The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market from Debtwire.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves talks with the Head of Securitized Products Research and Strategy at Academy Securities, Dr. Stav Gaon, about stadium securitizations. Debtwire ABS Editorial Director Eric Homer and Reporter Kunal Kamal also join the podcast.Dr. Gaon provides an overview of asset-backed securities (ABS) and how they typically work.The discussion shifts to Dr. Gaon highlighting the growing interest in sports securitizations. The dialogue segues into Dr. Gaon explaining how stadium financing is different than other types of asset-backed securitizations.Dr. Gaon follows with a comparison of stadium securitization to municipal bond financing for stadiums.The conversation moves to Dr. Gaon outlining the risks involved with stadium securitization.Dr. Gaon details the key players involved in a stadium securitization deal.The podcast closes with Dr. Gaon discussing aspects of certain ongoing stadium securitization
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak with Cooper Howard, fixed income strategist at Charles Schwab about federal policy and the muni market.Cooper provides his thoughts on the “question marks” surrounding federal policy initiatives on the municipal market such as tariffs.The discussion shifts to Cooper highlighting municipal sectors most sensitive to federal policy shifts.Cooper segues the discussion into the potential hurdles that private higher education may have to overcome.The podcast closes with Cooper discussing what municipal credits may consider to maintain credit quality despite the numerous challenges.#federalpolicy #tariffs #inflation #muniland #highereducation #ports
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak to Cybersecurity Content Specialist Bradley Barth about municipal bond issuers grappling with cyberattacksBradley provides his thoughts on whether in-house expertise is enough or if security programs necessitate collaboration with a third-party vendor.The discussion shifts to Bradley highlighting the potential advantages/disadvantages to working with a third-party vendor.Bradley then segues into whether an organization's vulnerability is correlated with the size, sector or ability of the municipal bond issuer to afford cybersecurity expertise.Bradley moves on to identify the different types of cyberattacks and whether victims should pay.Bradley discloses “best practices” for a municipal bond issuer around incident response and the quality of public disclosures.The podcast closes with Bradley discussing his thoughts on the potential efficacy of implementing a federal data breach law.On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak to Cybersecurity Content Specialist Bradley Barth about municipal bond issuers grappling with cyberattacksBradley provides his thoughts on whether in-house expertise is enough or if security programs necessitate collaboration with a third-party vendor.The discussion shifts to Bradley highlighting the potential advantages/disadvantages to working with a third-party vendor.Bradley then segues into whether an organization's vulnerability is correlated with the size, sector or ability of the municipal bond issuer to afford cybersecurity expertise.Bradley moves on to identify the different types of cyberattacks and whether victims should pay.Bradley discloses “best practices” for a municipal bond issuer around incident response and the quality of public disclosures.The podcast closes with Bradley discussing his thoughts on the potential efficacy of implementing a federal data breach law.#cybersecurity #ransomware #databreaches #muniland #cyberattacks
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire North America Credit Analyst John Sinna on the latest developments with Hawaiian Electric and Edison International.The podcast covers the situations in the aftermath of wildfires for Hawaiian Electric and Edison International by “comparing and contrasting” where things stand by delving into five (5) topics.The first topic discussed is how governance has been handled in each situation. John discusses the actions taken by Hawaii Governor Josh Green and Los Angeles Mayor Karen Bass.The second topic discusses legislative efforts in Hawaii and California.The third topic details the litigation against Hawaiian Electric and Edison International because of the wildfire damages.With the fourth topic, John segues into possible responses by the insurance market from a national perspective as well as specifically in Hawaii and California.The podcast closes with John discussing his near-term expectations in each situation.#insurance #power #IOUs #muniland #risk
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak with Senior Research Analyst Dr. Erika Smull of Breckinridge Capital Advisors on pricing climate risk.Dr. Smull initiates the discussion by explaining the concept of “benchmark aware” in the context of municipal bond investment strategies.The conversation shifts to the resiliency of the municipal market in the face of catastrophic weather events and the availability of quality information to make climate risk assessments.Dr. Smull transitions to the role supply and credit quality, as well as whether private insurance and federal disaster aid will remain as readily available moving forward.Dr. Smull discusses the current state of climate risk disclosure.The discussion turns to an example of “climate induced stress” in detailing the events of Clyde, TX.The podcast closes with Dr. Smull discussing whether the market is getting closer to a climate risk premium and how Breckinridge assesses climate risk.#climaterisk #muniland #pricingrisk #riskpremium #catastrophicevents
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak with Andrew Flynn, managing director of California Municipal Advisors about the municipal market.Andrew provides a brief overview of his role as a municipal advisor.The discussion shifts to Andrew sharing his “tree analogy” that explains his financial advisory approach with public sector clients.Andrew then segues into his view of muni market health now and what level of concern he has around the increasing frequency and intensity of climate risk events.The conversation turns to Andrew's perspective on the recent ratings actions by S&P Global Ratings with the Los Angeles Department of Water and Power.Andrew transitions into how he advises his public sector clients to contemplate and address pension fund liabilities.The podcast closes with Andrew offering his contrarian perspective on challenges that “places of growth” (California, Texas, Nevada, Arizona, etc.) will face during an economic downturn.#muniland #climaterisk #pensions #economy #municipaladvisors
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Senior Reporter Simone Baribeau on the performance of proton therapy centers backed by municipal bonds.Simone provides a brief overview proton therapy technology. She then delves into the advantages and disadvantages of proton therapy vs traditional radiation.The discussion shifts to Paul highlighting the major hurdles to success for proton therapy centers: technology; viability and reimbursement.Simone then segues towards the defaults and bankruptcies that have occurred due to the intrinsic challenges to developing successful proton therapy center operations. The conversation shifts towards selected proton therapy centers around the country.Simone transitions to the action states have taken to address reimbursement hurdles.The podcast closes with Simone providing quick updates on certain proton therapy centers in the construction pipeline across the country.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Head of Muni Research Greg Clark and Curation Editor Stephanie Fagnani about the evolving evaluation of wildfire risk and municipal bonds.Stephanie kicks off the podcast by providing a report on the extent of the damage, the initial cost estimates and the current status as it remains an ongoing situation.The discussion shifts to Paul providing observations by market participants on how risk assessments for municipal could change in wildfire zones and what makes California a unique situation.The podcast closes with a segue to Greg who provides a comprehensive overview of how various municipal bond sectors are impacted by just having to navigate wildfire damage, as well as the insurer and government received. He then provides a concise definition of why lease revenue bonds and similar structures could face additional risk, as it is a borrowing tool frequently used by local governments in California, as well as the state.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Reporters Simone Baribeau and Adrian Espallargas about Puerto Rico.Simone kicks off the podcast highlighting recent developments in the Puerto Rico Electric Power Authority restructuring.The discussion shifts to recent actions by the Financial Oversight and Management Board by Simone. Adrian jumps in with thoughts on what it would take for the board to be dissolved.Adrian and Simone explore the potential policy and political implications on Puerto Rico due to the results of the presidential election.The podcast concludes with Adrian providing some perspective how the gubernatorial results in the commonwealth will influence the PREPA restructuring, the relationship with the oversight board and other policy issues.#PuertoRico #PREPA #restructuring #ElectionDay
On the podcast, Managing Editor Paul Greaves speaks with Dr. Peter Adriaens, a professor of civil and environmental engineering at the University of Michigan and Curation Editor Stephanie Fagnani on water utilities, weather risk and investor demand.Dr. Adriaens kicks off the podcast by a brief overview of the article he contributed to that was published a couple of months ago in the Environmental Science & Technology Journal.The conversation turns to increasing frequency of catastrophic storms, floods and drought and the subsequent impact on how investors view risk related to water utilities.The discussion shifts to whether floods or droughts are viewed as being more high risk by investors, which then segues into a discussion about the role of geography in this assessment.The podcast concludes with how water utilities can mitigate the increased risks posed by floods and drought.#waterutilities #flood # drought #saltwaterintrusion #creditrisk #investordemand #municipalmarket
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire North America Analyst John Sinna, about the latest developments with Hawaiian Electric Industries, Inc.The podcast begins with John providing a summary of the key events that have occurred in the past year.John then highlights the key issues that remain unresolved as of September 2024.The conversation shifts to a discussion of the global settlement that was announced by Hawaii Governor Josh Green approximately a month ago. Currently, the insurance companies are holdouts to this settlement. John offers his perspective as to whether this deal can be consummated without buy-in from the insurers.John provides an explanation for how insurance subrogation claims work and discusses whether the insurance market can function effectively without this. There is currently litigation under consideration in Hawaii as to whether subrogation claims will be allowed to proceed. John moves the discussion to whether insurers would consider moving out of the Hawaii market.Finally, John provides his view on the next important milestone and potential scenarios to play out.#restructuring #insurance #muniland #electricity
The latest Debtwire Municipals Muni Lowdown podcast features Managing Editor Paul Greaves discussing public pensions with Jean-Pierre Aubry, associate director of state and local research at the Center for Retirement Research at Boston College and Curation Editor Stephanie Fagnani. Jean-Pierre kicks off the podcast by providing his thoughts on what “private credit” means in the context of public pension investments.The conversation shifts to the growing trend of public pension plans employing active management of their portfolio. Jean-Pierre offers his perspective on whether active management significantly improves plan performance.Jean-Pierre then explains how he addressed limitations in his research that compared active vs passive management.Jean-Pierre transitions into an explanation of what metrics are important to review when assessing the financial health of a public pension plan.Jean-Pierre concludes with a discussion on the overall performance of public pension plans over the last several years.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Liz Farmer, a public finance expert and Kunal Kamal about the growing auditor shortage and delays in government financial reporting.Liz kicks off the podcast by explaining the difference in median audit times between corporate and municipal bond issuers. The conversation shifts to discussing the potential consequences for local governments when financial reports are delayed.Liz then explains some of the best practices she's seen by governments with financial reporting.Liz goes on to discuss the delicate balance governments must navigate between the need for comprehensive financial reporting with the practical challenges of staffing.Liz concludes by offering her perspective on potential trends in audit times and auditor availability.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire Legal Analyst Paul Gunther and Reporter Simone Baribeau on the recent court ruling that PREPA bonds are secured. Last month, the First Circuit Court of Appeals ruled that PREPA [Puerto Rico Electric Power Authority] bondholders have a secured USD 8.5bn claim on the utility's net revenues.Paul Gunther kicks off the podcast by providing background on PREPA and the bonds. He then segues into how the dispute between PREPA and the bondholders arose.The conversation shifts to the lower court ruling that was overturned by the appellate decision. Paul discusses how the appellate court arrived at different conclusions.Paul proceeds to discuss the First Circuit ruling also extends the lien to future net revenues and were perfected.Paul then explains how the First Circuit came to the conclusion that this was a USD 8.5bn secured claim.Paul concludes with providing the actions that the Financial Oversight & Management Board for Puerto Rico can take following this decision.Simone segues the conversation into the significance of this court decision for PREPA and the municipal bond market.The podcast concludes with Simone providing her perspective on what's next in the PREPA restructuring.
On the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Triet Nguyen, vice president of Strategic Data Operations with DPC Data and Reporter Kunal Kamal about evolving high yield municipal market risk factors.Triet kicks off the podcast by discussing how risk factors in the high yield municipal bond market since wrote his book in 2012 called “Investing in the High Yield Municipal Market.”The conversation turns to the increasing prevalence of cyberattacks and potential risks it poses to the municipal bond market.Triet proceeds to explain how climate risk assessment tools can be used to enhance credit research and risk management.The discussion shifts to Triet providing his perspective on the significant challenges facing the commercial real estate market, specifically the office sector and resulting impact on municipal bonds.The podcast concludes with Triet explaining his views on relative value in the high yield municipal market.
On the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Thomas Brosy, a senior research associate with The Tax Policy Center and Reporter Kunal Kamal about the impact of declining commercial property revenues on city budgets.Thomas kicks off the podcast by delving into the intricate landscape of property tax dynamics and the potential impact on municipal revenues.Thomas proceeds to explain the diverging trends in residential and commercial property tax collections, which leads to an explanation of how a city's budget projections are impacted.Thomas discusses the “lagging indicator” nature of property tax collections and why that gives municipalities “a window” to develop alternative revenue strategies for absorbing any loss due to falling commercial property tax revenues.Thomas moves the conversation to identifying cities most vulnerable to revenue loss due to lower commercial property tax collections. He also provides the key characteristics of these municipalities.The podcast concludes with Thomas discussing the long-term shifts in work patterns and urban populations and how those trends influence the trajectory of commercial real estate values, as well as implications for future revenue streams for municipalities.#citybudget #muniland #propertytaxes #officevalues #commercialrealestate #CRE
On the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Tracy Hadden Loh, a fellow with Brookings Metro and Reporter Kunal Kamal about declining commercial real estate valuations and property tax revenues.Tracy kicks off the podcast by providing us a framework for understanding that issues as significant as commercial real estate (CRE) declines require structural, as opposed to cyclical solutions.Tracy then explains the concept of a “doom loop”.Tracy proceeds to explain “office to housing myths” and whether office-to-residential conversions represent a viable strategy.The conversation then shifts to Tracy discussing the varying downtown recoveries in cities across the country and whether there are a common set of factors to explain the diverging trends.Tracy provides some context on the role mass transit can play in a healthy CRE market.The podcast concludes with Tracy explaining what steps municipalities can take in facing the challenges of a declining CRE market and the resulting decrease in property tax revenues.#CRE #propertytaxes #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Neil deMause, author of Field of Schemes and Reporter Kunal Kamal about stadium finance.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire ABS Editorial Director Eric Homer and Reporter Kunal Kamal about commercial real estate.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks to Adam Smith, applied climatologist at the National Oceanic and Atmospheric Administration about billion-dollar climate and weather disasters.The podcast begins with Adam explaining his job with NOAA.Adam provides an overview of the findings from NOAA's billion-dollar climate and weather disasters report released on 9 January 2024.Adam discusses the methodology used to create the report and emerging trends.Adam discusses the time required for post-disaster recovery.Adam then turns the conversation to explaining how the size of a municipality affects recovery dynamics.Adam concludes the podcast by discussing the consequences on the property and car insurance markets due to the frequency and intensity of these billion-dollar disasters.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Simone Baribeau about recent developments with the Puerto Rico Electric Power Authority bankruptcy proceedings.Simone begins the podcast by providing a historical overview of PREPA's restructuring. That leads into a discussion about the upcoming confirmation hearing in March 2024.Simone discusses the various actions that certain creditors have taken to upend or change the legal trajectory of the bankruptcy proceedings including the rationale behind these moves and why it's happening now.Simone provides some perspective on the likelihood of success by those creditors with their legal maneuvers.Simone concludes the podcast by discussing litigation around whether the commonwealth's oversight board has “bought votes” and whether this poses a substantive risk to confirming the plan of adjustment.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Greg Clark, head of research, about trends and updates for lower-rated nonprofit hospitals.The podcast begins with Greg providing an overview of the surveillance project he initiated last year on nonprofit hospitals and hospital systems. The impetus was the financial problems brought on by the pandemic.Greg then discusses the methodology behind the hospitals chosen for surveillance and why a quarterly review is done.Greg highlights each hospital has been placed into one of three categories: declining credit strength, improving or stable.To close the podcast, Greg provides examples from each category.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with a journalist on the team, Kunal Kamal, about coronavirus spending by states and localities.The podcast begins with Kunal providing an overview of the spending of coronavirus state and local fiscal recovery funds.Kunal then discusses the distinctions between how much funding has been obligated vs. the amount spent. He notes that states and localities have until 31 December 2024 to obligate funds and must be spent by 31 December 2026.Kunal moves the discussion towards the seven spending categories identified by the Government Accountability Office (GAO) and focuses on the two largest ones, revenue replacement and negative economic impacts.To close the podcast, Kunal discusses GAO findings around compliance and reporting of state and local fiscal recovery funds.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks to Morgan Zabow, Community Heat and Health Information Coordinator at the National Oceanic and Atmospheric Administration about extreme heat.The podcast begins with Morgan explaining her job and the Urban Heat Island mapping campaign.Morgan goes on to explain the role of citizen science volunteers and project implications.Morgan proceeds to discuss an overview of potential municipal costs and local economy resulting from extreme heat. She then drills down on impacts to vulnerable communities.Morgan discusses the meaning of the term “tree canopy” and its importance as a key climate and mitigation strategy.Morgan then turns to conversation to explaining a “one size fits all” approach is not effective. Different regions of the country may have unique strategies for combating extreme heat.Morgan concludes the podcast by discussing the most surprising results from the mapping campaign.#ESG #extremeheat #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks to a journalist on the team, Kunal Kamal, about the effects climate and weather risk on the municipal market.The podcast begins with Paul providing an overview of climate and weather risk in the United States.Kunal then discusses on climate change is affecting municipalities across the country including the physical impact, economic ramifications, resource management challenges, population migration and regulatory pressuresTo close the podcast, Kunal discusses the implications of climate and weather risk on municipal bonds in areas such as credit rating vulnerability, risk pricing, market volatility, insurance and liability, as well as investor perception. #ESG #muniland #infrastructure
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire North America Analyst John Sinna, about the future of Hawaiian Electric Industries, Inc.The podcast begins with a recounting of the Maui wildfire in August and the resulting fallout for Hawaiian Electric (HE) which includes a congressional House Energy and Commerce Committee hearing scheduled for September 28 with utility and Hawaii regulatory officials.John's moves on to discuss HE's business and their unique situation of owning a bank (American Savings Bank, F.S.B.).The conversation shifts to a discussion of the potential financial damages that HE faces.John provides a comparison of Pacific Gas & Electric to HE.John goes on to discuss how owning a bank makes the situation for HE more complicated.Finally, John provides his view on the potential scenarios that could play out for HE.#wildfire #catastrophicrisk #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Chuck Stanley of Infralogic discusses the status of electric vehicles (EVs) and its charging infrastructure for states, local government entities and nonprofits.To kick off the podcast, Chuck provides an overview of federal electric vehicle incentives and its importance to state and local governments.The conversation turns to a breakdown of federal EV charging infrastructure funding for states (USD 5n) and community level EV deployment (USD 2.5bn). The dialogue moves to the time required to build an EV charging station and the areas of the country seeing the fastest growth.The conversation shifts to a breakdown of federal fleet electrification funding for mass transit buses (USD 5.6bn) and school buses (USD 5bn).The discussion moves to the tax credits provided under the Inflation Reduction Act to incentivize nonprofits, government agencies and consumers to purchase EVs.Chuck concludes the podcast the discuss the potential for cybersecurity risks.Chuck Stanley is a senior policy reporter covering the renewable energy transition for Infralogic.Paul Greaves serves as the moderator and is the managing editor for Debtwire Municipals.
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with one of the team's journalists, Deb Pace, to discuss water issues in the Southwest focusing on Texas, Arizona, and Nevada.Deb begins the podcast by discussing the efforts of the Texas Water Development Board, their recently released water report that showed that 31% of Texas is under drought conditions, and nearly 40% of the state is vulnerable to drought soon. Deb turns her attention to the agreement reached in the Texas legislature to allocate USD 1bn toward addressing the state's water challenges and highlights a few of the projects funded. The conversation then turns to Arizona and specifically how the state has stopped approving development projects in Phoenix over water concerns. There are also projects highlighted that are benefiting from federal funding. The discussion swings to the USD 1bn in funding over three years to the state's Water Infrastructure Financing Authority to help boost water supply through alternative water projects.The dialogue moves toward Nevada, with Deb discussing its mitigation efforts. Specifically, a state law signed allowing the Southern Nevada Water Authority to limit residential water use during a declared federal emergency water shortage through flow-limiting devices. Deb then highlights pipeline construction efforts in the state. The podcast concludes with the latest plans for the Las Vegas Valley Water District.As a reporter for Debtwire Municipals, Deb Pace covers transportation, utilities, and tax-backed credits in the State of Illinois.#water #drought #conservation #muniland
Debtwire Municipals' Head of Research Greg Clark interviews Jeffrey J. Previdi, vice chair of the Governmental Accounting Standards Board (GASB), discussing organization efforts on monitoring projects and standard setting agenda items.Jeff starts out the podcast by discussing “monitoring projects that GASB has undertaken that include: the Financial Data Transparency Act (FDTA), ESG [environmental, social, governance] and digital assets.Jeff goes on to explain the complexity in implementing FDTA requirements as it relates to taxonomy and maintaining it over time. He also specifically dives into the challenges that will be faced in creating legal entity identifiers for municipal credits. The conversation then turns to standard setting agenda items (going concern opinions, risk disclosures and infrastructure asset accounting).Jeff highlights how going concern opinions have a different meaning in the public vs private sectors. He also discusses a recurring issue when governments cease to exist due to a merger and whether a going concern disclosure is necessary under those circumstances.The podcast concludes with Jeff discussing the impetus behind risk disclosures and accounting for infrastructure assets becoming standard setting agenda items.Jeff began serving as a GASB member on July 1, 2016, was appointed to serve as vice chair of GASB effective July 1, 2017, and was reappointed to a second term that concludes on June 30, 2026. Previously, Jeff served in a variety of roles for more than two decades at Standard & Poor's Ratings Services (now S&P Global Ratings).Greg Clark is a municipal analyst with more than four decades of experience at a rating agency, broker-dealers, commercial banks, bond insurers, and a hedge fund. He is also a former chairman of the National Federation of Municipal Analysts and of the Municipal Analysts Group of New York. #GASB #FDTA #XBRL #muniland #accounting
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Javier Balmaceda of the Center on Budget and Policy Priorities (CBPP) discusses with our team his perspective on Puerto Rico's ongoing eight-year restructuring effort.To kick off the podcast, Javier provides his personal and professional background and its relevance to his current role at CBPP and in understanding Puerto Rico's economic and financial situation.The conversation turns to a discussion amongst the podcast participants (Paul Greaves, moderator and managing editor of Debtwire Municipals; Greg Clark, head of muni research; and Simone Baribeau, reporter on the team) about whether the debt restructuring, and debt reduction efforts has been sufficient to position the island for long-term success.Javier responds that current efforts have been insufficient because the pre-restructuring assessment of the commonwealth's economy was inadequate as it had always been weak and the safety net for island residents' pales to what is provided to mainland states. He then adds the exogenous shocks of catastrophic weather events and COVID-19 exacerbated matters.The dialogue turns to providing some bondholder perspective, as evidenced through their recent court filings.Javier then moves the conversation to the developments he found the most surprising in the island's restructuring.Javier concludes with his recommendations for a sustainable fiscal and economic path.Javier Balmaceda is a senior policy analyst with CBPP's federal fiscal policy team. His main area of focus is Puerto Rico, with a particular eye on federal initiatives to resolve the commonwealth's fiscal and economic challenges. Paul Greaves, who serves as the moderator and is the managing editor for Debtwire Municipals; Greg Clark, the head of muni research who brings over 40 years of municipal analyst expertise; and Simone Baribeau, reporter on the team who covers the Puerto Rico, healthcare and project finance beats.#PuertoRico #TitleIII #restructuring #municipalbankruptcy
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporters Sophia Clark and Simone Baribeau about the relatively new phenomenon of university-based retirement communities.On this podcast, Simone discusses when university-based retirement communities became a viable option about 15 years ago and breaks down the leasing structure.Sophia moves the discussion to operational considerations such as occupancy levels and the continuum of care provided. She then directs her comments towards the intersection of student housing and continuing care retirement communities (CCRCs).Sophia provides context for the credit risks associated with student housing and Simone provides the same analysis for CCRCs.Simone examines the potential rise of “on campus CCRCs” to create synergies.Sophia and Simone close the podcast providing their views on whether university-based retirement communities will grow over time.As reporters for Debtwire Municipals, Simone Baribeau covers Puerto Rico and healthcare beats, while Sophia Clark covers credits in the states of Connecticut, New Jersey, and New York.#CCRCs #highered
On the latest episode of the Debtwire Municipals Muni Lowdown, Managing Editor Paul Greaves speaks with reporters Deb Pace and Kunal Kamal about the Long Island Power Authority's (LIPA) setbacks and diverging trends in school district enrollment.Deb Pace kicks off the podcast providing an overview of the legislative efforts to turn LIPA into a public utility that started back in 2021. Deb then turns to updating the status of the draft report and the circumstances behind the four-month delay for a legislative hearing on the report and the termination of the consultant, GDS Associates. Deb concludes with a discussion of a couple of key items yet to be determined which are: the continuity of the workforce and the governance structure of the “new LIPA”.Kunal comes to the podcast to detail some interesting and divergent trends in school district enrollment nationally between the fall of 2010 through the fall of 2021. Kunal discusses that states in the Midwest, Northeast and Western parts of the country have experienced significant enrollment declines. Meanwhile, the Southeast, Southwest and Great Plains regions have seen the opposite. He follows up with an overview of the impact of charter schools, private schools and homeschooling on enrollment. Kunal concludes the podcast by highlighting that states with the largest enrollment declines often have the highest per-pupil spending and the factors behind this.As reporters for Debtwire Municipals, Kunal Kamal covers tax-backed credits in the Commonwealth of Pennsylvania, stadium finance, regulatory developments and relevant federal actions affecting the municipal market, while Deb Pace covers mass transit, toll roads, tax-backed credits in the State of Illinois and utilities.#LIPA #municipalization #schooldistricts #enrollment
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporters Deb Pace and Kunal Kamal about infrastructure and regulatory issues in the water sector, as well as a debt ceiling update. Deb Pace kicks off the podcast by highlighting the uptick in water infrastructure investments lately, with a focus on upgrades that can either help agencies stockpile water in preparation for drought situations or improve water and wastewater supply systems.Deb continues with a discussion of how these projects are being financed. Deb provides an overview of drought and water projects in the State of Texas, as well as highlighting a few bond measures passed early in May.Deb switches to a discussion of recent regulatory developments in the water sector.Kunal concludes the podcast by providing an update on the debt ceiling negotiations as the “drop dead date” of June 1 approaches.As reporters for Debtwire Municipals, Kunal Kamal covers tax-backed credits in the Commonwealth of Pennsylvania, stadium finance, regulatory developments, and relevant federal actions affecting the municipal market, while Deb Pace covers transportation, tax-backed credits in the State of Illinois, and utilities.#water #infrastructure #regulatory #debtceiling #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Greg Clark, head of research, and reporter Simone Baribeau about NYC's congestion pricing plan and Florida's efforts for hurricane season.Greg Clark kicks off the podcast highlighting the recent history of the Central Business District Tolling Program (“congestion pricing”) and how it's been a goal of New York's Metropolitan Transportation Authority (MTA) for many years.Greg continues with the role of the federal government in the congestion pricing plan approval. The discussion moves to how this plan will raise money for the MTA and the anticipated use of revenues. He closes by offering his personal assessment of the plan and recounts his research on this topic over the last several years. Simone provides an over of the readiness of Florida for hurricane season that begins on June 1. She proceeds to discuss the role of Citizens Property Insurance, the state-run insurer also known as the “insurer of last resort.” The conversation moves towards efforts by the state to reduce the number of policy holders with Citizens.Simone concludes the podcast by discussing the state's efforts to secure reinsurance coverage, as well as hurricane and flood risk mitigation efforts.As the head of municipal research, Greg Clark provides analysis of various sectors within the municipal market. As reporter for Debtwire Municipals, Simone Baribeau covers Puerto Rico, Florida, and the healthcare sector.#New York #MTA #congestionpricing #Florida #hurricanes #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporters Deb Pace and Kunal Kamal about fiscal challenges facing states and the debt ceiling, respectively.Deb Pace kicks off the podcast highlighting those states suffering from precipitous income tax declines. The discussion turns towards those states faced with healthy reserves and debilitating deficits and trying to determine whether to tap a one-time revenue source or cut services to achieve budget balance.Deb highlights the issues facing California around a concentration in the high-tech industry, vulnerability to stock market decline and options available to balance its budget. Deb concludes her segment by detailing how the State of New York struggles to corral overtime spending due to being short-staffed.Kunal concludes the podcast by discussing the origins of the debt ceiling, the use of its authorization to create budget policy rather than going through “regular order' in Congress, and the potential impact on the municipal market.As reporters for Debtwire Municipals, Kunal Kamal covers stadium finance, regulatory developments and relevant federal actions affecting the municipal market, while Deb Pace covers transportation and tax-backed credits in the State of Illinois.#states #finances #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Paul Gunther, legal analyst for Debtwire and Greg Clark, head of municipal research, about the Chapter 9 filing of Chester, PA.For decades, the City of Chester has experienced incremental credit deterioration that eventually led to a Chapter 9 filing in November 2022.On this podcast, Greg Clark details the economic, fiscal, and political landscape that led to this bankruptcy filing including the city's movement into state oversight (1995) and the eventual the naming of a receiver, Michael Doweary, in 2020.Paul Gunther continues the conversation by highlighting the receivership process. Paul details the key issues facing the city in bankruptcy and the significant financial pressure placed due to its pension obligations. The discussion turns to how the city is attempting to address its bond obligations. Paul concludes the podcast by providing context to the city's efforts to monetize its water system and the loan approved by the court in December 2022. Paul concludes with how the power struggle between the elected officials, the receiver, and bondholders has affected the bankruptcy filing.Greg Clark is a municipal analyst with more than four decades of experience at a rating agency, broker-dealers, commercial banks, bond insurers, and a hedge fund. He is also a former chairman of the National Federation of Municipal Analysts and of the Municipal Analysts Group of New York. Paul Gunther is a former practicing restructuring and litigation attorney. Prior to joining Debtwire as a Legal Analyst, Paul practiced in the New York offices of several law firms in New York City and has represented various constituencies in high-profile restructurings.#Chapter9 #restructuring #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporters Kunal Kamal and Sophia Clark, about stadium financing in the US.Public financing of sports facilities through tax-exempt municipal debt has been a common practice among government entities, despite little evidence suggesting that the benefits to the local economy match the costs borne by taxpayers.On this podcast, Kunal and Stephanie discuss stadium financing that falls under three broad categories:1) Existing stadiums where tenants are relocating or asking for substantial infrastructure upgrades.2) Stagnated stadium projects and;3) Stadiums in the early phase of development. The podcast concludes with a discussion of “red flags” with stadium financing deals.As reporters for Debtwire Municipals, Kunal Kamal covers stadium finance and regulatory developments, while Sophia Clark covers credits in the states of Connecticut, New Jersey, and New York.#stadiumfinancing #economicbenefits #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporter Simone Baribeau and Greg Clark, head of research, about three situations involving forbearance agreements.A forbearance agreement is basically an agreement that creditors will not pursue options that are legally available to them—such as bond acceleration—to give a borrower time to get its financial house in order.On this podcast, Simone discusses the recent in the US District Court for the District of Puerto Rico by Judge Laura Taylor Swain that Puerto Rico Electric Power Authority (PREPA) bondholders do not have a secured claim on current and future net revenues. Simone explains that if this decision is upheld under appeal, that it could change the fundamental understanding of the revenue bond structure in a bankruptcy filing.Simone moves on to detail the latest court ruling involving American Dream Meadowlands, a retail and entertainment complex that has been star-crossed since it opened in October 2019.The podcast concludes with Greg discussing a large hospital system in western New York State, Catholic Health of Buffalo. Greg details how the declining number of surgeries precipitated a revenue shortfall which were further exacerbated by staffing shortages.As a reporter for Debtwire Municipals, Simone Baribeau covers the Puerto Rico and healthcare beats. As the head of municipal research, Greg Clark provides analysis of credits in various sectors of the municipal market.#forbearance #default #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporter Simone Baribeau about the challenges facing continuing care retirement communities (CCRCs).On this podcast, Simone delves into the basket of violated covenants seen in the CCRC space around debt service coverage, liquidity, and occupancy. The discussion turns to the desire of CCRCs to attract “risk tolerant” residents and marketing strategies employed. She also explores the contagion risk faced when a CCRC within geographic proximity of another one that has filed for bankruptcy. Labor costs have become particularly expensive with nurses and food service workers.Simone concludes by discussing the risks posed by weather events and factors involved in turning around a CCRC.As a reporter for Debtwire Municipals, Simone Baribeau covers the Puerto Rico and healthcare beats.#CCRCs #seniorliving #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporter Deb Pace about the cybersecurity risks for municipal issuers and borrowers. On this podcast, Paul provides an overview of the hostile threat landscape that exists. Paul highlights the catalyzing effect on governmental entities of the May 2021 Federal Executive Order on Cybersecurity. Specifically, the overarching role of the five pillars of Zero Trust Architecture that municipal issuers and borrowers need to incorporate.Deb discusses the unique threats, incidents, and risks in various sectors including municipalities, education, hospitals, and utilities. Deb also sheds light on those groups responsible for cyberattacks and their motivation. Finally, Deb provides an overview of the recovery costs associated with responding to a cybersecurity incident.As a reporter for Debtwire Municipals, Deb Pace covers the transportation and education beats.#cybersecurity #ransomware #muniland
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with reporters Deb Pace and Simone Baribeau about how wages and union organizing are driving labor disputes in the education and hospital sectors.On this podcast, Deb discusses strike votes at various higher education institutions such as Rutgers University, Chicago State University, as well as the three-day strike at Los Angeles Unified School District. Deb also highlights the efforts of school principals to organize in Chicago. Simone discusses the sector challenge hospitals face grappling with appropriate staffing levels, as well as medical residents looking to unionize at Mass General Brigham.As reporters for Debtwire Municipals, Deb Pace covers the transportation and education beats, while Simone is responsible for Puerto Rico and healthcare.#muniland #healthcare #unions #highered
This edition of the #MuniLowdown focuses on the significant financial challenges faced by hospitals #Healthcare #NonprofitHospitals #muniland
#muniland #accounting #governmental #disclosure #dissemination #governmentsYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#puertorico #pension #debtadjustment #bankruptcyYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#puertorico #pension #debtadjustment #bankruptcyYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#muniland #diversity #issuance #infrastructure #taxable #governmentsYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#muniland #utilities #electricity #ercot #prepa #esgYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#muniland #atlanticcity #stateoversight #unrated #waterparkDebtwire Municipals' Associate Editor Caitlin Devitt and Senior Reporter Kathie O'Donnell discuss Atlantic City, NJ, which will be under state oversight for four more years and how an unrated USD 95m financing deal for a water park looks dead in the water.
#muniland #stimulus #california #schooldistricts #pensions #teachers #populationYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#harvey #ercot #texas #electricity #distressed #pension #bondholder #munilandYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
#climatechange #esg #hurricaneYong Lim, the Debtwire Municipals desk editor, is the moderator of the podcast.The Muni Lowdown is a weekly podcast recapping the previous week's significant news developments in the municipal bond market.For comments or questions contact yong.lim@iongroup.com
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