A memo circulated Wednesday by House Financial Service Committee Chairwoman Maxine Waters, D-Calif., suggests that the next wave of federal legislation authorize the Fed to support state, territory, and local debt issuance in response to the coronavirus outbreak.
BDA told Fed Chair Jerome Powell that two existing programs could help the muni market overcome the impact of the virus.
Airports have nearly $100 billion in infrastructure debt that requires about $7 billion in airport bond principal and interest payments this year.
Tax-exempt municipal yields rose substantially last week causing the MSRB to take a look at trade data, said John Bagley, MSRB chief market structure officer.
Authority Chairman Patrick Foye cited plummeting revenue as riders stay home because of COVID-19
“Anybody who’s having an event between now and May is considering what to do about it,” said Mike Nicholas, CEO of the Bond Dealers of America.
Congressional offices may decide to minimize or ban face-to-face meetings as virus concerns grow.
Richard Li, a pubic debt specialist for the city of Milwaukee, compared disclosing COVID-19 to disclosing a hurricane hitting localities on the Atlantic coast.