End of advance refundings seen hurting U.S. muni market -survey [Reuters]
PNC Financial Services Group, Inc. (The) (PNC)
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Source: Reuters
End of advance refundings seen hurting U.S. muni market -survey | Reuters 3 Min Read NEW YORK, April 5 (Reuters) - Twenty-nine percent of municipal market analysts expect the elimination of advance refunding bonds to have the greatest impact of all new U.S. tax laws on the $3.8 trillion market in 2018, according to a survey released on Thursday. The sweeping U.S. tax overhaul signed into law in December, which ended federal tax breaks for new advanced refunding bonds, has been expected to reduce bond supply in the coming year and leave municipalities with fewer options to issue debt. The survey by PNC Capital Markets found 78 percent of bond credit specialists expect municipal debt issuance in 2018 to fall under $350 billion, down from $446 billion in 2017, the Pittsburgh-based investment bank said in a report. More than one-third of analysts responded on March 12-28 that they were unhappy with President Donald Trump’s infrastructure proposal, which relies heavily on funding from stat
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PNC
Earnings
- 4/16/24 - Beat
PNC
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 144
- 4/16/24 - Form 8-K
- PNC's page on the SEC website