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White Papers
It’s Time to Talk About Pension Risks Again

Municipal bond investors are paying more attention to the credit risks posed by public pension and other retirement liabilities. Municipal finance officers should prepare to address those questions when they apply for bond ratings and sell new issues.

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Will the Tight Labor Market Increase Pension Risk?

Monitoring the steps state and local government bond issuers are taking to manage in a volatile labor market can give investors early insight into how pensions may impact credit quality in the future.

White Papers
How Bond Insurance Delivers Value for Investors: In the Pandemic and Beyond

The Covid-19 pandemic spurred new demand for insured municipal bonds, and the strong interest appears poised to continue as investors team with states and local governments to help execute the largest wave of U.S. infrastructure investment in a generation.

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The Impact of Interest Rates and Inflation on U.S. Public Pensions: A Credit Perspective

Understanding the risks to municipal credit quality posed by public sector commitments to retirees requires a dynamic analysis that includes considering the effect of prevailing and anticipated interest rate and inflation environments on pension funding.

That analysis is particularly important now: Fueled by recent economic stimulus measures and supply chain issues, inflation is picking up. Amidst uncertainty over whether the uptick in inflation is transitory or part of a longer-term trend, this paper examines the credit implications related to U.S. state and local government pensions of different scenarios for interest rates and inflation.

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Asset TV: Municipal Bonds, The Infrastructure Opportunity

This panel looks at current trends in the municipal bond market as one of the best-perform- ing fixed-income asset classes in 2021. It shares insights into the credit strength of cities, counties, and other municipal borrowers as these emerge from the pandemic and discusses the potential impact of several Federal policies on the performance of municipal bonds going forward.

White Papers
COVID-19 Response and Public Pensions: How Today’s Choices Can Drive Long-Term Risks

As the economy recovers from the COVID pandemic, pension issues should remain central for municipal bond investors, because state and local governments’ fiscal policy decisions could have long-term implications. This paper explores the pension risk implications of some of the actions governments may take in response to revenue declines.

White Papers
The Coronavirus Pandemic and Public Pension Risk: Learning from History

The first bear market in U.S. stocks in more than a decade is almost certain to cast a long shadow over U.S. public pension funds.

White Papers
BAM Municipal Bond Insurance and the COVID-19 Pandemic

Frequently Asked Questions — COVID-19 cases are leading to a wave of questions about the fundamental credit quality of U.S. municipal bond issuers.

White Papers
Pension Funding Adequacy and Municipal Credit Analysis

Techniques for identifying a significant credit risk

White Papers
Insured Municipal Bonds and the Individual Investor

Why guaranteed bonds may be the right balance of income and risk for your portfolio

White Papers
Going Green: Why Municipal Bond Issuers Should Consider Green Bonds

Green bonds can attract new investors and establish your municipality as environmentally responsible. Here’s what you need to know about the green bond market.

White Papers
Understanding the Credit Impacts of U.S. Demographic Shifts:

The case for granular analysis