LIBOR cessation is now just three months away (June 30, 2023), and most of the transition process appears to be going to plan. SOFR continues to be the primary index utilized for the transition of variable rate loans, especially in cases where a synthetic fixed rate structure exists
With the tremendous buzz around the political, social, and economic factors at play around ESG (“Environmental, Social, and Governance”) bonds and their evolving status, it can be daunting for muni bond issuers that may want to enter this niche of the capital markets. The municipal bond market is, in fact, undergoing a period of change on how it both grapples with and takes advantage of ESGs
The municipal market landscape in 2022 was a meaningful departure from what we experienced in 2021 and 2020, which were banner years for issuance of municipal debt
This year has marked a return to “normal” Thanksgiving activities for my family and me, most notably the resumption of large family gatherings that were a mainstay of our pre-pandemic life
ESG, or “Environmental, Social, and Governance” has been a hot topic of conversation across the financial world for years, with its weight and influence on investing decisions and credit profiles continuing to grow and expand
Colleges and universities across the country are facing unprecedented pressures. Inflation and rising costs are the most recent factors that drive finance and business officers to pull their hair
Out of control inflation, war, geopolitical tensions, and China’s recent mortgage defaults and boycott are some of the issues that have led to market volatility this year. In a response to inflation running at its highest levels since the early 1980s, the Fed has delivered some of the biggest interest rate hikes in decades, with 75 bp increases in both June and July
In fiscal 2021, private universities saw major positive developments that buoyed their credit positions in the wake of the COVID-19 pandemic. In particular, strong investment returns across the many asset classes provided for significant growth in cash and investments for most universities, and pandemic-related government aid provided support for operations
There is no question that the rapid rise of interest rates in 2022 has come much more quickly than nearly anyone anticipated. During the second half of 2021, there was growing evidence that the mounting inflationary pressures once thought to be transitory were, in fact, a bigger problem. Indeed, the perspective that inflation was temporarily high was a common stance
In a welcome change from recent years, this year all three rating agencies have assigned a “Stable” outlook to the higher education sector for the first time since 2017
