Buy side

With nearly $4.5 billion of tax-exempt bonds, a restructuring or bankruptcy would be among the muni market's largest to date.

Investors most recently added $2.33 billion to mutual funds for the week ending May 27, bringing positive flows to date to almost $40 billion, according to LSEG Lipper.

Market Intelligence analyst Jeff Lipton notes that coupon selection is often a strategy decision, not a price preference, and explains why premium coupons can help mitigate adverse price moves while giving investors flexibility through higher ongoing tax-free income.

Research from The Bond Buyer finds that political will is the strongest impediment or asset to the growth of P3 activity across the U.S.

June redemptions are $44.4 billion. July and August will see $37.7 billion and $38.4 billion returned, respectively, said Pat Luby, head of municipal strategy at CreditSights.

Market Intelligence analyst Jeff Lipton explains why energy prepays have become a popular SMA allocation for yield and diversification, while warning that financial institution counterparty concerns and "guilt-by-association" bank headlines can still trigger episodic spread widening.

Municipal finance professionals surveyed by The Bond Buyer said unrealistic revenue projections were the top driver of problems for public-private partnership deals.

New data from The Bond Buyer finds more than half of respondents agreed that private sector partners stand to benefit the most from the increased use of P3s.

Research from The Bond Buyer finds a majority of muni pros predict public-private partnership volume to moderately increase over the next few years.

Market Intelligence analyst Jeff Lipton explains why proposals targeting wealth, property, and income taxes matter for municipal credit, and outlines what investors should watch in revenue replacement capacity, reserves, political willingness, and legal security structures.

New research from The Bond Buyer finds reductions in federal funding stand to drastically impact healthcare, local/state governments and other sectors.

Richard Ciccarone spent years developing a method to identify the cost of deferred maintenance and how it fits into a city's fiscal position.

As SMAs have garnered attention, they shifted demand further down the yield curve into one- to five- or one- to 10-year area, though SMAs go out 15 or 20 years.

Inflation and heavy supply have finally worn on muni yields after a week of stability.

The Bond Buyer will honor a fifth class of inductees into its Hall of Fame of municipal finance, alongside its 11th annual class of Rising Stars, at the close of its Infrastructure event in Chicago on September 15.

New findings from The Bond Buyer show that outside of advisors and broker-dealers, appetites for risk decreased to a greater degree than they increased.

"I don't mind owning a railroad for $2.4 billion," said Assured CEO Dominic Frederico.

Market Intelligence analyst Jeff Lipton distinguishes impairment from default in unenhanced conduit multifamily credits and explains how occupancy declines, covenant breaches and reserve draws can trigger severe price discovery long before a payment miss occurs.

The deal comes as high-yield muni investors are hungry for paper.

Nearly 21% of muni volume traded electronically in the first quarter, up from the previous quarter and surpassing the previous record set in the fourth quarter of 2023, according to a Coalition Greenwich report by Kevin McPartland and Neha Jain.