Markets

Average trade size continued to decline in 2025, "consistent with a market that is becoming increasingly more electronic," the MSRB said.

Los Angeles plans to price $86 million in bonds off its Proposition HHH bond measure, closing out the $1.2 billion GO authorization from 2016.

Munis are off to a "hot start" this year, said Jeremy Holtz, a portfolio manager at Income Research + Management.

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.

Bank of America and Wells Fargo will lead underwriting for $1.8 billion of sales tax and revenue bonds issued through the Kansas Development Finance Authority.

The Nashville Metropolitan Airport Authority is issuing municipal bonds to finance upgrades to an airport bulging at the seams after rapid traffic growth.

Surprisingly, the expected surge in net supply last year did not elicit a major repricing in the muni market, said Pat Luby, head of municipal strategy at CreditSights.

Market Intelligence analyst Jeff Lipton, in the second installment of his three-part 2026 outlook series, maps out quality-centric portfolio shifts, barbell and long-end strategies, and sector tilts across hospitals, higher education and housing as record supply and net inflows drive the muni market.

Boys Town, Nebraska, home of a high-profile sanctuary for troubled kids, heads into the bond market after a two-notch downgrade and recent abuse claims.

Confidence in the muni market is "well placed," said Matt Fabian, president of Municipal Market Analytics.