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WEBINAR: How Recent Changes in the Municipal Bond Landscape May Impact your Capital Projects

Scott Crist, executive vice president and manager of the Investment Banking Division’s Public Finance Group, recently offered an in-depth review of the municipal bond landscape—with a specific focus on factors likely to affect capital-project planning for higher education, healthcare and municipalities. We invite you to view the video recording of the webinar, which offers a deep dive into how the 2017 tax reform affected the municipal bond landscape and how that landscape is shifting again now that the U.S. election is over.

The webinar covers these and other critical areas for municipalities and tax-exempt institutions to consider as they approach funding their next capital projects:

Alternative refunding structures

  • Taxable advance refundings
  • Cinderella bonds
  • Tax-exempt forward delivery bonds
  • Cash defeasance and new money issuance
  • Interest rate swaps

Changing investor preferences

  • Declining bank investments in tax-exempt bonds
  • Increasing mutual fund investments
  • Rising importance of retail investors

Increasing use of private placements

  • How private placements differ from public sales
  • Private placements under 10% of the total market—but tripled share over 10 years
  • Institutional investors and banks both see benefit in private placements
  • Issuers maybe benefit from customization, avoidance of market volatility, fewer regulatory demands and potentially lower costs

 On the horizon

  • Infrastructure bonds might be introduced that allow municipalities to offset interest payments with government subsidies
  • Advance refundings might be reinstated
  • The Bank Qualified Limit might be permanently raised and indexed to a cost-of-living measure
  • The volume limit on Private Activity bonds might be substantially increased
  • Changes in tax laws could influence the demand for tax-exempt income

Additional resources

To complement the webinar, we also invite you to read recently articles from Scott Crist below:

See the link to the webinar here.

The Investment Banking Division’s Public Finance Group is committed to helping healthcare institutions fulfill their quality-of-life and growth aspirations. Visit umb.com to learn more about how we can support your organization, or contact us to be connected with an investment banking team member.

Disclosures

This communication is provided for informational purposes only. UMB Bank, n.a., UMB Financial Services, Inc., and UMB Financial Corporation are not liable for any errors, omissions, or misstatements. This is not an offer or solicitation for the purchase or sale of any financial instrument, nor a solicitation to participate in any trading strategy, nor an official confirmation of any transaction. The information is believed to be reliable, but we do not warrant its completeness or accuracy. Past performance is no indication of future results. The numbers cited are for illustrative purposes only. UMB Financial Corporation, its affiliates, and its employees are not in the business of providing tax or legal advice. Any materials or tax‐related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. The opinions expressed herein are those of the author and do not necessarily represent the opinions of UMB Bank, n.a., UMB Financial Services, Inc., or UMB Financial Corporation.

Securities offered through the UMB Bank, n.a. Investment Banking Division and UMB Financial Services, Inc. are:

NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED

UMB Bank Investment Banking Division is a division of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within UMB Financial Corporation. UMB Financial Services, Inc., Member FINRA, SIPC, is a wholly owned subsidiary of UMB Financial Corporation, and an affiliate of UMB Bank, n.a.

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