Opinion News from Bond Buyer

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.

It's the call feature.

For the 25th year, The Bond Buyer editorial board will identify and recognize the year's most outstanding municipal finance transactions. The deadline for nominations is Friday, October 2.

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.

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.

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.

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.

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.

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.

The AI can work overnight. It can absorb administrative volume. But it cannot sit at the council table.

Volume-cap allocations can reveal which projects will gain access to tax-exempt financing and which may be crowded out, making private-activity bond rules a practical signal for issuers, advisors and investors, according to Market Intelligence analyst Jeff Lipton.

Market Intelligence analyst Jeff Lipton says cyber preparedness has become a key credit signal for muni investors, with issuer readiness potentially affecting borrowing costs, liquidity, capital market access and confidence in timely debt service.

Market Intelligence analyst Jeff Lipton breaks down why munis became the fixed-income standout in 1H 2026, as tax-exempt income, SMA demand, healthy supply-demand dynamics, curve positioning, active security selection and spread compression offset geopolitical volatility and shifting Fed expectations.

Treat AI like the best junior analyst you have ever hired, and manage it like one.

The first tobacco bond payment default raises the prospect of additional isolated failures, but not a systemic sector collapse, according to Market Intelligence analyst Jeff Lipton, highlighting how vintage, lien, turbo and reserve features can produce sharply different cash flow and liquidity outcomes.

The modern bond market is no longer defined by dealers and asset managers alone.

The AI data center boom will test communities' power, water and infrastructure capacity, requiring public finance professionals to determine who bears the costs and how private investment can produce lasting public benefit.

Market Intelligence analyst Jeff Lipton explains why constrained state budgets should not be mistaken for broad credit deterioration, pointing to rainy-day funds, revenue diversity, low debt burdens and strong debt-service protections as key stabilizers.

Market Intelligence analyst Jeff Lipton breaks down how security selection, sector allocation, curve positioning and carry can generate excess returns in high-yield munis, while warning that weak cash flow, a lack of economic viability, limited liquidity and thin disclosure can quickly undermine value.

Market Intelligence analyst Jeff Lipton maps where credit remains stable and where caution is warranted in his mid-year scorecard, flagging pressure points in higher education, K-12, tobacco and parts of local government while outlining the structural strengths supporting states, airports and other essential-service sectors.