Muni Think

While the market overall is fragmented, there is some concentration in the trading of the largest obligors.

Because long-term non-callable bonds are virtually non-existent, muni analysts no doubt spend sleepless nights trying to figure out what optionless rates would look like.

Whether the cause of the slowdown is weak personal-income growth, income-tax cuts, or the collapse of oil prices, pressure on governors and legislators to balance their budgets will be intense.

Despite increased issuance, senior living outperformed comparable bonds in 2015, a trend that is likely to continue.

The Internal Revenue Service is changing the wrong regulation as it seeks to curb the perceived abuse that tax-exempt, governmental purpose bonds are being issued for the impermissible benefit of private developers.

This week we identify the best and worst performing states and highlight the recent spike in the SIFMA Municipal Swap Index.

Instead of prefunding other post-employment benefits, states and cities need to focus on scaling down, and ultimately eliminating this unnecessary and unaffordable benefit.

New best-execution regulations fail to call for or help establish what is missing in the fixed income market – a consolidated quote feed.

In the Flint, Mich., case, Congress seems to be making clear it will increase its criticism of state and local leaders, but avoid any fiscal or moral responsibility.

Bradley Wendt of Charles River Associates provides market context to the MSRB’s 2016 mandate that “best execution,” a hallmark of the taxable fixed income and equity markets, becomes a staple for retail municipal bond investors.