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MuniLand Headlines

Farewell to MuniLand

Readers, this is my last column. I wanted to thank my readers and the team at Reuters for a truly great ride. I’ve been covering municipal securities, market structure, pensions and bankruptcy for over three years. There have been a lot of big changes in America as the country seeks to recover from the global financial crisis. The crisis affected state and local governments by slowing revenues and investment in infrastructure. I don’t see this changing in the near term.

Estimating muniland bond recoveries

Chris Foster, managing director of New Oak, has published an open source model that allows one to adjust various inputs like fuel prices and electric rates to estimate the level of debt service that Prepa can support.

Why it is so expensive to trade muni bonds?

Why is it so expensive to trade municipal bonds? We finally have some answers from a long awaited MSRB report on trading in the opaque muni bond market. The study was conducted by former SEC Director of Enforcement Erik Sirri. It maps where bonds go before they settle into retail customer accounts. Every time the bonds change hands, the price is marked higher. In the dark m

The false equivalence of credit ratings

In a new report, Janney Capital Markets analyst Tom Kozlik calls out Standard & Poor’s for credit ratings on local governments that he says are too liberal.

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