Markets

Muni experts discussed how macroeconomic concerns and a volatile political environment are affecting the market as the market chalks up another record year of issuance.

Municipal bond insurance volume grew 17.7% year-over-year in the first three quarters of 2025, according to LSEG, outpacing the municipal market as a whole.

"Normalized supply, a supportive rate environment and favorable technicals propelled the municipal market to the best October performance [in decades]," said Robert J. Lind.

Meanwhile, the Brightline West train project has floated a possible debt exchange ahead of its own mandatory redemption later this month.

As climate and cybersecurity risks intensify, Jeff Lipton argues it's time for the legal community to lead a new era of municipal disclosure — tightening language, clarifying exposures, and ensuring investor confidence.

Next week's issuance is slated to be "substantial" — an estimated $13.1 billion — although that is expected to be met with "solid" November reinvestment capital, J.P. Morgan strategists said.

The Los Angeles Department of Water and Power will sell $977.6 million of water revenue bonds as it grapples with the impacts of January's devastating wildfire.

Technicals are supposed to become slightly more favorable into year-end, said Jeremy Holtz, a portfolio manager at Income Research + Management.

The one-notch upgrade to AA-minus for Oklahoma's flagship university was assigned to an upcoming approximately $160.7 million bond refunding.

Chicago Public Schools went to market this week with nearly $1.1 billion of refunding bonds in the largest municipal transaction the district ever completed.