On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves talks with the Head of Securitized Products Research and Strategy at Academy Securities, Dr. Stav Gaon, about stadium securitizations. Debtwire ABS Editorial Director Eric Homer and Reporter Kunal Kamal also join the podcast.Dr. Gaon provides an overview of asset-backed securities (ABS) and how they typically work.The discussion shifts to Dr. Gaon highlighting the growing interest in sports securitizations. The dialogue segues into Dr. Gaon explaining how stadium financing is different than other types of asset-backed securitizations.Dr. Gaon follows with a comparison of stadium securitization to municipal bond financing for stadiums.The conversation moves to Dr. Gaon outlining the risks involved with stadium securitization.Dr. Gaon details the key players involved in a stadium securitization deal.The podcast closes with Dr. Gaon discussing aspects of certain ongoing stadium securitization
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19:57
Tariff Tensions
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak with Cooper Howard, fixed income strategist at Charles Schwab about federal policy and the muni market.Cooper provides his thoughts on the “question marks” surrounding federal policy initiatives on the municipal market such as tariffs.The discussion shifts to Cooper highlighting municipal sectors most sensitive to federal policy shifts.Cooper segues the discussion into the potential hurdles that private higher education may have to overcome.The podcast closes with Cooper discussing what municipal credits may consider to maintain credit quality despite the numerous challenges.#federalpolicy #tariffs #inflation #muniland #highereducation #ports
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18:49
Cyberattacks 101
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak to Cybersecurity Content Specialist Bradley Barth about municipal bond issuers grappling with cyberattacksBradley provides his thoughts on whether in-house expertise is enough or if security programs necessitate collaboration with a third-party vendor.The discussion shifts to Bradley highlighting the potential advantages/disadvantages to working with a third-party vendor.Bradley then segues into whether an organization’s vulnerability is correlated with the size, sector or ability of the municipal bond issuer to afford cybersecurity expertise.Bradley moves on to identify the different types of cyberattacks and whether victims should pay.Bradley discloses “best practices” for a municipal bond issuer around incident response and the quality of public disclosures.The podcast closes with Bradley discussing his thoughts on the potential efficacy of implementing a federal data breach law.#cybersecurity #ransomware #databreaches #muniland #cyberattacks
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22:22
Power Play
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves speaks with Debtwire North America Credit Analyst John Sinna on the latest developments with Hawaiian Electric and Edison International.The podcast covers the situations in the aftermath of wildfires for Hawaiian Electric and Edison International by “comparing and contrasting” where things stand by delving into five (5) topics.The first topic discussed is how governance has been handled in each situation. John discusses the actions taken by Hawaii Governor Josh Green and Los Angeles Mayor Karen Bass.The second topic discusses legislative efforts in Hawaii and California.The third topic details the litigation against Hawaiian Electric and Edison International because of the wildfire damages.With the fourth topic, John segues into possible responses by the insurance market from a national perspective as well as specifically in Hawaii and California.The podcast closes with John discussing his near-term expectations in each situation.#insurance #power #IOUs #muniland #risk
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19:23
Pricing Climate Risk
On the latest episode of the Debtwire Municipals Muni Lowdown podcast, Managing Editor Paul Greaves and Curation Editor Stephanie Fagnani speak with Senior Research Analyst Dr. Erika Smull of Breckinridge Capital Advisors on pricing climate risk.Dr. Smull initiates the discussion by explaining the concept of “benchmark aware” in the context of municipal bond investment strategies.The conversation shifts to the resiliency of the municipal market in the face of catastrophic weather events and the availability of quality information to make climate risk assessments.Dr. Smull transitions to the role supply and credit quality, as well as whether private insurance and federal disaster aid will remain as readily available moving forward.Dr. Smull discusses the current state of climate risk disclosure.The discussion turns to an example of “climate induced stress” in detailing the events of Clyde, TX.The podcast closes with Dr. Smull discussing whether the market is getting closer to a climate risk premium and how Breckinridge assesses climate risk.#climaterisk #muniland #pricingrisk #riskpremium #catastrophicevents
New Zealand