Citi's Muni Exit Creates Liquidity Test If Downturn Hits Market [BNN Bloomberg (Canada)]
BlackRock, Inc. (BLK)
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Source: BNN Bloomberg
challenge in the next muni downturn, said officials at two of the largest market participants. “We haven't had an event that really presses on liquidity in the market in quite some time,” Sean Carney, head of municipal strategy at BlackRock Inc., said at a public finance conference hosted by the Bond Buyer in Austin on Tuesday. He added that the hiring of many former Citigroup muni bankers and traders by other firms is a help to the industry. The bank was a leader in the $4 trillion market for US state and local debt for decades, working on financing projects as large as the rebuilding of the World Trade Center site and the installation of 65,000 streetlights in Detroit. When the unit slumped in recent years, Chief Executive Officer Jane Fraser determined it didn't fit with the firm's vision of becoming the premier bank for large, multinational corporations. Citigroup's withdrawal from the market so far has had a “very marginal” effect on liquidity, David Blair, managing directo
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