Public finance

The top two municipal bond insurers wrapped over $42.828 billion in 2025, up slightly from $41.166 billion in 2024, according to LSEG data.

A state-by-state review of 2025 yearend issuance in the Southwest.

Another year of record issuance spurred by continued infrastructure needs.

Underwriting spreads rose to $4.30 in 2025 from $4.23 in 2024.

The muni market produced $586.195 billion of debt issuance in 2025, up 14.1% from the previous record of $513.652 billion in 2024, according to LSEG data.

The rating agency, which also put the bonds on CreditWatch Negative, cited weakening liquidity and aging assets. 

"Unsurprisingly, the market is taking these numbers in stride, with the bond market only slightly higher after a large rally over the last couple of days due to the equity market sell-off," said John Kerschner, global head of securitized products and portfolio manager at Janus Henderson Investors.

The lawsuit contends the city is not complying with a 2024 voter-approved charter amendment requiring increased spending on police.

Bonding should increase in the next few years to address aged state and local infrastructure, Moody's Vice President Dan Seymour said.

A California Department of Water Resources issuance, based on a resolution extending contracts with water agency customers, drew strong demand.

Cases involving bonds for the city's convention center and a light-rail project are pending before the Texas Supreme Court.

Currently, munis are largely operating "in their own world" — ignoring rich valuations and upcoming supply, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital, in a report.

The Indiana House has passed legislation that would eliminate an estimated 164 townships across the state through consolidation.

State lawmakers introduced bills to eliminate sales tax exemptions and tax credits for data centers and mandate public disclosure of water and electricity use.

Muni SMAs now hold an estimated $1.3 trillion in assets under management across around 180 managers, per J.P. Morgan. Meanwhile, ETF muni holdings are at $163.1 billion, up 22.4% year-over-year, as of the third quarter of 2025, according to the latest Federal Reserve data.

"The bond market marked down the odds of rate cuts after the release," said FHN Financial Chief Economist Chris Low. "The fact long yields are still lower than two days ago suggests traders are skeptical of the quality of the employment data but are confident the Fed will use it as a reason to keep rates steady," he said.

Longtime Columbus auditor Hugh Dorrian died Feb. 6. He was widely respected for his dedication to public service, transparency and timely audits.

Sean Snaith, Director of the Institute for Economic Forecasting at the University of Central Florida, will provide insight into the FOMC meeting.

The price drops follow a lawsuit filed Friday by bondholders alleging the mall's owners colluded with the city of East Rutherford to lower the property assessment.

The health system plans to price $162 million on Feb. 18 and could sell up to $425 million this year.