MSRB annual report reflects a tough year for munis

The Municipal Securities Rulemaking Board's revenues took a hit in 2022, reflecting a tough year for the municipal bond business as underwriting fees fell sharply. The MSRB's 2022 Annual Report said the board's total assets in 2022 dropped to $68 million, down from $78.5 million in 2021 and $83.1 million in 2020. CEO Mark Kim said 2022 posed a very challenging environment, not just for munis but across all debt and equity markets, while also hitting all-time highs in terms of trade volume.

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A question mark looms this year over whether hospitals and health systems will see sufficient recovery from 2022's operating wounds to spare them from rating and outlook deterioration. The not-for-profit hospital sector suffered bruising margin wounds in 2022 as it confronted inflation along with ongoing supply-chain issues, labor shortages and wage pressures. 

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The $102.7 billion fiscal 2024 budget New York Mayor Eric Adams proposed is balanced and maintains a record level of reserves even as economic uncertainty casts a shadow over the city's recovery from the COVID-19 pandemic. Analysts still bemoaned the lack of additional money for the rainy-day fund, especially with potential budgetary challenges from remote work.

If you missed any of our ESG Week coverage, make sure to check our ESG special section which has all the articles, the podcast and a taped version of the Leaders event.

Plans for a youth sports destination in Arizona to refinance its way out of financial trouble with a new bond issue have yet to come to fruition, and the clock appears to be ticking. Contractors who say Legacy Cares didn’t pay them for building Bell Bank Park have agreed to stay mechanic’s lien claims, but only for so long.

Registration is open for The Bond Buyer’s National Outlook conference Feb. 2 in New York. 

 Maine Gov. Janet Mills' proposed biennial budget for fiscal years 2024 and 2025 seeks to continue a public infrastructure overhaul started in her first term without raising taxes or touching reserve accounts.

Watch the acceptance speeches and look at some of the photos from our Deal of the Year event in New York City. 

 Municipals were a bit stronger Friday as traders geared up to see a rather healthy slate of new issues head to market during a holiday-shortened trading week, led by Chicago’s Sales Tax Securitization Corp. 

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