Legal
The Bond Buyer National Outlook 2026
Market Intelligence

Market Intelligence analyst Jeff Lipton distills what he heard onstage and in the hallways at The Bond Buyer's 2026 National Outlook, from policy uncertainty and the muni tax exemption to AI's growing role and credit risk hotspots.

Community Standouts
New Issuance
rems-mark-kpmg.jpg

Mark Rems is a principal and national leader of the KPMG Indirect Tax Technology practice. Based in Philadelphia, he has roughly 25 years of tax and technology experience helping clients improve their indirect tax function. He has led large global tax engine implementation projects for a variety of ERP systems including SAP, Oracle, and MS Dynamics. He also has extensive experience in programming and application development which includes developing custom integrations and standalone programs to assist clients with their indirect tax calculation and reporting processes. He has deep sales and use tax compliance experience and has helped clients centralize and automate their monthly compliance function. He has direct experience working in a number of niche tax technical areas such as motor fuels, excise taxes, telecom taxes and lease taxes.

rems-mark-kpmg.jpg

Mark Rems is a principal and national leader of the KPMG Indirect Tax Technology practice. Based in Philadelphia, he has roughly 25 years of tax and technology experience helping clients improve their indirect tax function. He has led large global tax engine implementation projects for a variety of ERP systems including SAP, Oracle, and MS Dynamics. He also has extensive experience in programming and application development which includes developing custom integrations and standalone programs to assist clients with their indirect tax calculation and reporting processes. He has deep sales and use tax compliance experience and has helped clients centralize and automate their monthly compliance function. He has direct experience working in a number of niche tax technical areas such as motor fuels, excise taxes, telecom taxes and lease taxes.

Anatomy of a Deal
The Marriner S. Eccles Federal Reserve building in Washington on Feb. 19, 2021.
MuniThink

Disruptions and dislocations associated with more volatile business cycles have already created opportunities for active fixed income management, as the dramatic interest rate increase of 2022 illustrates.

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.

Sign up for Newsletters
Get the must-read stories and valuable insights delivered directly to your inbox.
  • Daily Briefing
    Delivered Every Weekday
    Ideas that impact your business delivered to your inbox every day.
  • Intraday News Update
    Delivered Every Weekday
    Get notified on breaking news and events.
  • Primary Market Report
    Weekly
    Recap of articles on new issuance as well as Featured Deals on the week.