Buy side

Land-secured municipal bond defaults have plunged thanks to shifts in market practices and macroeconomic trends since the Great Recession.

Water contamination-related lawsuits filed in Chicago and Flint, Mich. stand to influence the sector nationally as the cases draw more scrutiny to the dangers associated with older lead pipe-based systems, Fitch Rating says in a new report.

In the week ended March 3, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose three basis points to 4.08% from 4.05% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Municipal bond trading volume fell 13% during 2015 while the overall number of trades remained relatively stable, continuing a pattern that stretches back to 2007, according to data released Thursday by the Municipal Securities Rulemaking Board.

The number of credit rating upgrades for states was nearly double the number of downgrades in 2015, according to an annual report released by Standard & Poor’s Tuesday.

Stability in key sectors of the municipal bond market, as well as low volatility, low risk, and a mild potential for capital appreciation will fuel solid demand for the asset class in 2016, according to John Miller, who manages or co-manages about $20 billion of munis at Nuveen Asset Management.

New Jersey is experiencing a deterioration of its credit quality with spreads widening in state-issued debt, according to Janney Capital Markets.

Axis Trading Solutions, Inc. said trading will resume on MuniAxis, under a new partnership with RBC Capital Markets LLC, in the first quarter of this year.

Falling tax assessments on Energy Future Holdings power plants could strain local budgets in six Texas counties as the company tries to emerge from the nation's largest corporate bankruptcy.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was one basis point higher to 4.05% from 4.04% for the previous week.

Post-recession yield ratios should continue to favor munis for the foreseeable future, investment strategists say.

The many sectors and subsectors of municipal bonds experienced widely varied rates of growth or decline in 2015.

After 16 consecutive quarters of positive tax receipts received by state and local governments, municipal experts said it's no surprise that the need for short-term municipal note issuance has been steadily declining in recent years.

A Financial Industry Regulatory Authority arbitration panel in San Juan ordered UBS AG to pay an investor about $1.45 million in compensation for losses suffered by investments in its Puerto Rico closed-end bond funds.

In the week ended Feb. 18, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose three basis points to 4.04% from 4.01% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Investors eager to buy triple tax-exempt debt have been turning to the Pacific Ocean territories of Guam and American Samoa, where limited tax bases and large debt loads create some risks reminiscent of Puerto Rico.

Verity Health System of California agreed to repay its $278.6 million in junk-rated revenue bonds at a higher interest rate in exchange for relaxed debt service coverage requirements.

Standard & Poor's made nearly twice the number of upgrades as downgrades in United States Public Finance in 2015.

Demand for municipal mutual funds has increased as investors rebalanced holdings to shelter themselves from domestic and overseas volatility, says Jeffery Elswick of Frost Investment Advisors.

In the week ended Feb. 11, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell four basis points to 4.01% from 4.05% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.