Banking

Market Intelligence analyst Jeff Lipton finds that low debt burdens, stronger rainy-day funds, improved pension metrics and robust legal safeguards help states remain a core source of stability and diversification for muni portfolios despite slowing growth and fiscal headwinds.

States face broadening credit challenges, and while local governments have shown resilience, school districts are more at risk, S&P Global Ratings said.

A mix of broader market dynamics and Chicago-specific pressures is driving the widening spreads, investors said.

Tim Ruby has joined Wells Fargo as its healthcare, higher education and not-for-profit division executive. He will be based in Chicago.

Federal Reserve Gov. Michael Barr said tariffs could have an outsize impact on small businesses and hardships could outlive the trade policy debate.

Chicago will host its annual investor conference on Thursday as Mayor Brandon Johnson's administration faces challenges including a $1.12 billion deficit.

Bond issuers are establishing common reserve funds to spur economic growth while also generating income, but risk is involved.

Fitch Ratings ranks the credit as AA, up from AA-minus.

Geography is playing a role in financial health as debt issuance rises.

Moody's has lifted the credit ratings on five special tax bonds.

BNP Paribas' Lindsay Costigan discusses the progress and ongoing challenges for women in the financial sector, her role in pushing for gender parity and diversity in finance, and how critical career decisions at pivotal moments can define success.

"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.

The growing federal debt level may pressure lawmakers to retract or reduce the tax-exemption for munis to generate revenue, some market participants argue.

John Hallacy of John Hallacy Consulting and Rich Ciccarone, president emeritus of Merritt Research Services, talk with Chip Barnett about the municipal bond business over the past 40 years. They take a look back at where the industry has been, where it is and where it will be going.

Andrew Nakahata, who led UBS' western public finance region, will now do the same for TD Securities.

Costanzo is only the fourth woman to lead a municipal banking division. Huntington has hired Citi's entire Midwest public finance banking group, and Costanzo said the firm intends to further grow its footprint in the municipal space.

Cabrera Capital Markets is welcoming three new public finance hires who are joining the firm from UBS: Shawn Dralle, Shawnell Holman and Chris Bergstrom.

Loop Capital Markets is adding four seasoned public finance professionals from Citi and UBS: John Malpiede, John Giammarino, Alain Garcia and Candace Kelly.

With economic uncertainty ahead and the Federal Reserve potentially shifting to interest-rate cuts, analysts should take a closer look at individual issuers' financial disclosures.

Coolidge joins Oppenheimer from UBS, which closed its public finance business in October.