Municipal Bonds in 2011: A Bond Market in Turmoil

Michelle Bernardi Landis, Sr. Vice President; Justin Formas, Director of Municipal Credit Research
Sensational news stories of a looming municipal debt crisis – many warranted, many overblown – rang in the New Year. A few months later, uncertainty still overshadows the municipal bond market. Join our municipal bond experts for a timely, in-depth discussion on the critical topics in 2011, including:
•Municipal default fears. The threat of municipal bankruptcy is a powerful, emotional force in today’s market. But what’s the reality?
•Independent credit analysis. The three “must ask” questions to analyze any municipal bond investment in a post-insurance world – and why smaller issuers are often healthier credits.
•Traditional portfolio structure. Why a traditional portfolio structure is a sensible way to prepare for future bond market turmoil and volatility. How well do you know the bonds in your portfolio?
May 24 2011
61 mins
Municipal Bonds in 2011: A Bond Market in Turmoil
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  • Public Finance Roundtable—Continuing Disclosure & Insurance Reemergence Recorded: Nov 21 2013 47 mins
    Continuing our 2013 BDA Conference public finance panel discussion last month, this roundtable webinar dives deeper into municipal disclosure issues, as well the reemergence of bond insurance as a viable option for some issuers.

    Please join our panel of municipal bond specialists to discuss these two timely topics:

    • Disclosure details and suggested strategies. SEC Rule 15c2-12 requires ongoing disclosures by municipal securities issuers. We will provide a brief overview of required disclosures, material event qualifications and what issuers can do to prevent oversights. We'll also touch on recent regulatory penalties and opine on the possible future consequences of failed disclosure.
    • Municipal bond insurance reemergence. As an important credit enhancement, municipal bond insurance almost completely disappeared during the financial crisis of 2008-2009. Are we seeing an insurance reemergence for small to medium issuers? If so, how might bond insurance lower borrowing costs for local governments, benefit investors and help stabilize the market?

    Presenters:

    • John Hallacy, Managing Director, Assured Guaranty
    • James M. Snyder, Partner, Ice Miller LLP
    • Ronald Bernardi, Principal, President and CEO, Bernardi Securities
    • Robert P. Vail, Vice President, Bernardi Securities (moderator)

    Submit questions in advance via the Bernardi Securities website for inclusion in the discussion. Panelists will address questions in the order they are received, as time allows.
  • 2013 BDA Public Finance Panel: Municipal Bond Tax Exemption Recorded: Oct 10 2013 18 mins
    Recorded October 10, 2013 at 2013 Bond Dealers of America National Fixed Income Conference

    The municipal bond tax exemption segment of the 2013 BDA Conference Public Finance Panel covers the "clear and present" threat to the tax-exempt status of municipal bonds, how the debate is shaping up, who supports it in Washington, and the important issues for state and local governments to focus on when they're lobbying Congress.
  • 2013 BDA Public Finance Panel: Municipal Default & Bankruptcy Recorded: Oct 10 2013 13 mins
    Recorded October 10, 2013 at 2013 Bond Dealers of America National Fixed Income Conference

    The municipal default and bankruptcy segment of the 2013 BDA Conference Public Finance Panel covers a number of topics, including Detroit, the treatment of GO bondholders, and the recent agreement between Stockton, California and Assured Guaranty.
  • 2013 BDA Public Finance Panel: Municipal Disclosure Recorded: Oct 10 2013 13 mins
    Recorded October 10, 2013 at 2013 Bond Dealers of America National Fixed Income Conference

    The municipal disclosure segment of the 2013 BDA Conference Public Finance Panel covers a number of points from an issuer point of view, including post-issuance disclosure requirements, why diligent information is crucial for issuers, and operating procedures – as well as a brief municipal bond insurer perspective.
  • 2013 BDA Conference Public Finance Panel Recorded: Oct 10 2013 54 mins
    Recorded October 10, 2013 at 2013 Bond Dealers of America National Fixed Income Conference

    Confronted by political threats to the municipal tax exemption, perceptions of municipal bankruptcies and increasing demands on disclosure, issuers and bond insurers discuss how they will meet financing needs moving forward.
  • 2013 Municipal Bond Scare: Exits & Opportunities Recorded: Sep 18 2013 48 mins
    The bond market dropped dramatically in the second quarter – arguably the sharpest adjustment since the fall of 2008. For those forced to sell during the tumult, it was just as painful. But for others, it may be an equivalent buying opportunity.

    Please join our municipal bond specialists for a discussion on key 2013 topics:
    • Detroit default in proper perspective. Detroit hasn't been on the Bernardi approved credits list for decades, but its default has renewed municipal debt crisis fears nonetheless. We'll put the largest municipal bankruptcy filing to date in the proper context.
    • The Great Rotation debate. Some pundits claim increasing yields mark the start of the “Great Rotation” from bonds into equities, but no one can be certain at this point. "Mattress money" may rotate more to cash out of fear – or within bonds to new buying opportunities.
    • Laddered portfolios vs. alternatives as bond prices fall, yields rise. Our client’s separate account, laddered portfolios almost universally handled last quarter’s turmoil much better than the broader bond market – a storyline similar to that of the 2008-2009 financial crisis. We'll compare laddered portfolios to alternatives such as bond funds and simply holding cash as ways to prepare for future volatility.
  • IML 2012: Repealing Municipal Bond Tax Exemption – A Clear and Present Danger Recorded: Oct 20 2012 63 mins
    Recorded October 20, 2012 at 2012 Illinois Municipal League Conference

    In response to proposed legislation that would repeal or limit the tax exemption of municipal bonds, panelists discussed concerns related to altering the tax status of municipal bonds and the negative repercussions on the lives and pocketbooks of nearly every citizen resulting from any dramatic changes to the market. Local governments who have tax exempt bonds do so to take advantage of the lower costs and stability offered to build infrastructure and spur the creation of associated jobs. Repealing or limiting tax exemption for these projects will dramatically increase borrowing costs reducing the feasibility of many of these projects.

    Presenters:
    Ronald P. Bernardi, President & CEO, Bernardi Securities (moderator)
    Matt Posner, Director/Legislative Coordinator, Municipal Market Advisors
    Michael D. Belsky, New Vernon Wealth Management

    Guest speaker: Mike Quigley, U.S. Representative, Illinois 5th Congressional District
  • Municipal Bonds in 2011: A Bond Market in Turmoil Recorded: May 24 2011 61 mins
    Sensational news stories of a looming municipal debt crisis – many warranted, many overblown – rang in the New Year. A few months later, uncertainty still overshadows the municipal bond market. Join our municipal bond experts for a timely, in-depth discussion on the critical topics in 2011, including:
    •Municipal default fears. The threat of municipal bankruptcy is a powerful, emotional force in today’s market. But what’s the reality?
    •Independent credit analysis. The three “must ask” questions to analyze any municipal bond investment in a post-insurance world – and why smaller issuers are often healthier credits.
    •Traditional portfolio structure. Why a traditional portfolio structure is a sensible way to prepare for future bond market turmoil and volatility. How well do you know the bonds in your portfolio?
Municipal bond expertise and insights for investors and issuers
The Bernardi Securities, Inc. Municipal Bond channel covers current topics geared for municipal bond investors and issuers -- including the Bernardi municipal bond credit research process, traditional bond portfolio strategies, and municipal debt refinancing.

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  • Title: Municipal Bonds in 2011: A Bond Market in Turmoil
  • Live at: May 24 2011 6:00 pm
  • Presented by: Michelle Bernardi Landis, Sr. Vice President; Justin Formas, Director of Municipal Credit Research
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