel
Missoula Current | Jan. 8 | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing

$45M Bond Referendum Gets Approval from NC State Board
Salisbury Post | Jan. 8 | Bond Finance | Social Finance

LIHTC, Bonds, and RLFs to Finance Rural IN Housing
Journal Review | Jan. 6 | Bond Finance | Revolving Loan Funds (RLFs) | Rural Development | Tax Credits | Housing Finance\Case Studies | Tax Credits\Low Income Housing Tax Credits (LIHTCs)

Kalispell, MT To Consider Approving Bonds for Drinking Water RLF
Daily Interlake | Jan. 6 | Bond Finance | Revolving Loan Funds (RLFs) | Water Finance

IHCDA Awarded $88M to Developers to Revitalize Subsidized Housing
Journal Review | Jan. 6 | Bond Finance | Community Development | Housing Finance | Incentives | Revolving Loan Funds (RLFs) | Tax Credits

HI Officials Request $90M for Inouye Highway Extension
The News & Observer | Dec. 30 | Bond Finance | Infrastructure Finance

The Muni Bond Market's Biggest Credit Risk: Climate Change
Think Advisor | Dec. 30 | Bond Finance | Resiliency

MassHousing Completes Agency's First Sustainability Bond Transaction
Affordable Housing Finance | Dec. 28 | Bond Finance | Housing Finance

Rep. LaHood Introduces Legislation Modernizing Bond Financing Tools
KHQA | Dec. 26 | Bond Finance | Infrastructure Finance | Legislative

Highwood Working to Secure School Support for Tax District Extension, Downtown Redevelopment
Chicago Tribune | Dec. 19 | Bond Finance | Tax Increment Finance (TIF)

Highlights from the Online Resource Database

The World Bank - Green Bond Impact Report 2019
The World Bank's 2019 Green Bond Impact Report shows investors how we are working with our member countries to support their climate finance efforts and deliver results, on a project-by-project basis.

Roadmap to Redevelopment Report: Troy, NY
This report provides financing strategies for the redevelopment of One Monument Square in Troy, NY.

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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CDFA National Sponsors

  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Z. The Bond Buyer
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