Opinion News from Bond Buyer

The era of "announcement" is over; the era of "execution" is here.

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

In this third of a three-part 2026 municipal bond outlook series, Market Intelligence analyst Jeff Lipton explains how another year of heavy supply, surging ETF and SMA assets, climate and cyber risk, and growing use of bond insurance will drive muni market structure and strategy for both sell-side and buy-side stakeholders.

Market Intelligence analyst Jeff Lipton, in the second installment of his three-part 2026 outlook series, maps out quality-centric portfolio shifts, barbell and long-end strategies, and sector tilts across hospitals, higher education and housing as record supply and net inflows drive the muni market.

In the first of his three-part 2026 municipal outlook series, Market Intelligence analyst Jeff Lipton forecasts for sub-5% returns, continued demand, possibly more curve steepening as the Fed eases slowly, the economy skirts recession, and AI, tariffs and midterm politics potentially reshaping risks across public finance sectors.

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.

The creation of state-owned banks would be uniquely impactful to help states and municipalities meet today's unprecedented short- and long-term challenges.

Market Intelligence analyst Jeff Lipton finds that low debt burdens, stronger rainy-day funds, improved pension metrics and robust legal safeguards help states remain a core source of stability and diversification for muni portfolios despite slowing growth and fiscal headwinds.

Multi-layered state oversight, strict fiscal safeguards and durable revenue pledges support New York City GO and TFA bonds even as investors brace for policy shifts under mayor-elect Zohran Mamdani.

As climate and cybersecurity risks intensify, Jeff Lipton argues it's time for the legal community to lead a new era of municipal disclosure — tightening language, clarifying exposures, and ensuring investor confidence.

Jeff Lipton begins his role as The Bond Buyer's Market Intelligence Analyst with an examination of how evolving federal policy, shifting credit conditions and market inefficiencies shape municipal risk — and where disciplined analysis can uncover value.

Analyst and market strategist Jeff Lipton joins the team to deliver clarity and thoughtful guidance to a market witnessing evolving complexities — connecting policy moves, credit shifts and investment behavior to help our readers navigate what comes next.

Serving on MSRB's Board of Directors over the past four years has been a privilege and an honor.

Amid higher ed sector headwinds, financially challenged colleges and universities have options, although the choices may be difficult, Orrick attorneys write.

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

The "Golden Age of Public Finance," as it was called by industry pundits, is likely to face significant changes under the Trump administration.

In the coming year, we'll find out if public pension disclosure and transparency have improved enough to protect municipal bond investors.

Just as the economy could become topsy turvy, so could the municipal market.

It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.  

If the MSRB pursues a pre-trade transparency initiative—though its necessity is debatable given the private sector has already addressed this need—it should leverage existing tools and services used by market participants.