Municipal Market Outlook 2012-WEBINAR
January 11, 2012
10:00am-11:15am (Pacific Time)
2011 was marked by two major economic events that eroded investor confidence and affected the municipal markets in different ways. Both the Congressional debates over raising the federal debt ceiling and the downgrade by S&P of the government’s credit rating sent ripples through municipal markets and forced some restructuring by fund managers and issuers alike. Historically low rates, headline events, and distressed local economies prompted investors to withdraw billions of dollars from bond funds. Throughout the year public agencies reacted to mounting fiscal stress by focusing on operational priorities and less on capital projects. The state as well as many local agencies relied on the short-term market to manage inconsistent or below-projected revenue flows.
For 2012, the municipal market continues to strive for consistency—a new normal. The replacement of the Build America Bond program, the debate over the tax-exempt status, and the disinclination of voters to support additional debt will change how issuers plan and finance projects in the future. This webinar will provide state and local government agencies with an anticipatory look at market conditions for issuing debt and will include:
- Analysis of the bond market (supply & demand, volume and trends for munis, treasuries, corporates, etc.)
- Status of tax-exempt munis and push for direct subsidies
- Analysis of credit conditions in the 1st quarter of 2012
- Outlook for the land-secured market
Presenters:
Chris Mier, CFA Managing Director/Head of Analytical Services Division, Loop Capital Markets LLC
Cadmus Hick, Managing Director, Nuveen Asset Management LLC
Dr. Joseph T. Janczyk, President of Empire Economics
Microsoft® Office Live Meetings will be used for this webinar. Registration is now open and the cost is $25 per agency.
Webinar Coordinator- CDIAC
To register visit, http://www.treasurer.ca.gov/cdiac/semiars.asp