Buy side

The muni market finances the "fabric of our nation, and now, because of Citi's exit, the cost of financing for state and local governments is going to go up," a sell-side source said.

Buying technology can be a relatively safe bet, especially if it comes from an established brand, and it comes with support, maintenance and expertise from vendors. Internally building it allows for exclusivity and a potential competitive advantage.

The firm plans to launch a pair of high-yield muni funds in January.

"The big question is: who's next? I don't think UBS is the end," said a veteran sellside market participant.

With nearly two years of volatility, The Bond Buyer wants to know your expectations for the year to come, from interest rates and bond volume to ESG and technology.

Winterstein's firm advises buy-side and sell-side clients on vetting vendors, looking at synergies between different technologies and advising on their product set.

The recent rise in yields has created an opportunity for those investors waiting to "jump into the market," said Roberto Roffo, portfolio manager at SWBC Investment Company.