State governments want to limit the cost of healthcare. Issuers will be tested. But analysts say it's unlikely to drive hospitals to bankruptcy.
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The revised bill removes provisions creating state-backed credit enhancement for affordable housing bonds, calling instead for a study of housing finance tools.
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"SIFMA applauds the MSRB's forward-thinking efforts to modernize its rules," its comment letter said.
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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.
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Student housing bonds trade wide for a reason: declining college-age populations, private competition and non-recourse structures make demand, disclosure, university commitment and stress-testing the signals investors need to validate, writes Market Intelligence analyst Jeff Lipton.
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Market Intelligence analyst Jeff Lipton says muni investors should treat July as a reset, not a retreat, with positive flows, compelling taxable-equivalent yields and selective repricing supporting modest single-digit returns by yearend.
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Market Intelligence analyst Jeff Lipton says overreliance on financial ratios can obscure forward-looking credit risks, making qualitative factors such as political willingness, management strategy, cyber-threat preparedness, legal security and economic and policy change essential to muni decision-making.
This week, issuance is estimated at $12.821 billion, with $9.301 billion of negotiated deals on tap and $3.519 billion of competitives, according to LSEG.
California's fall issuance plans bring a big name into the market at a time when high muni issuance levels have withstood higher interest rates.
Investors interested in the additional yield offered in prepay energy deals should be aware of their corporate exposure as well as the sector's broader risk to the muni market, participants said.
The effects of higher yields on treasury bonds are cascading down into tax revenue levels that could raise the stakes for state and local governments facing higher bowering costs.
The professionals are expected to strengthen Raymond James' abilities in land-secured public finance.
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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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Treat AI like the best junior analyst you have ever hired, and manage it like one.
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Introducing The Bond Buyer's newest Muni Hall of Famers who will be honored at an awards dinner in Boston on Sept. 30, 2025.
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"I have been very fortunate to contribute to a fascinating sector of the financial industry that is full of ambiguous issues and data," said Tom Doe. "I am flattered to be included in the Hall of Fame, it is a wonderful capstone to my career."
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Over nearly 40 years, investment banker Diana Hoadley built a legacy of far-ranging vision and collaboration that left a trail of professional admirers.
Introducing The Bond Buyer's newest class of Rising Stars, who will be honored at an awards dinner in Chicago on Sept. 14-15, 2026.
"I love solving complicated problems faced by our local governmental clients," Leslie Bacon. "We come up with strategic solutions that have a real impact on our communities."
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 effects of higher yields on treasury bonds are cascading down into tax revenue levels that could raise the stakes for state and local governments facing higher bowering costs.
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Muni market participants are "asking a lot of questions" ahead of Fed Chair Kevin Warsh's speech at the Jackson Hole retreat, said James Pruskowski, managing director at Hennion & Walsh.
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Accelerating deals does not cause undue strain on the underwriters, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.
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Under Dalton's leadership, the boutique firm became a prominent voice in the municipal market.
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First Eagle has become a major player in the high-yield muni space in the last two years.
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- 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 VIDEOJosé Torres, senior economist at Interactive Brokers, breaks down the FOMC decision and Fed Chair Jerome Powell's press conference.
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ON-DEMAND VIDEOSean Snaith, Director of the Institute for Economic Forecasting at the University of Central Florida, will provide insight into the FOMC meeting.
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ON-DEMAND VIDEOMonetary policy remains the key to the markets. The Federal Open Market Committee predicts one rate cut in 2026, but the panel will get a lot of data before
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