New Muni Debt Offerings Scheduled Week of August 27 2018 & Note of Condolence and Tribute to Senator John McCain, a true American Hero.  This week’s Mischler Muni Market Update is dedicated to and sadly prefaced by Mischler Financial Group note of condolence to the family of Senator John McCain and our tribute to a man who was not only a valiant military hero who made so many personal sacrifices throughout his military career and served with great honor, he dedicated his life to our country throughout a multi-decade leadership role within the halls of the US Senate. Senator McCain exemplified what is truly great about our country–his integrity, honesty, humility, pure sense of humanity and passionate dedication to advocating on behalf of those who could not advocate on behalf of themselves made him a role model in every sense of the phrase. Those who dare to dispute whether those captured behind military lines and then tortured while being held in captivity as a POW ‘deserve’ to be referred to as a hero know not what an American Hero is and seemingly, know even less as to the many reasons why the United States of America is and has always remained the world’s icon of freedom and democracy since our founding fathers forged our Constitution and Bill of Rights.

Senator John McCain visit to NYSE days after 9/11

In an new era that has been distracted by political gamesmanship and what seems to be a frightening cultural shift that portends to threaten long embraced values, right-minded views and thoughtful approach to government leadership–and the very fabric of what we have always held dear, Senator McCain proved he really was a ‘maverick’; up until his last breathing moments he was determined to be a voice of reason and sensibility. Never one to take his oath of office for granted, McCain’s legacy for always reaching across the aisle to engage with and embrace those who may have disagreed with his views in order to forge legislation and policy for the betterment of all the people puts him on a pedestal that only a handful of American leaders throughout the country’s history can make claim to.

Many of us at Mischler Financial have served in the US Military, several of us served during the Vietnam ‘conflict’ and more than several of us were injured in the line of duty. We have the scars to prove it, should we have to. Military veterans are by and large, a unique community of people. We’re trained to defend and honor the rights of all Americans and trained to fight with honor, even to the death, in order to protect our comrades in arms and all of our countrymen and countrywomen. For many of us, that training has led to battlefield engagements and injuries sustained that we prefer not to speak of. Instead, our personal missions and our mission as members of a highly-skilled team of professionals has remained true to the oath we each took when joining the US military–to uphold the Constitution and to defend the rights and liberties of all Americans–and to preserve and protect the values that has always made America great. We’re proud to carry over those disciplines and sense of duty in the course of serving our financial and investment industry clients as well as their constituents and the communities we live in.

We’re perhaps even more proud to salute Senator John McCain, who inspired us all when saying, “Courage is not the absence of fear, but the capacity to act despite our fears.” 

Last week muni volume was about $3.7 billion.  This week volume is expected to be about $3.9 billion.  The negotiated market is led by $727.2 million general obligation bonds for The Commonwealth of Massachusetts.  The competitive market is led by $502.1 million tax-exempt and taxable general obligation and motor vehicle fuel tax bonds for the State of Washington in 3 bids on Wednesday.

As always, the Mischler Muni Market Outlook provides public finance investment managers, institutional investors focused on municipal debt and muni bond market participants with a summary of the prior week’s municipal bond market activity, including credit spreads and money flows, and a look at pending municipal finance offerings tentatively scheduled for the most current week.

Below and attached is neither a recommendation or offer to purchase or sell securities. Mischler Financial Group is not a Municipal Advisor. For additional information, please contact Managing Director Richard Tilghman at 203.276.6676.

During first half of 2018, and full years 2017 and 2016 alone, minority broker-dealer Mischler Financial Group Inc. underwriting roles (for which MFG has led, co-managed and/or served as selling group member) have included more than $625 Billion (notional value) in new debt and preferred shares issued by Fortune corporations, as well as debt issued by various municipalities and US Government agencies.

Mischler Financial Group is the securities industry’s oldest minority broker-dealer owned and operated by Service-Disabled Veterans. Mischler is also a federally-certified Service-Disabled Veteran-Owned Business Enterprise (SDVOBE).  Mischler Muni Market updates and Municipal Debt New Issuance outlooks are provided as a courtesy to institutional clients of Mischler Financial Group, Inc.

This document may be not reproduced in any manner without the permission of Mischler Financial Group. Although the statements of fact have been obtained from and are based upon sources Mischler Financial Group believes reliable, we do not guarantee their accuracy, and any such information may be incomplete.  All opinions and estimates included in this report are subject to change without notice.  This report is for informational purposes and is not intended as an offer or solicitation with respect to the purchase or sale of any security.   Veteran-owned broker-dealer Mischler Financial Group, its affiliates and their respective officers, directors, partners and employees, including persons involved in the preparation of this report, may from time to time maintain a long or short position in, or purchase or sell a position in, hold or act as market-makers or advisors or brokers in relation to the securities (or related securities, financial products, options, warrants, rights, or derivatives), of companies mentioned in this report or be represented on the board of such companies. Neither Mischler Financial Group nor any officer or employee of Mischler Financial Group or any affiliate thereof accepts any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents.