Capital markets

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

Beneficial rainfall allowed the Texas city to move its timeline for a projected water supply emergency to September 2028 from the same month in 2027.

Pennsylvania fuel consumption has been gradually declining, Fitch analysts wrote, straining the security for the turnpike's oil franchise tax revenue bonds.

Cook County, Illinois, will return to market next week with $119.5 million of Series 2026 fixed rate, tax-exempt sales tax revenue bonds.

The deal funds the municipalization of a private water utility that had been controlled by investor-owned utility Eversource.

The city's issuer rating was raised a notch to Aaa and ratings for other debt, including for its water and wastewater utility system, were also upgraded.

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.

Municipal issuers sold $299.293 billion of bonds in the first half of 2026, up 5.2% year-over-year, according to LSEG data.

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.

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.

Local governments will face "greater credit pressure" if voters largely eliminate property taxes on more than half of homes in the state, S&P analysts said.

"My 10 years at Academy Securities building out the municipal platform while mentoring military veterans has been the highlight of my career," Kolman said.

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.

The revenue bonds would continue financing for a 15-year, $8.2 billion program to widen existing toll roads and build new ones.

S&P lifted Graham's general obligation bond and certificates of obligation rating to A from BBB due to the city's earlier-than-projected financial turnaround.

Moody's Ratings has announced a credit rating downgrade to A2 from A1 for AU, due to operating pressure which comes on the heels of a 4% tuition hike earlier this spring.

The rating agency cited improving financial metrics and the port's importance to the regional economy.

Water supply woes continue to weigh on the Texas city's bond ratings, which have been hit with multi-notch downgrades and negative outlooks.

Maryland drops Moodys a year after the ratings agency downgraded its credit as the state preps for a major bond sale this week.