Municipal bond funds

A group of bondholders are floating fresh financing to a bankrupt metals recycler that elevates their bonds above other holders.

The largest investors in the Brightline Florida train have negotiated new terms ahead of an Aug. 13 repayment deadline.

The funds have net assets of around $187 million.

The fund's sell-off in June shows the challenges of accurate pricing in the high-yield muni market.

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

"These are the types of products that financial advisors are asking to see from us," said First Eagle's John Miller.

The management team sees opportunity in pockets that other investors avoid, like American Dream, Midwestern private colleges and senior living facilities.

The future of infrastructure spending in doubt, helping to drive unity among professionals who interact with the municipal market.

The deal comes amid market inflows and a dearth of high-yield supply, but demand will depend, as always, on the price, investors said.

When it comes to sectors, Miller said he likes charter schools, healthcare, land-secured debt and some industrial revenue bond positions.

Nuveen's marquee fund has seen the worst performance among the largest high-yield funds so far this year.

The long-time high-yield muni manager left Nuveen in April when the firm settled a contentious lawsuit with Preston Hollow.

Ocean Capital's next move is to attemot to have its elected directors seated on the funds' board of directors.

Loop Capital Markets CEO Jim Reynolds, Jr. said he would gladly pay a bit more for a muni bond that tackled gang violence in Chicago during a debate on ESG factors among market veterans at The Bond Buyer's infrastructure conference this week.

With around 30% of bonds trading near the de minimis threshold, a new study takes a deep dive into how the rule drives illiquidity as mutual funds dump paper that's approaching the threshold.

Brightline's luxury train in Florida accounts for half of the Nuveen High Yield Municipal Bond Fund's top 10 positions.

A John Miller-less speculative bond market may mean more diversification and price transparency, say some investors.