Overall rainy-day fund capacity for U.S. states fell in fiscal year 2025 for the first time since the World Financial Crisis as more states look at tapping reserves.

Market Intelligence analyst Jeff Lipton analyzes how varied state funding priorities and overall charter school support, shifting enrollment patterns, policy uncertainty, charter renewal risk,  and varied pension practices affect charter school bond security—and outlines what issuers, advisors and investors should be communicating to the market.

Market Intelligence analyst Jeff Lipton uses the Federal Reserve's latest Flow of Funds data to show how households still dominate municipal bond ownership even as ETFs surge and banks and insurance companies trim exposure, reshaping muni demand heading into 2026.

Gilmore & Bell and Nixon Peabody were new entrants in the top 10, bumping Greenberg Traurig and Bracewell to the top 15.

The HOME deal is being priced through the Philadelphia Redevelopment Authority, but carries ratings on par with the city's issuer ratings.

"Everyone that is in this industry relies on our technology," CEO Mark Kim said Thursday at a BDA conference in Chicago.

Some states and local governments "went on spending sprees" with pandemic funds and "got ratings upgrades that didn't have a lot to do with fiscal management," said an investor.

With large language models parsing EMMA filings and investor relations sites, municipal issuers must modernize their disclosure so both humans and algorithms can accurately understand their credit story and avoid unintended red flags.

While fixed-spread tenders may be a novelty for tax-exempt bonds, they have been around for over 40 years for corporate bonds.