COVID-19 Weekly Briefing - State of the Bond Issuers

During the May 15, 2020 Weekly COVID-19 Development Finance Briefing, three top bond issuers discussed how issuers are faring during the COVID-19 crisis, the state of issuers' portfolios, issuers' concern about default risk, and how issuing authorities are managing long-term economic concerns related to state and local government budgets as well as their own budgets.

Note: The audio may take several seconds to play due to the large size of the file.

CDFA COVID-19 Resource Center
CDFA COVID-19 Comprehensive Recovery Strategy
View All Briefings

Agenda

Opening Remarks - 0:00
Katie Kramer, Moderator
Vice President
Council of Development Finance Agencies

Covering:

• CDFA COVID-19 Resource Center
• CDFA COVID-19 Recovery & Relief Update – Weekly Newsletter
• U.S. Census Bureau Small Business Pulse Survey
  • Survey of 22,449 small businesses between April 26-May 2
  • 83.5% of accommodation and food services sector experienced a negative effect from the COVID-19 pandemic.
  • 31.4% expect more than six months before their business returns to its usual level of operations.
  • 41.4% temporarily closed a location for at least one day.
  • Education (72.2%), healthcare (62.4%), and arts/entertainment (70.8%) were hardest hit.
  • 44.9% reported disruptions in the supply chain.
• Federal Reserve Board | Report on the Economic Well-Being of U.S. Households in 2019, Featuring Supplemental Data from April 2020
  • Video Recap of the Report
  • Declines in overall economic well-being between the fall 2019 and April 2020
  • 20% of people who were working before the pandemic lost a job in March.
  • 18% said they could not pay all of their current month’s bills in full
  • 70% percent reported that their income declined.
  • 23% said their income in March was lower than in February.
  • 63% of workers with a bachelor’s degree worked entirely from home in the last week of March. 67% of workers who never attended college and 60% who completed some college worked entirely outside of their homes.

Development Finance Call to Action - 6:04
Toby Rittner, DFCP
President & CEO
Council of Development Finance Agencies

Covering:

• CDFA Legislative Outreach
• HEROES Act | Text of HR 6800
• CBS News | What’s in the $3 Trillion Coronavirus Relief Bill
• $500 billion to states; $375 billion to local governments; $20 billion to tribal governments; $20 billion to U.S. territories
• $200 billion “Heroes Fund” to provide hazard pay to essential workers
• $75 billion for testing
• Direct payments to Americans: $1,200 to every family member, including children, up to $6,000 per household
• Extension of unemployment benefits, student loan forgiveness, assistance to farmers, assistance to U.S. Postal Service, etc.

Issuers' Roundtable- 18:57

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