Buy side

The longtime muni bond strategist left Wells Fargo earlier this year.

Issuance this week soars to nearly $17 billion, and investors are "bracing for another hefty serving the following week," said Birch Creek strategists.

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

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.

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.

This episode takes us inside The Bond Buyer's recent Southeast Public Finance Conference, where airport finance leaders from Orlando and Tampa discussed shifting passenger trends, modular capital planning, federal grant concerns, and why long-term growth still looks strong.

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.