Buy side

Why more issuers are opting for the tender offer. San Francisco PUC's Nikolai Sklaroff lays it out for Bond Buyer Senior Infrastructure Reporter Caitlin Devitt.

While the cost of small trades is higher than institutional trades across all fixed-income markets, the gap is more pronounced in the municipal bond market.

The top suite of firms oversaw deals amounting to more than $139 billion par value across 58% of the market.

The top 10 underwriters for the first half of the year brought in more than $203 billion across nearly 2,000 issues.

Prices for some bonds issued for Florida's express train have fallen sharply since Friday.

The top issuers for the first half of 2025 put out a combined 89 issuances amounting to more than $39 billion in par value.

UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.

As the end of the first half of a so-far tumultuous 2025 approaches, several municipal bond analysts are upbeat about the rest of the year.

The updated document also addresses disclosure relating to cybersecurity.

The selloff highlights the lack of accurate pricing and credit information across the speculative-grade muni market.

"The market itself should want to look at this because no one wants to give the perception of impropriety," said an investor of Stefanik's allegation that Harvard withheld material information regarding its ongoing conflict with the Trump administration.

The rock-bottom prices show the risks of a high-yield market where liquidity is famously limited.

In the first quarter of this year, 18.6% of new-issue volume in the market was traded electronically, up from 17.3% last year, according to data from Coalition Greenwich.

BlackRock strategists are "constructive" on munis for multiple reasons and think the current market environment presents itself as a buying opportunity, especially as issuance continues to be elevated and provides "ample ability" to source bonds in the primary market.

Hospital spreads have widened as investors wait to see how the One Big Beautiful Bill will impact providers.

"The broader themes from the demand perspective are that it's choppy and people are not necessarily jumping into high-yield munis with both feet," said First Eagle's John Miller.

The upshot of the report by Payden & Rygel's Travis McGahey is that the risk of severe credit deterioration and bond defaults remains low.

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.