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How the High-Yield Market Is Evolving a Year After Its Rally
A change in the credit cycle may be in store for the municipal bond market as the combination of wider-than-average credit spreads and a rising-interest-rate climate threaten to restrain demand for high yield paper.  more »
"When everyone is expecting rates to trend back up, in that kind of environment it makes sense people will be more wary of credit," said Triet Nguyen, managing director of NewOak Capital about the decreased appetite for municipal high yield paper.
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell two basis points to 4.26% in the latest week from 4.28% in the previous week. more »
Public pension funds around the country are reducing their return assumptions. more »
An attempt by an issuer to introduce protective language into bond documents on a taxable municipal hospital deal backfired and was thwarted by bondholders, Adam Cohen, the founder of Covenant Review, told a meeting of the Fixed Income Analysts Society on Thursday night. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose three basis points to 4.28% from 4.25% in the previous week. more »
Municipal investors at client meetings with BlackRock are expressing more concern about rising interest rates than about the potential impact of tax reform – to the surprise of officials in the firm’s muni group. more »
Short-term note issuance slipped 1.5% in 2016 as continued austerity among state and local governments and attractive long-term interest rates kept the sector in a downward trend. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, fell one basis point to 4.25% in the week ended Feb 10 from 4.26% in the previous week. more »
Tucked into the Illinois Senate's "Grand Bargain" budget legislation is a bill to authorize a new type of local government bond that would benefit Chicago and other home rule communities. more »
New language designed to protect investors appeared in the offering documents of a recent municipal bond deal. more »
Private placement bond deals helped push volume to record levels in 2016, even as some observers remain concerned about transparency and value in the deals. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices was steady at 4.26% from the previous week. more »
Retail municipal investors who prefer discount bonds are becoming more aware of the tax implications of the de minimis rule as interest rates rise. more »
Fitch Ratings issued a report to criticize Moody’s Investors Services’ recent assessment of Chicago Public Schools. more »

Ohio University sports financing expert and former player agent Bob Boland sifts through the messy issue of bond financing for NFL stadiums and franchise relocation with Bond Buyer northeast regional editor Paul Burton.

As we await details of the new administration’s infrastructure plans, we must continue to demonstrate the strengths of the tax-exempt municipal market that we have today.

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