Community Standouts
New Issuance

The muni market is experiencing "some short-term optimism," said Hilltop Securities' Tom Kozlik, but there are still "pressures that could potentially be with us for not just weeks, but months."

The muni market is experiencing "some short-term optimism," said Hilltop Securities' Tom Kozlik, but there are still "pressures that could potentially be with us for not just weeks, but months."

Anatomy of a Deal
treasury-seal-BL-m583864
MuniThink

Direct pay is a solution to the never-ending problem for local government budget directors of finding the resources for upfront capital investments that yield long-term savings.

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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