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Monthly Archives: February 2011
Government Shutdown- Lessons From 1995
As the possible federal government shutdown looms closer, there are some questions about the impact on the muni market. To try to shed some light, we look back to the government shutdown of 1995-6 to see what, if any, impact … Continue reading
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This Week in Muni News
The Bond Buyer is starting a series on Banks and Muni Bonds. A vote is scheduled for today on the collective bargaining bill in Wisconsin. Debt in the US is the highest since just after WWII, according the the Washington … Continue reading
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More on Harrisburg and Dauphin County
The Harrisburg situation continues to drag along, with SEC investigations one of the newest wrinkles. But it has been a busy early part of the year for Dauphin County, where Harrisburg is located. Taking a look at the relationship between … Continue reading
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Lumesis Data on CNBC
We’re proud to say that CNBC’s Steve Liesman recently used two of our maps in his report on the state of the municipal bond market. You can see the text version of the story here and a video here. The … Continue reading
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Josh on Reuters
Mike Tarsala of Reuters featured us on a story comparing states to Euro-zone countries. Mike did great job of representing our point accurately- while we aren’t saying that state defaults are imminent, the huge borrowing demands over the next few … Continue reading
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State Pensions and Rating Downgrades: Using DIVER to Forecast Agency Actions
Yesterday New Jersey became the first state in a year to be downgraded by S&P. The agency cited high pension costs in it’s report, and Moody’s recently announced that it’s going to be factoring pension liabilities into its ratings. As … Continue reading
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Muni News Round-Up
The Journal has a long piece on municipal bond stress. The Journal singles out Illinois and California as states that use the bond market to fund deficits. The Journal also live blogged the congressional hearing on the state debt crisis. … Continue reading
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Rate Risk
While we are more focused on credit risk here at Lumesis, the recent movements in the treasury curve deserve some notice. Based on Treasury numbers, the yield on the 5-year is up more than a quarter point in 4 trading … Continue reading
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This Week in Munis
Some news and notes from around the muni market this week: The SEC is probing pension and other disclosures in Illinois, Rhode Island, and Harrisburg. The KC Star has a short article on the impact of online transactions on State … Continue reading
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Roll Risk in Munis
One argument that we have seen recently in favor of muni credit risk (compared to sovereigns specifically) is states and municipalities have lower levels of roll risk: that is, they do not need to tap the market in order to … Continue reading
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