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CDFA Bond Finance Update - August 20, 2019

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Bond Finance Update
August 20, 2019
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CDFA Bond Finance Update

Features

CDFA Releases Conduit Bond Fee Study
Today CDFA is proud to announce the release of the CDFA Conduit Bond Fee Study! This paper focuses on original data collected by CDFA from conduit bond issuers all over the country and provides a detailed breakdown of their various fee structures. CDFA produced the CDFA Conduit Bond Fee Study to share innovation and best practices throughout the bond industry.

Treasury Yield Curve Inverts, Signaling Concerns of Possible Recession
The yield on the benchmark 10-year Treasury note broke below the 2-year rate, an odd bond market phenomenon that has been a reliable indicator for economic recessions. The move shows increasing worries about the global economy as investors rush into safe-haven assets.

2018 NADB Green Bond Impact Report
The 2018 Green Bond Impact Report, published by the North American Development Bank, is presented a year after the issuance of the bond and after full allocation of its proceeds to fund six renewable wind and solar energy projects in Mexico and the United States.

SEC Proposes to Modernize, Improve, Simplify Disclosure Framework Under Regulation S-K
On August 8, 2019, the Securities and Exchange Commission (the SEC) voted to propose rule amendments to modernize the description of the business, legal proceedings, and risk factor disclosures that public companies are required to make pursuant to Regulation S-K.

San Antonio, TX Housing Authority Planning Big Investment in Mixed-Income Housing
Over the next 25 years, San Antonio is expecting to welcome a million new residents, an influx of people that would expand its population by about two-thirds. In anticipation of the influx and a worsening market for renters, the San Antonio Housing Authority is planning to spend close to half a billion dollars on new mixed-income projects in the coming years.

Municipal Bonds: A Positive Impact In Addressing Homelessness
This is the fifth article in a series highlighting the most important aspect of municipal bonds: how the project's bonds finance help the community. This piece looks at how municipal bonds address a difficult social issue by financing impactful programs that benefit people and their communities.

BNY Mellon: Why Municipal Revenue Over General Obligation Bonds
When investing within the large, diverse municipal bond market with $4.0 trillion of municipal debt outstanding and over 50,000 issuers, investors must generally choose between two broad categories of bonds: revenue and general obligation (GO). Both represent high-quality investments; however, there are several reasons why BNY Mellon favors revenue over GO bonds.

Bay Area Rapid Transit Issues $674M in Green Bonds
San Francisco's Bay Area Rapid Transit (BART) is issuing $674 million total in General Obligation Green bonds through negotiated sale. Most of the proceeds are being used to finance improvements to BART facilities.

Reps. Sewell, Reed Introduce Municipal Bond Market Support Act of 2019
U.S. Reps. Terri Sewell (AL-07) and Tom Reed (NY-23), both members of the House Committee on Ways and Means, introduced the Municipal Bond Market Support Act of 2019, bipartisan legislation to help local governments, non-profits, schools, hospitals, universities, and other entities reduce costs associated with infrastructure and development projects.

Market Reports

Weekly Market Outlook
Moody's Analytics | Aug. 15 | Bond Finance | Bond Finance\Market Reports

Capital Market Insights
Wye River Group | Aug. 12 | Bond Finance | Bond Finance\Market Reports

News from The Bond Buyer

The latest municipal finance headlines from The Bond Buyer.

Proposal to Deregulate FL Electricity Market Gains Steam and Opposition
A constitutional amendment that would deregulate Florida's electricity market is gaining steam among voters and opposition from numerous organizations, including municipal power agencies across the state. The ballot initiative, proposed by Citizens for Energy Choices based in Alachua, Florida, is called the "Right to Competitive Energy Market for Customers of Investor-Owned Utilities; Allowing Energy Choice."

Denver, CO Airport Terminates $1.8B Terminal Partnership
Denver has terminated a $1.8 billion public-private partnership to redevelop the city's 24-year-old airport terminal. The airport will pay to complete the project with a new contractor. The design and construction cost of the project will remain within the original budgeted amount of $770 million including a contingency fund of $120 million.

San Francisco International Airport to Price $1.2B in Revenue Bonds
The San Francisco International Airport plans to price $1.2 billion in revenue bonds. The proceeds will help fund Terminal 1 and Terminal 3 improvements that are part of a $7.6 billion capital plan that includes 66 projects, according to bond documents. 

The Bond Buyer Releases Rankings for First Half of 2019
The Bond Buyer has released its Bond Rankings for the first half of 2019. Highly ranked firms in their respective categories included Hawkins Delafield & Wood, PFM, Kutak Rock, Ballard Spahr, Katten Muchin Rosenman, Squire Patton Boggs, Gilmore & Bell, Greenberg Traurig, and Baker Tilly - all of whom are Members of CDFA. Congratulations!

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

Albuquerque, NM Hotel to be Restored Thanks to Industrial Revenue Bonds
KOB4 | Aug. 16 | Bond Finance | Historic Preservation | Urban Development

Santa Fe, NM Issues $18M in Industrial Revenue Bonds for $27M Food Processing Plant
Albuquerque Journal | Aug. 15 | Bond Finance | Food Systems Finance | Opportunity Zones

$300M South Bend, IN to Chicago, IL Rail Project Moves Forward
WSBT CBS 22 | Aug. 14 | Bond Finance | Infrastructure Finance | Tax Increment Finance (TIF)

Oak Ridge, TN Borrowing for New Water Plant
The Daily Herald | Aug. 9 | Bond Finance | Revolving Loan Funds (RLFs) | U.S. Environmental Protection Agency (EPA) | Water Finance

AR College Issues $9M in Bonds for Residence Hall
Hot Springs Sentinel-Record | Aug. 8 | Bond Finance

Las Vegas, NV Approves $22M in PABs for $94.5M Affordable Housing Project
Las Vegas Sun | Aug. 8 | Bond Finance | Housing Finance

Equitable Facilities Fund Launches $120M RLF for Charter Schools
Bloomberg | Aug. 8 | Access to Capital | Bond Finance | Revolving Loan Funds (RLFs)

NJ Resources to Issue $150M of Green Bonds
Yahoo Finance | Aug. 6 | Access to Capital | Bond Finance | Energy Finance | Green Finance

NH Debates Letting All Towns Bond for Broadband
NH Business Review | Aug. 5 | Bond Finance | Infrastructure Finance | Innovation Finance | Public-Private Partnership (P3) Financing

Thibodaux, LA to Issue Bonds for Water Treatment Plant
Houma Today | Aug. 4 | Bond Finance | Revolving Loan Funds (RLFs) | Water Finance

Columbus, OH Directs $50M Bond Proceeds to Affordable Housing
Columbus Underground | Aug. 3 | Bond Finance | Community Development | Economic Development | Housing Finance | Local Finance Program | Urban Development

Why Green Bonds Could Be Key to Fighting Climate Change
Columbia University Earth Institute | Aug. 2 | Bond Finance | Economic Development | Energy Finance | Green Finance

$5M Bond Requested for New Biddeford, ME Water Plant
Journal Tribune | Aug. 1 | Bond Finance | Water Finance

Sustainability Bond from Low Income Investment Fund Gets Investor Interest
Barron's | Jul. 31 | Bond Finance | Community Development

$100M Academic Building Housing Complex Opens at University of Illinois Chicago Campus
Rebusiness Online | Jul. 24 | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing

Plano, TX Approves Agreement to Help Pay for $1B Mall Redo Plan
Dallas News | Jul. 24 | Access to Capital | Bond Finance | Community Development | Housing Finance | Public-Private Partnership (P3) Financing | Redevelopment

MI Strategic Fund Approves $26M Issuance for U.S. Steel Plants
Crain's Detroit Business | Jul. 23 | Bond Finance

Ferndale, MI Approves Developer Deal for Mixed-Use Parking Garage Project
Crain's Detroit Business | Jul. 19 | Bond Finance | Community Development | Public-Private Partnership (P3) Financing

$50M Senior Living Center Planned in Glen Carbon, IL
The Telegraph | Jul. 18 | Bond Finance | Community Development | Energy Finance | Housing Finance | Property Assessed Clean Energy (PACE)



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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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • 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
  • Wilmington Trust
  • Z. The Bond Buyer
Become a Sponsor