Legal
Market Intelligence

In this Market Intelligence analysis, Jeff Lipton warns that granting states access to Chapter 9 would be deeply disruptive, likely forcing muni yields higher and liquidity lower, while underscoring why states' legal protections and reserves still support strong willingness to pay.

Community Standouts
New Issuance

Tariff threats, international conflicts and inflation concerns are working "in tandem on the municipal side to slow down some of the aggressive interest that was there in the beginning of summer," Sage Advisory's Jeff Timlin said.

Tariff threats, international conflicts and inflation concerns are working "in tandem on the municipal side to slow down some of the aggressive interest that was there in the beginning of summer," Sage Advisory's Jeff Timlin said.

Anatomy of a Deal
Les Richmond
MuniThink

Considering pension risks within the framework of municipal credit analysis is particularly important now, following a lengthy period in which the global economy experienced low interest rates and low inflation.

Andrew Kalotay says taxpayers would have come out half a billion ahead had the issuer waited out the call date instead of refunding their exempt bonds with taxable paper for 14 transactions between 2018 and 2020.
MuniThink

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.

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