Market Intelligence

Market Intelligence analyst Jeff Lipton recaps May's muni outperformance versus Treasuries and broad fixed income, highlighting how carry, reinvestment demand and spread compression drove strong returns and helped A3 and Baa credits lead the market.

Market Intelligence analyst Jeff Lipton notes that coupon selection is often a strategy decision, not a price preference, and explains why premium coupons can help mitigate adverse price moves while giving investors flexibility through higher ongoing tax-free income.

Research from The Bond Buyer finds that political will is the strongest impediment or asset to the growth of P3 activity across the U.S.

Market Intelligence analyst Jeff Lipton explains why energy prepays have become a popular SMA allocation for yield and diversification, while warning that financial institution counterparty concerns and "guilt-by-association" bank headlines can still trigger episodic spread widening.

Municipal finance professionals surveyed by The Bond Buyer said unrealistic revenue projections were the top driver of problems for public-private partnership deals.

New data from The Bond Buyer finds more than half of respondents agreed that private sector partners stand to benefit the most from the increased use of P3s.

Research from The Bond Buyer finds a majority of muni pros predict public-private partnership volume to moderately increase over the next few years.

Market Intelligence analyst Jeff Lipton explains why proposals targeting wealth, property, and income taxes matter for municipal credit, and outlines what investors should watch in revenue replacement capacity, reserves, political willingness, and legal security structures.

New research from The Bond Buyer finds reductions in federal funding stand to drastically impact healthcare, local/state governments and other sectors.

New findings from The Bond Buyer show that outside of advisors and broker-dealers, appetites for risk decreased to a greater degree than they increased.

Market Intelligence analyst Jeff Lipton distinguishes impairment from default in unenhanced conduit multifamily credits and explains how occupancy declines, covenant breaches and reserve draws can trigger severe price discovery long before a payment miss occurs.

New research from The Bond Buyer finds the federal policy environment once again threatens the tax-exempt status for municipal bonds.

Market Intelligence analyst Jeff Lipton argues MRBs can add value to conservative muni sleeves, but warns that extraordinary redemption features, prepayment behavior, loan origination performance and liquidity constraints can make redemption analysis just as important as credit analysis.

Market Intelligence analyst Jeff Lipton revisits the taxable muni market's expansion from the 1986 tax reforms through the BAB era, showing how call features, policy changes and rate cycles influence issuance, and why taxable munis remain a flexible tool for issuers and investors.

Market Intelligence analyst Jeff Lipton warns that as ESSER-era support fades, shifting enrollment patterns, voucher expansion, tax-cut dynamics and rising costs are exposing credit stress in parts of the K-12 sector — making security selection and disclosure discipline more important in 2026 and beyond.

Market Intelligence analyst Jeff Lipton argues that state bond bank debt remains one of the muni market's most conservative, well-secured allocations — and makes the case for expanding bond bank models to broaden infrastructure access for smaller and underserved local borrowers and for addressing growing funding needs brought about by shifting federal priorities.

Market Intelligence analyst Jeff Lipton looks back on a first quarter in which the municipal bond market was unexpectedly buffeted by the winds of war.

Market Intelligence analyst Jeff Lipton details some tools he finds useful to manage risk exposure, establish market trends and identify opportunities.

Findings from The Bond Buyer's 2026 Predictions report predict funding crises in these market sectors will be a top worry for municipal finance pros.

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.