Public Finance Market Update: August 2018

Yield Spread Analysis

Graph 1, above left, measures the spread between a NBQ AAA IL bond issue and a BQ AAA IL bond issue. This comparison was made to analyze the benefit of BQ bonds. The analysis indicates that the BQ benefit in today’s Illinois market is still quite muted.  Read more...

Public Finance Market Update: October 2017

Low Rates Continue

The AA+ bank qualified (BQ) negotiated sale sold at approximately 30 basis points (bps) wider than the Aa1 BQ competitive sale as early as 2022. Read more...

Public Finance Market Update: September 2017

The Competitive Sale and BQ Bond Advantage

This month, we examined two bond issues from August. One was sold on a negotiated basis and the other on a competitive basis. Both issues were bank qualified (BQ) with similar ratings and par amounts. Read more...

Public Finance Market Update: July 2017

Credit Spreads and Change in IL Impact

This month, we analyzed the impact of a credit differential between a AAA bond issue and a Aa2 bond issue. The AAA issue sold at approximately 12-30 bps lower than the Aa2 issue, which is expected given the two notch rating advantage. Read more...

Public Finance Market Update: June 2017

National & State Market Update

This month, we compared two Aaa bank-qualified (BQ) transactions that reflect the degree to which interest rates have decreased since the end of 2016: one deal priced in December 2016 and the other in May 2017. Read more...

Public Finance Market Update: May 2017

BQ Benefit and Method of Sale

This month's analysis sheds light on the benefit of bank-qualified (“BQ”) bond issues by comparing an insured Illinois (“IL”) A+ NBQ bond issue with an insured IL A1 BQ issue. When comparing these two bond issues, the BQ benefit appears to be minimal for the first nine years. Read more...

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