The municipal bond market experienced its seventh straight year of positive performance in 2020, but will the progress toward recovery continue in the second half of the year? For insight, Michael Scarchilli, editor-in-chief of The Bond Buyer, sat down with PNC EVP and public finance head Rob Daily, Hilltop Securities vice chairman and head of public finance David Medanich, and City of Dallas Chief Financial Officer Elizabeth Reich for their viewpoints on the macroeconomic picture and prospects for the U.S. munis market. The panel also discusses how the first two quarters of the year have fared with additional government stimulus programs and the rollout of the COVID vaccine.
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Geopolitical uncertainty will keep being a challenge for risk assets, according to James Pruskowski, managing director at Hennion & Walsh. But the muni market will still benefit from strong supply and demand.
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While the surface transportation reauthorization lumbers through Congress and IIJA funds starting to sunset, some states are tapping pooled bond funds and relying on independent financing authorities.
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Action on a surface transportation bill, however, is likely to be delayed until September.
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Issuance is an estimated $10.567 billion this week, with $8.948 billion of negotiated deals on tap and $1.62 billion of competitives, according to LSEG.
July 20 -
The rating agency upgraded $1.2 billion of airport revenue bonds.
July 20 -
Muni market professionals think state-specific crypto initiatives could distract from needed digital improvements to the market.
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