Markets

"These are the types of products that financial advisors are asking to see from us," said First Eagle's John Miller.

Primary bond market volume was up 3.6% year-over-year to $49.9 billion, according to LSEG data.

The Indiana Financing Authority is the biggest entry on 2025's largest negotiated calendar with $1.5 billion of Indiana University Health system revenue bonds.

The $44 million of unrated bonds, placed only with qualified investors, feature 9.5% coupons.

With higher yields and ratios, many participants say investors should be taking advantage of current levels.

The high court reversed a lower-court ruling that yanked federal approval for the Uinta Basin Railway; backers hope to finance it with private activity bonds.

Chicago goes to market next week with $517.95 million of taxable and tax-exempt general obligation bonds following a downward outlook revision from Fitch.

The cut to the American Dream mall's assessed value is a warning sign to bondholders whose debt payments are tied to how much the property is worth.

When Chicago barred media from its investor conference, it told journalists the policy aligned with peer municipalities' practices. The facts are less clear.

Supply has weighed on munis to some extent over the past few weeks, as week after week issuance tops $10 billion, said Jeremy Holtz, a portfolio manager at Income Research + Management.