February 2022

Watching the news on Ukraine this week I am reminded that although I am old enough to remember doing duck-and-cover air raid drills in elementary school, I am lucky enough to have spent my life in a period of general world peace.   As a young adult I watched former Warsaw Pact states and ex-Soviet republics joining and helping solidify NATO, and as I raised my kids and sent them off to college, I have been the beneficiary of a U.S. economy largely reflective of a stable world stage.

So this month I do worry about current world developments.  At the same time, however, I am happy to see that thus far the municipal bond market has reflected a flight-to-quality response to current events.  That response underscores the fundamental credit quality of most governmental units, the importance of solid local governmental planning for public infrastructure and its safety, and the critical role the municipal bond market plays in bringing those plans to fruition.  We should all be proud of our part in that. (I keep telling my colleagues how cool it is to be a bond lawyer, but the litigators consistently refuse to believe me…)

There are literally hundreds of organizations and news outlets through which we can stay current on world events.  Reliable sources of information on public finance developments are, however, far smaller in number.  NABL is at the top of that list and you are an important part of the NABL resource. I look forward to discussing our market, ESG, tender offers, forward deliveries, and other topical matters with many of you at The Institute, either in person or virtually. If you are unable to attend, please take a look at the member materials available on the NABL website, including through NABL U Now, or consider getting involved in a committee project. We build a better NABL by having each and every one of you involved!

Ann D. Fillingham 
NABL President