Finance

"It seemed to be a relief rally [Wednesday], and that's what everyone's hoping for. But fundamentally, they're still major issues that need to be addressed, but people seem to be giving that a pass," on Wednesday, said a source.

Market Intelligence analyst Jeff Lipton looks back on a first quarter in which the municipal bond market was unexpectedly buffeted by the winds of war.

KBRA revised the outlook on the Chicago Transit Authority's Series 2015 and 2016 Transportation Infrastructure Finance and Innovation Act loans to stable.

The Texas city is facing a potential level 1 emergency, indicating the water system is 180 days from supply not meeting demand.

Financial markets, including the muni market, priced in too much of a "sure thing, done deal" Wednesday morning, said Kyle Gerberding, director of trading, a portfolio manager and partner at Asset Preservation Advisors.

Wednesday's market rally is tied to President Donald Trump's announcement of the temporary ceasefire, which came about Tuesday night, an hour and a half before the president's 8 p.m. deadline, market participants said.

"The steady tone talks to the underlying demand" for munis, NewSquare Capital's Kim Olsan said. "For the moment, munis are holding steady with a watchful approach.

Market Intelligence analyst Jeff Lipton details some tools he finds useful to manage risk exposure, establish market trends and identify opportunities.

The yield curve adjusted lower every day last week, drawing strong inquiries to dealers, "especially in the 10-to-15-year space that had been hit hardest in March," Birch Creek Capital analysts noted in their weekly market commentary.

"Historically, the weeks leading up to the April 15 tax day have been challenging for the municipal market, often due to weaker supply and demand dynamics," said Sam Weitzman, a product manager at Western Asset.

Munis saw small gains Thursday, continuing the slight turnaround in sentiment the market has seen this week, with muni yields seeing modest bumps each day, said Jeremy Holtz, a portfolio manager at Income Research + Management.

Wednesday saw the third consecutive day of falling muni yields, suggesting the market is recovering from last week's selloff. The market is well-positioned for "a strong snapback," according to James Pruskowski, managing director at Hennion & Walsh Asset Management.

Moody's assigned its first-ever rating to munis backed by bitcoin ahead of a deal in New Hampshire. 

The filing of a writ of mandamus with the state Supreme Court, comes a day after S&P revised its outlook on Otero County to negative.

Many investors are waiting to see if the pattern of falling yields continues, according to Chris Brigati, managing director and CIO at SWBC.

The new hires come as nationwide infrastructure needs keep growing and as several firms have left or scaled back their muni efforts.

This strength comes after another "challenging week" for the muni market, which continued to deal with ongoing macroeconomic uncertainty and somewhat heavy supply, said Daryl Clements, a muni portfolio manager at AllianceBernstein.

Bernardi Securities founder Edward Bernardi passed away peacefully on March 21 in his Lake Forest, Illinois, home. He was 95.

S&P cited the system's structural challenges, physical risk exposure and uncertainty about the system's overall financial and operational trajectory.

Three negative outlooks and choppy market conditions weren't ideal conditions for a massive $2.6 billion bond issuance, which was trimmed to $2.3 billion.