The Bond Finance Reference Guide provides readers with a thorough understanding of the different types of bonds, key players in a bond transaction, strategies and techniques in structuring, sizing, and closing bonds, the process of issuing bonds,...

This research from Fitch Ratings examines how the COVID-19 pandemic has complicated housing affordability. Issues that led to the persistent housing unaffordability preceded COVID-19. The pandemic caused an economic contraction felt among millions...

During this installment of the CDFA // BNY Mellon Webcast Series, we explored the trend of CDFIs furthering their social impact investing goals by obtaining credit ratings to issue debt.

During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, we discussed strategies for aligning social justice priorities with bond financing and actions in the muni markets.

During this installment of the CDFA-PFM Capital Markets Webinar Series, we gathered experts from the leading rating agencies for a timely discussion on ratings, long-term outlooks, and how municipal advisors determine the importance of rating deals.

A new paradigm is emerging – one in which mainstream investors increasingly want to invest in the social, economic, and environmental well-being of communities. LISC's research paper, CDFIs and the Capital Markets: Tapping into Impact Investors,...

During the first installment of the CDFA-PFM Capital Markets Webinar Series, we focused on the market impacts of COVID-19 through the start of June and what can be expected going forward.

During this installment of the CDFA // BNY Mellon Development Finance Webcast, hear from our experts as they dive into the data, examine the trends, and offer a preview of the bond market in 2020.

The establishment of safe harbors is one of the key issues raised by public finance industry groups in their comments to the U.S. Treasury, Internal Revenue Service and the Governmental Accounting Standards Board on their proposed guidance for...

While digital technology has transformed virtually every industry, in certain respects the muni bond market continues to operate in ways that date back to its origins more than 200 years ago. In this Bond Buyer white paper, find out how new...

This session discussed the recent amendments and how to prepare. The discussion included insights and reminders about how to remain compliant in all areas from main regulatory bodies for bond financing in the capital markets. Speakers on this...

Moody's Investors Service has released a report from their first assigned Green Bond Assessment (GBA) of GB1 to GREEN STORM 2016 B.V., a Dutch green residential mortgage-backed securitisation (RMBS).

In response to the expansive growth in U.S. Public Finance green bond issuance, Moody’s has recently launched its Green Bond Assessment (GBA) service. Henry Shilling will explain green bonds and how a GBA will provide green bond issuers an...

During this CDFA // BNY Mellon Development Finance Webcast, hear from muni bond experts as they reflect on 2015 and forecast the rest of 2016.

In these CDFA // BNY Mellon Development Finance Webcast slides, hear from muni bond experts as they reflect on 2015 and forecast the rest of 2016.

McGuireWoods' white paper explains how the SEC's Regulation A+ works and provides practical considerations to be taken into account in deciding whether to pursue this approach.

During this CDFA // BNY Mellon Development Finance Webcast, speakers Rachel Cortez of Moody's Investor Service, Laura Kuffler-MacDonald of Standard & Poor's, and Richard Raphael of Fitch Ratings go over the role of credit ratings in the bond...

During this CDFA // BNY Mellon Development Finance Webcast, speakers Rachel Cortez of Moody's Investor Service, Laura Kuffler-MacDonald of Standard & Poor's, and Richard Raphael of Fitch Ratings go over the role of credit ratings in the bond...

This webcast examines last year’s trends considering volume estimates, rate predictions, and other factors that could influence the municipal bond market in 2015. Speakers include Rena Nakashima from The Bank of New York Mellon, Amy Laskey of Fitch...

Fitch Ratings released this special report which analyzes and rates migration and default experience of Fitch-rated U.S. public finance securities in 2013.

This methodology from Moody's describes the ratings agency's approach to evaluating the credit of Special Tax Bonds.

Sidley Austin produced this excellent primer for entities interested in accessing the U.S. capital markets. This resource provides an overview of securities regulations and laws, the offering process, compliance obligations, exempt offerings, a...

The MSRB produced this guide to understanding various measures of municipal bond interest rates.

This ratings methodology from Moody's Investor Service reviews the firm's approach to evaluating the credit of pool financings and addresses a number of related considerations.

This report from DBRS discusses the company's methodology for rating financings enhanced with a direct pay letter of credit. Topics include sizing analysis, LOC replenishment, and operational risks.

This report from Andrew J. Giudici of Standard & Poor's discusses whether securitization may be a viable option for solar developers. Topics include credit challenges posed by changing panel and energy prices.

The CDFA Bond Finance Resource Center is a one-stop hub for all of the resources, reports, headlines, and projects that CDFA collects and publishes related to bond finance. Find links to resource tags, market reports, original research, upcoming...

This article from Fitch Ratings addresses the impact of the financial reform bill on the rating agencies and other market participants. While changes related to rating agencies will be felt most in other areas, such as mortgage-based securities, the...

This study, authored by Jerry Zhao and David Guo, finds that states with higher GPP grades tend to have higher state GO bond ratings, but the relationship may be nonlinear as people are more sensitive to the extremes of perceived performance. In...

This presentation by Pamela Berkowitz of Standard & Poor's explains the basics of how ratings work and the recent recallibration process of municipal bond ratings.

Amy Doppelt covers Fitch's approach to rating tax-supported and TIF issues, ratings recallibrations, and tips for engaging the rating agencies in this presentation.

Gail Sussman of Moody's covers the basics of bond ratings and explains Moody's process and methodology for issuing their reports.

Rating agencies play an important role in the development finance industry. This document by Fitch Ratings looks at the meaning of different ratings and the scales used when opinions are issued.

Fitch Ratings provides a summary of how credit ratings work. It includes what the different ratings mean and how to use them, including their limitations.

This report presents Fitch Ratings’ criteria for assigning credit ratings to revenue-supported obligations and entities in the public finance sector and discusses the key qualitative and quantitative factors that influence a borrower’s expected...

This report by Fitch Ratings examines the public finance-related actions that the agency took during the third quarter of 2009. Downgrades outnumbered upgrades by two to one, and Fitch expects downgrades to outpace upgrades for at least another...

Standard & Poor’s Ratings Services (S&P) recently released this white paper examining the recent changes to the markets and the roles of credit agencies under these new global conditions. It concludes with a series of recommendation that credit...

Sussan Corson, with Standard & Poor's, discusses tax increment finance bonds from the rating agency's prospective.

The S&P National Municipal Bond Index is a broad, comprehensive, market-value-weighted index designed to measure the performance of the investment-grade U.S. municipal bond market. The publication explains the eligibility criteria, index...

Peter McGinnis, from Standard & Poors discusses the role the rating agencies play in the bond financing process and how the ratings are determined.

Report from Fitch Ratings that compares performance data for various fixed-income securities, that concludes that most U.S. public finance debt has consistently lower default rates and higher recovery rates than similarly rated corporate and...

This article examines municipal bond rating agencies.

Presentation by James Wiemken from Standard and Poor's covering the pros and cons of operating a composite bond program. This file is very large and may take a few minutes to open and/or download.

Presentation by David Hitchcock from Standard and Poor's covering Tax Increment Bond Criteria and Rating Trends. This is a large file and may take a few minutes to open and/or download.