The Muni CreditCast

Degrees of Uncertainty - Understanding Volatility in Higher Education Credit

The fiscal outlook for US colleges and universities remains uncertain, clouded by broad factors like macroeconomic conditions and demographic shifts, as well as questions about impacts from policy changes in response to deteriorating long-term Federal budget forecasts. To help listeners understand the dynamics -- and how financial leaders are responding -- we welcomed Liz Clark, VP of Policy and Research for the National Association of College and University Business Officers and Alex Vaisman, Managing Vice President and Heaf of Higher Education underwriting at BAM Mutual.

California After the Fires: Understanding the Risk Landscape

The Janaury 2025 wildfires in Los Angeles County are likely to be the most expensive natural disaster in US history. The financial consequences for local governments and bond investors are secondary to the losses suffered by residents and homeowners who were directly impacted., but the scale and severity of the damage has raised questions about the impact on the #municipalbonds market. 
In the latest edition of The Muni CreditCast from BAM Mutual, we look at which of the unique bond structures that help support infrastructure investments in Southern California are most likely to be impacted, and how investors can think about the outlook for their portfolios. We also provide updates on the BAM surveillance team's ongoing monitoring, which has indicated no material impacts on our outstanding portfolio.

The Pivot is Here: What's Next for City Fiscal Conditions

Farhad Omeyr, author of the National League of Cities' annual report on City Fiscal Conditions, joined the podcast to discuss his findings, including how City leaders are adjusting to the end of Federal ARPA funding, and how the various revenues Cities rely on: Property, Sales, and Income taxes are holding up in the post-COVID economy.

Airport Bonds: Taking Flight

Airport bond sales have surged in 2024, with a new wave of Terminals and other improvements revolutionizing fliers' experience from New York's Kennedy Airport to Burbank. BAM National Airports Practice lead Kevin Roberts joins the podcast to discuss the drivers of this trend and the key credit questions investors should ask when evaluating new deals. 

Power Surge: Muni Electric Utilities Plan for Growth

After more than a decade of relatively muted municipal bond sales by public power utilities, the sector is poised for growth. This month's episode of The Muni CreditCast provides insights about why market professionals are anticipating a turnaround, and what questions investors need to ask to help understand the credit quality of individual issuers.
Please Note: No statements in The Muni CreditCast should be considered individual investment recommendations or advice. Investors considering the merits of a particular debt issue should read the Official Statement prepared for it. For more information, please view our Terms of Use: http://buildamerica.com/terms-of-use

Texas MUDs: Preparing for Strong Fall Supply

Texas Municipal Utility Districts are a unique ... and uniquely powerful financing tool for the infrastructure that supports fast-growing communities in Texas: They play a key role in providing roads, and water and sewer service. In the latest episode of The Muni CreditCast, BAM's Head of Texas Public Finance Greg Pacifico and Chief Credit Officer Suzanne Finnegan explain why new-issue volume by MUDs will be surging between now and November, and how BAM's underwriters analyze risks in the sector. 
Please Note: No statements in The Muni CreditCast should be considered individual investment recommendations or advice. Investors considering the merits of a particular debt issue should read the Official Statement prepared for it. For more information, please view our Terms of Use: http://buildamerica.com/terms-of-use

Hurricane Season -- What Muni Bond Investors Need to Watch

Hurricane Beryl kicked off what is expected to be a busy Atlantic hurricane season. What will that mean for #municipalbonds investors?
BAM Chief Risk Officer Laura Levenstein and Head of Surveillance Mike Weinstein join The Muni CreditCast to discuss the short-term and long-term risks from severe weather and other natural disasters, with insights about questions investors can ask, both before they purchase a bond in a disaster-exposed region ... and when a storm is bearing down.

Resilience and the Municipal Market: More Supply Ahead?

National League of Cities researcher Farhad Omeyr is the guest for this month's podcast, discussing the results of NLC's recent survey of its members about the need for new infrastructure investments to enhance communities' resilience -- particularly in the face of extreme weather events. The discussion covers topics ranging from the types of events that local leaders are dealing with to the role they expect the municipal bond market to play in helping to address them.

The Economy, Markets, and Pension Risk

BAM Vice President and Pension Actuary Les Richmond joins the podcast to discuss how economic trends, and stock- and bond-market conditions can impact public pension plans, and the potential risks they pose to municipal bond investors.

Investing in Munis for Hospitals: What to Watch For

Municipal bond sales for nonprofit hospitals and health care systems have more than doubled in 2024 vs. their 2023 pace, and BAM Head of Healthcare Martin Arrick and Public Finance VP Gia Calabrese join the podcast to discuss the drivers behind that surge and the credit factors investors should consider when considering the sector. The discussion includes a look at the industry's continued recovery from COVID and future considerations like the outlook for antitrust limits on mergers.