Market Review – Fall 2018

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Below please find the our portfolio management team’s Fall 2018 Municipal Market Review.

This provides an overview of current market conditions and information about our total return and goals-based strategies.  If you would like additional information about our process or specific strategies, please let us know.

2018 Fall – Bernardi Municipal Market Review

Market Review – Spring 2018

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Below please find the our portfolio management team’s Spring 2018 Municipal Market Review.

This provides an overview of current market conditions and information about our total return and goals-based strategies.  If you would like additional information about our process or specific strategies, please let us know.

2018 Spring – Bernardi Market Review

MSRB Launches Outreach Effort for Issuers on the Municipal Securities Market

One  of the core values as stated in the “Mission and Values” Statement of Bernardi Securities, Inc. is our commitment to continually educate our clients and keep them abreast of new developments in the municipal bond market.  Therefore, we thought the following information may be useful to you.
 
As many of you know, certain contractual agreements entered into under SEC Rule 15c2-12 (the “Rule”) require ongoing disclosures by municipal securities issuers. These disclosures may include financial information, operational information and event notices disclosing the occurrence of specific events that may have an impact on an issuer’s outstanding bonds. These disclosures are to be provided to the Municipal Securities Rulemaking Board (“MSRB”), and more specifically  MSRB’s Electronic Municipal Market Access (“EMMA”) website. These continuing disclosure requirements can be complicated and in response to municipal issuers’ requests the MSRB released additional guidance and tools to help issuers file correct and timely disclosures to the EMMA website.
 
The MSRB announced today it is launching an outreach effort to remind state and local governments about the free education resources and tools available to support their issuance of municipal bonds. The MSRB now operates an online Education Center and has scheduled a series of webinars and related communications over the next six months.  Below is the information pertaining to these new tools and educational resources.
 
We hope this is helpful. If you have difficulty accessing the MSRB site, please call and we can assist you with accessing.
 
Sincerely
Robert P. Vail
Senior Vice President & Director of Public Finance

Municipal Issuer Disclosure Guidance

Timely and complete disclosure of information is an important obligation of municipal bond issuers. Federal securities laws prohibit issuers from making false or misleading statements or omissions of material information in connection with the purchase or sale of securities.  Information that is considered material is generally considered information that an investor would want to know prior to participating in securities transactions of the issuer.  In response to recent Securities and Exchange Commission (SEC) cases against municipal issuers, the National Association of Bond Lawyers (NABL) released a paper on August 20, 2015 titled “Crafting Disclosure Policies”. 

We thought you would find this information helpful.  

The paper provides tools to issuers in developing written disclosure policies and procedures and other considerations that go into drafting these policies.  When drafting comprehensive disclosure policy, NABL recommends issuers first determine which documents and other information is likely to be deemed as material information.  Examples include:  offering documents (i.e. Official Statements); annual continuing disclosure filings including financial statements and information; information contained on an issuer’s website or newsletter and other information including press releases, speeches and interviews.  Also included in the policy are details regarding proper training of employees and review of the documents included in the policy by senior officials or outside consultant.  

In addition to the information provided in the paper, NABL has gathered examples of disclosure policies.

We hope you find this paper useful and informative.

Robert P. Vail
Senior Vice President and Managing Director of Public Finance
Bernardi Securities, Inc.
September 10, 2015

Related articles:

Continuing Disclosure Filings and MSRB Filing Tools

Public Finance Roundtable: Municipal Disclosure Deep Dive & Insurance Reemergence

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Ronald Bernardi represents BDA in MSRB Industry Roundtable

On Friday, June 5, BDA staff and members Chris Melton of Coastal Securities and Ron Bernardi of Bernardi Securities participated in the MSRB’s Industry Roundtable.  

The roundtable, attended by numerous muni market trade associations and member representatives, was held at the MSRB’s offices in Alexandria, VA and was moderated by Marcy Edwards, MSRB Vice Chairman of the Board of Directors, as well as Lynnette Kelly, MSRB Executive Director.

Ronald’s opening remarks can be found here:

 

Returns now available on Morningstar

We are pleased to announce our fee-only registered investment advisor Bernardi Asset Management (BAM) is listed within the Separately Managed Account (SMA) section on the Morningstar platform. Within the SMA database you can now view our tax-exempt Short, Short/Intermediate, and Intermediate Composites.

If you are not a Morningstar subscriber and would like access to this information please contact Scott Rausch at 312-281-2017.