Markets

"The identity of the marginal buyer may be shifting, and with that the market's valuation of structure and liquidity," said Matt Fabian, a partner at Municipal Market Analytics.

As technology options grow, firms are looking for ways to streamline and scale workflows.

Demand for munis remains "insatiable," said Daryl Clements, a municipal portfolio manager at AllianceBernstein.

Christopher Roberts joins the firm as a managing director, Joey Dierker as an associate director, Soledad Mancias as a municipal underwriter, and Steve Basset as a director.

Despite this week's underperformance, exempt investment-grade munis continue to outperform taxable sectors.

Tourism Development Tax, sales tax, and Professional Sports Facilities tax and revenue refunding bonds were upgraded, impacting $628 million of debt.

The public-private partnership that took over four Puerto Rico toll roads following the territory's bankruptcy is gearing up to sell municipal bonds.

Conference sponsorships targeting bond firms led Mayor John Whitmire to call for a probe into actions by Controller Chris Hollins, who denied any wrongdoing.

"Buyer interest comes as forward supply is projected around $20 billion (the high water mark over the last year) while offsetting calls and maturities sit about $2 billion lower, creating a net supply surplus," said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.

Craig Brothers, partner, portfolio manager and co-head of fixed income strategy for Bel Air Investments, joins Bond Buyer senior reporter Keeley Webster and discusses why his firm, primarily invested in California debt, has veered away from California GOs and public works revenue bonds in favor of agency, school district and local government debt.