The SEC would have a hard time "proving even one, let alone all, of the requirements necessary for 'control person liability,'" one the JPAs said.

Strong rainy-day funds remain a key buffer, but states that rely on volatile revenues or face rising Medicaid, education and infrastructure costs may have less room to absorb the next shock, writes Market Intelligence analyst Jeff Lipton.

The White House has cut funding to states via curtailed disaster relief, paused infrastructure funding, and changes to the Medicaid program.

Heavy August issuance created fewer oversubscriptions and more demand for concessions, a signal that issuers, advisors and underwriters need to pay closer attention to structure, timing and clearing levels, according to Market Intelligence analyst Jeff Lipton.

Market Intelligence analyst Jeff Lipton argues data center expansion will likely create a reallocation of risk and the market should price the contractual framework of a utility and how that insulates bondholders.

Funded ratios remain useful, but they can mask risky assumptions, illiquid investments and correlated exposures that may force higher government pension contributions during the next downturn, writes Market Intelligence analyst Jeff Lipton.

The eight members of The Bond Buyer's 2026 Hall of Fame class helped shape not only major financings and institutions, but some of the laws, analytical approaches, market practices and professional networks that underpin municipal finance today.

The incoming Bond Buyer Hall of Famer combined legal training, investment banking and financial advisory experience to solve complex financings — and used that range to help develop the industry's next generation.

The incoming Bond Buyer Hall of Famer spent nearly 50 years pairing legal expertise with advocacy, deal structuring and legislative problem-solving to help issuers navigate risks and expand their financing options.