July marked the fourth full-month of the COVID-19 global pandemic, which continues to disrupt the municipal market. The one-year tax-exempt AAA rates decreased back to its all-time low in May 2020 and interest rates are not expected to increase in… Read More >
PW&Co Advises Birmingham Airport Authority on $102,130,000 Refunding
Porter White & Company (“PW&Co”), a Birmingham-based municipal advisor, is pleased to announce that it served as the municipal advisor to the Birmingham Airport Authority (the “Authority”) on the issuance of $102,130,000 Airport Revenue Bonds, Series 2020, dated July 9,… Read More >
Municipal Market Update – June 2020
The municipal market calmed down in June after months of volatility. The one-year tax-exempt AAA rate increased slightly to 0.25% from its all-time low in May 2020. Municipal supply picked up in June with issuance of $45.8 billion, a 25%… Read More >
Municipal Market Update – May 2020
The one-year tax-exempt AAA rates hit an all-time low in May, declining from a peak of 2.51% in March to as low as 0.11% in May. The 30-year tax-exempt AAA rates declined approximately 50 basis points in May; however, credit… Read More >
Municipal Market Update – April 2020
The municipal market remained especially volatile during April from significant uncertainty regarding COVID-19. Treasury rates have continued to stay almost 2% lower than this time last year throughout the yield curve. As of April 30th, the futures market does not… Read More >
Municipal Market Update – March 2020
On March 3, 2020 the Fed cut the overnight target rate by 0.50%. Uncertainty surrounding COVID-19 continues to create strong demand for safer treasury securities, driving down treasury rates throughout March; however, municipal bond yields (measured by AAA General Obligation… Read More >
Municipal Market Update – February 2020
Uncertainty surrounding the COVID-19 virus (Coronavirus) mounted the end of February, causing investors to flee from equities into safer treasury securities and driving down rates. On March 3, 2020 the Fed cut the overnight target rate by 0.50%. Following this… Read More >
Birmingham Area Economic Report, Q3 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report… Read More >
Municipal Market Update – January 2020
This month, the Federal Open Market Committee (FOMC) held the target rate steady while long term US treasury rates declined, resulting in an inverted curve. Additionally, there are increasing probabilities in the futures market for multiple decreases in the target… Read More >
Municipal Market Update – December 2019
This month, the Federal Open Market Committee (FOMC) voted unanimously to hold rates steady and the US treasury curve steepened moderately. The current target fed funds rate is 1.5-1.75% and the probability of a rate cut in 2020 has decreased… Read More >
Municipal Market Update – November 2019
The Fed did not meeting during the month, and fed chairman Jerome Powell has signaled that they plan to maintain the target rate of 1.5-1.75% when they meet in December. Overall, there has been a small upward parallel shift in… Read More >
Municipal Market Update – October 2019
During October, the Fed set the target Fed Funds rate to 1.5% to 1.75%, marking the third quarter-point rate cut this year. Despite pressure, the Fed has signaled that they would not be decreasing the target rate further during 2019,… Read More >
Birmingham Area Economic Report, Q2 2019
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report… Read More >
Municipal Market Update – September 2019
The yield curve remains inverted to 10 years, as longer-term rates out to 30 years are hovering around all-time lows. The FOMC approved another quarter point rate cut this month over a split vote and will meet again in October…. Read More >
Municipal Market Update – August 2019
During August, the long end of the yield curve continued to decline and become more inverted, with the two-year US Treasury yielding more than the ten year. This is a negative signal on economic growth, likely due to the ongoing… Read More >
Municipal Market Update – July 2019
During July, the FOMC voted to cut the current target fed funds rate by .25% to 2.0-2.25% for the first time since the Great Recession. Fed chairman Jerome Powell firmly expressed a level of optimism surrounding the current economic outlook… Read More >
Municipal Market Update – June 2019
During June, the FOMC voted to maintain the current target fed funds rate of 2.25-2.5% despite vocal opposition from the outside. Threats of an inverted yield curve still loom although economic conditions are still holding up better than expected. Inflationary… Read More >
Birmingham Area Economic Report, Q4 2018
This report explores a few key statistics that paint a picture of the Birmingham area economy. Our Birmingham Area Economic Report places the Birmingham area economy in a state, regional and national context. Click here to download the full report… Read More >