The municipal bond market is caught in a peculiar state: seemingly stable but subtly stagnant. Despite minor fluctuations in yields and consistent inflows to muni funds, the market struggles to ignite robust investor enthusiasm. This dynamic reflects a broader uncertainty among investors, who find munis cheap in relative terms but remain hesitant to push the
Bonds
As 2025 progresses, the municipal bond market—long viewed as a bedrock of conservative investment—finds itself wrestling with structural burdens that many investors either underappreciate or dismiss outright. Despite a seemingly stable backdrop marked by record equity highs and rising Treasury yields, tax-exempt municipals have markedly underperformed. This underperformance reflects deeper underlying vulnerabilities driven principally by
The municipal bond market has recently showcased a remarkable resilience, indicating a characteristic strength amidst increasing economic uncertainties. As we end the first half of 2023, we find a variety of contributing factors playing into the current condition of this market sector. The yields of U.S. Treasuries, which serve as a benchmark for many asset
In a transformative move for Utah’s economic landscape, the state has announced a substantial bond issuance valued at $247.74 million aimed at financing a monumental development on state-owned land. Slated to kick off with the Point Phase 1 Public Infrastructure District No. 1, the project promises to lay the groundwork for a sprawling 600-acre area.
In the rarified air of academic excellence, few institutions command the respect and resources that Harvard University does. However, recent developments surrounding a bond sale reveal the cracks in this illustrious facade, leading to serious scrutiny from political figures, notably New York Republican Rep. Elise Stefanik. Her request for the Securities and Exchange Commission (SEC)
In a city boasting a rich sports culture, the recent approval of a $900 million arena for the Oklahoma City Thunder through a bond-financed deal raises eyebrows among taxpayers and community members. The deal, which guarantees that the team will remain in Oklahoma City through at least 2053, appears on the surface to be a
Despite the chaos witnessed in financial markets over the past few years, the high-yield municipal bond sector shows a flicker of optimism that is truly remarkable. Investors are starting to recognize opportunities where once they saw peril. The lure of nearly double-digit yields in the high-yield sphere, as exemplified by prominent deals like the $2.5
As Philadelphia prepares to make its first general obligation bond issuance since 2021, the city stands at a pivotal junction. The planned $817 million bond deal, which will unfold on Tuesday, showcases not only the ambitious undertakings of the new administration but also the city’s remarkable recovery from a tumultuous economic landscape. While the deal
Last Tuesday, Guam’s Consolidated Commission on Utilities took a bold step by approving a staggering $270 million in bonds for the Guam Waterworks Authority (GWA). With an anticipated all-in true interest cost of 4.91%, as announced by General Manager Miguel Bordallo, one must question the prevailing wisdom behind such a significant financial maneuver. While the
In the dynamic landscape of municipal finance, the forthcoming $900 million sales tax revenue bond issue by a Utah debt issuer could be viewed as both a beacon of hope and a source of trepidation for Salt Lake City. Designed to fund renovations at Delta Center—a site that has evolved from a basketball-exclusive arena into