The surge in yields has "crushed" bond prices and driven total returns well into negative territory, said CreditSights strategists.
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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.
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The White House has cut funding to states via curtailed disaster relief, paused infrastructure funding, and changes to the Medicaid program.
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The statement "is a significant policy document providing guidance to MAs as to their roles, responsibilities, and potential liability under the federal securities laws," said Paul Kisslinger, a partner at Barnes & Thornburg.
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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.
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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.
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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 end of September, which is also the end of the fiscal quarter, is a historically volatile time, according to James Pruskowski, managing director at Hennion & Walsh. That volatility, driven by shoring up unsettled positions and balance sheets, is exacerbating yields' upward climb in both munis and Treasuries.
The veto means California won't have a new vehicle to fund large-scale infrastructure. Newsom also killed a bill to unwind pension reforms.
Workers and machines are poised to begin digging the new tube for a $16 billion rail tunnel project under New York's Hudson River.
In the new role, one of Doryan Carlton's responsibilities will be overseeing the state's bond issuances. She replaces Bill Poole.
In the new role, one of Doryan Carlton's responsibilities will be overseeing the state's bond issuances. She replaces Bill Poole.
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Although the proposal ultimately didn't become law, that disconnect created an attractive entry point for investors because prices reflected tax policy fears — not deteriorating municipal credit.
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The AI can work overnight. It can absorb administrative volume. But it cannot sit at the council table.
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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.
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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.
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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.
Joe's introduction to municipal bonds came long before his career began. His parents, who owned a small business, regularly invested in municipal securities.
"I've always been driven more by people than subject matter," Kirsten says. "The people I met were passionate about what they do and that passion was contagious."
Roosevelt & Cross president and executive director of public finance Elaine Brennan receives the 2025 Freda Johnson Award for the private sector.
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The end of September, which is also the end of the fiscal quarter, is a historically volatile time, according to James Pruskowski, managing director at Hennion & Walsh. That volatility, driven by shoring up unsettled positions and balance sheets, is exacerbating yields' upward climb in both munis and Treasuries.
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Illinois lawmakers are hammering out legislation to raise cybersecurity protections for local water utilities, a timely effort after cyberattacks this summer.
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In the new role, one of Doryan Carlton's responsibilities will be overseeing the state's bond issuances. She replaces Bill Poole.
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Debt service is protected but limiting revenue can pressure an issuer's operating budget, Nuveen said.
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The current environment for state and local public finance is examined with special attention paid to the healthcare and higher education sectors.
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- Daily BriefingDelivered Every WeekdayIdeas that impact your business delivered to your inbox every day.
- Intraday News UpdateDelivered Every WeekdayGet notified on breaking news and events.
- Primary Market ReportWeeklyRecap of articles on new issuance as well as Featured Deals on the week.
- Weekly Top 10WeeklyRecap of the 10 most read Bond Buyer articles of the past week.
Gilmore & Bell and Nixon Peabody were new entrants in the top 10, bumping Greenberg Traurig and Bracewell to the top 15.
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ON-DEMAND VIDEOJeffrey Cleveland, Managing Director and Chief Economist at Payden & Rygel, will discuss the FOMC meeting, the new SEP and Chair Warsh's press conference.
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ON-DEMAND VIDEOKevin Warsh set the table for change. Marvin Loh, managing director at State Street, discusses the FOMC meeting and Warsh's press conference.
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ON-DEMAND VIDEOThe FOMC meeting will be interesting as Kevin Warsh takes the chair. KBRA Chief Strategist Van Hesser will review the meeting, the presser and the new dot plot.
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