Dedicated Revenue Structures and Municipal Securitizations: Their Place in the Municipal Bond Tool Kit
Author: Eric Blythe.; Christine Pihl.; Molly Shellhorn.; Carmen Pigler.
Source: Volume 42, Number 03, Fall 2021 , pp.61-74(14)
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Abstract:
The popularity of dedicated revenue structures and securitizations has increased as issuers are enticed by their favorable borrowing terms and investors are attracted by their legal protections. Because these structures present unique considerations, this panel includes perspectives from participants on all sides of the transaction. An underwriter, an issuer, and a credit analyst discuss their thoughts on the structures, including when they are a tool to protect or repair an issuer’s other credits versus when they are a sign of potential trouble. This article is based on a panel by the same title presented at the 2021 Annual Conference of the National Federation of Municipal Analysts held virtually on May 12 and 13, 2021.Keywords: Dedicated revenue structures, securitizations, legal protections, District of Columbia, bankruptcy
Affiliations:
1: Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C.; 2: RBC Capital Markets; 3: Nuveen Municipals; 4: District of Columbia.