A Decade Later: The Municipal Market Post-Financial Crisis Through Today

Alex Wallace, Mary Colby, Tom Doe and Richard Cosgrove

Municipal Finance Journal, 2018, vol. 39, issue 1, 141 - 159

Abstract: The financial crisis of 2007–2009 inflicted damage to asset values and reshaped the structure, functioning, and regulation of the municipal market. Among other things growing out of the carnage of the crisis were changes to primary market issuance and secondary market trading practices and to bond ownership composition, bond structures, products, processes, and market participants. This article looks back a decade and evaluates the resiliency of the municipal market as it endured some very meaningful changes. In addition, it describes how these and other changes have influenced and transformed the prevailing market environment today and for the future. The panelists discuss tender option bonds, money market reform, the FA Rule, Dodd-Frank, the failure of auction rate securities and what replaced them, growth and maturation of the DigitalPrice (DP) market, the advent of electronic trading in municipal bonds, changes to the market for bond insurance, and the impact of tax reform.

Date: 2018
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