Public finance

The "Golden Age of Public Finance," as it was called by industry pundits, is likely to face significant changes under the Trump administration.

Revisit each class of The Bond Buyer's Rising Stars, from 2016 through 2024, as nominations open for the 2025 honorees.

Compensation played a role in the departures, sources said.

Look back on all three previous classes of our Hall of Fame of municipal finance as we begin accepting nominations for a fourth.

"FINRA has drifted far from its intended purpose," Rep. Lisa McClain said.

April's volume was $41.178 billion in 660 issues, down 8.4% from $44.945 billion in 707 issues in the same period in 2024, according to LSEG data. This is still above the 10-year average of $35.436 billion.

Fiscal 2026 general fund revenue for the city, which is considering a November bond election, is expected to be flat amid economic uncertainty fueled by tariffs.

The well-known muni strategist said he's pursuing "more market-related opportunities."

Some of the issuance stems from project finance largely "drying up" because of where rates are, said Jennifer Johnston, senior vice president and director of research, municipal bonds, for Franklin Templeton Fixed Income. 

The tax exemption is in the eye of a legislative storm to extend President Donald Trump's Tax Cuts and Jobs Act, but is it only the start of what's to come?