Legal
Market Intelligence

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.

Community Standouts
New Issuance
Sutter Health Park baseball stadium in Sacramento

Supporters of a proposed Major League Baseball expansion team in Sacramento announced funding plans during a Thursday press briefing.

Sutter Health Park baseball stadium in Sacramento

Supporters of a proposed Major League Baseball expansion team in Sacramento announced funding plans during a Thursday press briefing.

Anatomy of a Deal
joffe-headshot-1.jpg
MuniThink

New York State’s public sector entities have more than $300 billion of unfunded other post-employment benefit liabilities, which accounts for a quarter of the nation’s total of $1.2 trillion of other post-employment benefit debt.

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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