Chapter 9 and Municipal Securitizations

Dedicated revenue structures and their close and evolving cousin, the municipal securitization, are in vogue. However, Puerto Rico precedent and the persistent pandemic have somewhat contradictorily undermined assumptions underlying such structures while at the same time making them more attractive and valuable in potentially distressed situations.  This panel will provide analysts the tools to evaluate these structures by exploring relevant questions, including: What are their legal underpinnings?  How strong are they?  Do they differ in the face of a potential Chapter 9 or PROMESA Title III? How are they best evaluated? And what protective provisions can and should the buy side demand?