More issuers are missing bond payments and deadlines for filing annual financials; the Roman Catholic Church of the Archdiocese of New Orleans filed for bankruptcy partially blaming COVID-19, affecting $41 million of bonds.
The board will "review the MSRB’s organizational response to the COVID-19 pandemic, including measures to ensure the safety of staff and stakeholders."
Due to the coronavirus, a plant in Indiana may not be able to make its bond payments.
The MSRB wants to give dealers and muni advisors more time to implement amended rules and interpretive guidance as well as finish professional qualification and supervisory requirements.
Most of the disclosures tracked since the beginning of the year were filed in March, the MSRB said.
In the MSRB’s first report showing data from March 24, trades topped 87,215, which is likely a record, said Marcelo Vieira, MSRB director of research.
The SEC answered questions regarding COVID-19 disclosure in a webinar Thursday and said there would not be relief for issuers' late annual financial filings.
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.