Buy side

With longer-term municipal bond yields falling, there's less of an incentive to issue tender option bonds, analysts said, but a market remains. 

The city brings $122.2 million of GO bonds to market next week, believing its investment-grade ratings outweigh the defaults of the Puerto Rico government.

"It behooves everybody to get something consensual," said a Florida bankruptcy attorney.

Cities with voter requirements face higher borrowing costs, a study found.

"This is very good news for bankers because this value is portable," said study author Natasha Boreyko.

Despite some struggling projects, student housing P3 deals that hit the primary market this year have enjoyed oversubscribed demand.

The Build America Bureau "continues to work with the project sponsor to obtain the information required for the creditworthiness review," said a USDOT spokesperson.

Market Intelligence analyst Jeff Lipton breaks down why munis became the fixed-income standout in 1H 2026, as tax-exempt income, SMA demand, healthy supply-demand dynamics, curve positioning, active security selection and spread compression offset geopolitical volatility and shifting Fed expectations.

The first tobacco bond payment default raises the prospect of additional isolated failures, but not a systemic sector collapse, according to Market Intelligence analyst Jeff Lipton, highlighting how vintage, lien, turbo and reserve features can produce sharply different cash flow and liquidity outcomes.

Figuring out a way to account for the shift in market demographics is crucial to the long-term future of the muni market, but it doesn't appear to be a priority.

Illinois-based Bernardi Securities released an Environmental Risk Index that gauges relative environmental risk within municipal bond portfolios.

SMAs are a "shoot now, ask questions later" type of buyer, said Dan Close, head of Nuveen's municipal fixed income team.

The BB-plus rated borrowing comes as high-yield supply remains strong in the muni market.

Market Intelligence analyst Jeff Lipton explains why constrained state budgets should not be mistaken for broad credit deterioration, pointing to rainy-day funds, revenue diversity, low debt burdens and strong debt-service protections as key stabilizers.

The tobacco sector has been among the worst-performing in the muni market this year, but some say it's still overvalued.

Market Intelligence analyst Jeff Lipton breaks down how security selection, sector allocation, curve positioning and carry can generate excess returns in high-yield munis, while warning that weak cash flow, a lack of economic viability, limited liquidity and thin disclosure can quickly undermine value.

Market Intelligence analyst Jeff Lipton maps where credit remains stable and where caution is warranted in his mid-year scorecard, flagging pressure points in higher education, K-12, tobacco and parts of local government while outlining the structural strengths supporting states, airports and other essential-service sectors.

Market Intelligence analyst Jeff Lipton explains how California Mello-Roos land-secured bonds can add yield and diversification, and outlines the underwriting checklist investors should use to balance development risk against structural protections.

Market Intelligence analyst Jeff Lipton recaps May's muni outperformance versus Treasuries and broad fixed income, highlighting how carry, reinvestment demand and spread compression drove strong returns and helped A3 and Baa credits lead the market.

On the primary market, some deals are oversubscribed and others sent back to the drawing board.