Michigan State University leadership strife highlights 'G' in ESG

The departure of another Michigan State University president underscores the role of governance in evaluating municipal credit. Samuel Stanley Jr. resigned last week after a public dispute with some trustees about Title IX certification reports and questions over the recent ouster of the business school dean for apparently failing to follow mandatory reporting protocols. His departure marks the third by a president since the university was embroiled in the sexual abuse scandal involving former women's gymnastics team physician Larry Nassar. "MSU's reputation is key for its ability to attract students, grants, and philanthropy,” the firm CreditSights wrote. “Bondholders should note elevated risk of negative ratings actions if trouble persists."

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A prison sentence was handed down to a former municipal advisor who pleaded guilty to defrauding a small town in Mississippi. Porter Bingham was sentenced to four months in prison followed by a two-year term of supervised release, and ordered to pay restitution of $33,000 to Rolling Fork, Mississippi. He had pleaded guilty to one count of wire fraud in a plea agreement with federal prosecutors.

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States and localities would be required to implement greenhouse gas emissions performance measures under a proposed federal rule that's sparked opposition from issuer groups and Republican senators. The proposed rule from the Federal Highway Administration would require state departments of transportation and metropolitan planning organizations to establish greenhouse gas emissions targets and develop a method for measuring the emissions from the transportation sector. The proposed rule would not mandate the targets, the FHWA said.

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If you missed our statistics supplement it is live on our website and we feature a story on the decline in underwriting spreads.

Municipals were little changed Tuesday amid a multi-billion-dollar large new-issue day. Triple-A curves were a touch firmer in spots as secondary trading took a backseat to the larger primary activity with Connecticut general obligation bonds, CommonSpirit healthcare and several competitive issues led by Rhode Island GOs.

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And if you missed any of our ESG Week coverage, make sure to check our ESG special section which has all the articles, the podcast and a taped version of the Leaders event.

Municipal bond industry veteran Guy Logan was named to head Raymond James' newly formed national infrastructure group.

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