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CDFA Bond Finance Update - January 18, 2022

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Bond Finance Update
January 18, 2022
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CDFA Bond Finance Update


World Bank Chief Calls on Central Banks to Cut Long-Term Bond Holdings
World Bank President David Malpass said central banks should reduce long-term bond holdings rather than shrinking short-term assets, as this would free up more bank capital for small business loans and could help tame inflation. Malpass told a news conference that the central banks' amassing of massive balance sheets has crowded out capital available for small businesses.

San Antonio Water System: Bond Refinancing Will Save Ratepayers $41M
San Antonio Water System has taken advantage of the current low-interest rate environment to refinance outstanding debt for savings. Today, SAWS refinanced more than $100 million of its water system revenue bonds, saving ratepayers more than $41 million over the next 21 years.

Midwest Senators Introduce Bill to Strengthen Economic Program
Minnesota Senator Tina Smith is one of two senators trying to jumpstart economic development in underserved communities. Smith and South Dakota Republican Senator Mike Rounds introduced a bill called the CDFI Bond Guarantee Program Improvement Act. The bill would strengthen and expand Community Development Financial Institutions, which play a critical role in bringing capital and financial services to a wide range of underserved communities.

Maine Company GO Lab Secures $85M in Funding for Revitalization of the Madison Paper Mill
Maine-based GO Lab closed on an $85M green bond sale and New Markets Tax Credit transaction, the company announced in a release on Thursday. The money will now enable CIanbro, the lead contractor hired by GO Lab, to build three manufacturing lines that will produce wood fiber insulation. 

Berkeley, CA to Adopt Blockchain Technology for Microbond Financing Program
The city of Berkeley is set to become one of the first cities in the nation to incorporate blockchain technology in its municipal bond market. This announcement comes after a unanimous city council vote granted authorization for the city manager to work with a firm that will provide support to the city in developing a microbond financing program. The city of Berkeley has been working to develop the new blockchain market since 2019, according to the release.

Bond Insurance Makes a Comeback—And It Might Be Worth the Cost
The COVID-19 pandemic has put a lot of pressure on municipal bonds. While general obligation bonds remain safe, revenue bonds backed by universities, senior housing, and convention centers are at risk. Fortunately, the resurgence of bond insurance has helped many investors gain peace of mind amid the evolving crisis.

Eddy County, NM Approves $40M in Bonds for Solar Project Near Carlsbad
Eddy County issued $40 million of industrial revenue bonds (IRB's) for a solar project by Chevron USA to power its oilfield operations. Eddy County's Board of County Commissioners approved the bonds on Dec. 21 for a 20-megawatt project on 300 acres of New Mexico State Land Office leased land.

Cape County, MO Industrial Development Authority Surpasses $1B in Bonds Issued
When the Industrial Development Authority, or IDA, of Cape Girardeau County authorized revenue bonds totaling more than $147 million for Cape Girardeau's two health care systems in March and April this year, it pushed the total amount of bonds issued by the entity to more than $1.1 billion since its inception in 1979.

Market Reports

Weekly Market Outlook
Moody's Analytics | Jan. 18 | Bond Finance | Market Reports

Capital Market Insights
Wye River Group | Jan. 18 | Bond Finance | Market Reports

Upcoming Events
Fundamentals of Economic Development Finance Course

Intro Bond Finance Course
February 14-15, 2022 - Daily: 12:00 - 5:00 PM 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.

Advanced Bond Finance Course
February 16-17, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Advanced Bond Finance Course is designed for professionals who already have an understanding of tax-exempt financing and seek detailed instruction on complex financing techniques. Expert speakers will explore topics including the application of financial derivatives, advance refundings, investing bond proceeds, and how to spot arbitrage issues.

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Connecticut Green Bank Unit Crowdfunds First Green Notes
For the first time, a municipal issuer is crowdfunding a designated municipal green bond offering. CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, will allow retail investors to place orders for as little as $100 for up to $250,000 of taxable Green Liberty Notes. The one-year notes will carry a 1% interest rate and close Friday.

Munis Off to Rocky Start to Week, With Returns in The Red
Municipal yields rose again Monday by three to six basis points on elevated selling pressure while short U.S. Treasuries saw pressure and equities ended mixed. Municipal to UST ratios rose slightly on the day's moves. The five-year was at 50%, 67% in 10 and 78% in 30, according to Refinitiv MMD's 3 p.m. read. ICE Data Services had the five at 48%, the 10 at 68% and the 30 at 78%.

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

Santa Clara County, CA Wins $22M to Turn Hotel Into Homeless Housing
Silicon Valley.com | Jan. 14 | Bond Finance | Housing Finance

New York Announces $1B in Financing for Affordable Housing
STL News | Jan. 13 | Bond Finance | Housing Finance

California Budget Confronts Climate Change, Homelessness, Crime
The State | Jan. 11 | Bond Finance | Green Finance | Housing Finance | Infrastructure Finance | Water Finance

Bank Fees for Green Debt Surpass Fossil-Fuel Financing
Advisor Perspectives | Jan. 7 | Bond Finance | Energy Finance | Green Finance

County Board Approves $5M Bond Ordinance for New VoTech Campus in New Jersey
TAP Into Flemington/Raritan | Jan. 7 | Bond Finance

Horry County, SC Approves $11M for CCU to Upgrade Library, Golf Management Program
The Sun News | Jan. 5 | Bond Finance | Education

Governor Mills Announces $3.5M in Lifeline Loans to Cover the Property Tax Bills of Older or Disabled Maine People
Office of Governor Janet T. Mills | Jan. 5 | Bond Finance | Housing Finance | Social Finance

Watertown City Council, SD Approves Memorandum That Includes TIF for Stony Point Project
Watertown Public Opinion | Jan. 5 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

The Windfall in U.S. Infrastructure Spending Won't Be Coming From the Government Alone
Quartz | Jan. 5 | Economic Development | Infrastructure Finance | Public-Private Partnership (P3) Financing | Water Finance

Harrison County, WV Commission to Hold Public Hearing on Restructuring Charles Pointe Bonds
The Exponent Telegram | Jan. 4 | Bond Finance | Community Development | Economic Development | Tax Increment Finance (TIF)

Muni Market Opens 2022 with Calls for Third Year of Record Sales
Yahoo Finance | Jan. 4 | Bond Finance

California Expanded School Programs without Expanding Construction Funding
Sanjose Inside | Jan. 3 | Bond Finance | Education | Legislative

Michigan DOT Video Recaps 2021 Investments in Roads, Bridges
Transportation Today | Jan. 1 | Bond Finance | Infrastructure Finance | U.S. Dept. of Transportation (DOT)

California Community Choice Financing Authority's $1.5B Notes Offering
Global Legal Chronicle | Dec. 29 | Bond Finance

Nine Big Public Finance Surprises in 2021
Governing | Dec. 29 | Access to Capital | Bond Finance | Economic Development

Benton County, OR Secures Funding for New Courthouse
Gazette-Times | Dec. 28 | Bond Finance | Community Development | Legislative | Social Finance

It's Time for Reno County Schools to Start Thinking About Bonds. Pretty Prairie, KS is Weighing Their Options
The Hutchinson News | Dec. 27 | Bond Finance | Energy Finance | Green Finance

Affordable Housing in 2022: Addressing the "Missing Middle"
Multi-Housing News | Dec. 23 | Bond Finance | Social Finance

Buoyed By Federal Funding, Connecticut Makes Big Investments in Transportation and Climate Projects
WSHU | Dec. 21 | Access to Capital | Bond Finance | Economic Development | Infrastructure Finance | Redevelopment | Revolving Loan Funds (RLFs) | Resiliency | Social Finance | Transportation

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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