Bonds

The municipal bond (muni) market is on the brink of a substantial expansion—perhaps the largest in its modern history. Having hovered stubbornly around its traditional $4 trillion ceiling for over a decade and a half, recent data signals a potential turning point. As of the first quarter of 2025, the market has already swelled past

North Carolina’s recent approval of over half a billion dollars in municipal bonds paints a picture of a thriving local government eager to invest in infrastructure and public services. However, beneath this seemingly robust development lies a difficult question: are these financial gambles justified, or are they setting local governments up for long-term instability? The

The current landscape of municipal bond issuance presents a paradox that demands scrutiny. On the surface, it appears to be an inflow of capital reflecting economic optimism—issuers racing to capitalize on favorable market conditions, driven by fears of potential policy changes and volatility. However, beneath this veneer lies a complex matrix of strategic behavior, market

The recent clamor around municipal bonds being a “safe haven” in a shaky economic environment needs a more skeptical eye. Yes, the muni market has exhibited modest gains and steady inflows, but to interpret this as a sign of true strength is to ignore the nuanced undercurrents coursing beneath its calm surface. While traditional narratives

At first glance, the municipal bond market might appear stable with steady prices and record highs in equities. However, beneath this surface lies a more troubling and complex reality that investors and policymakers must confront. Municipal bonds, despite their reputation as safe havens for conservative investors, have underperformed significantly in the first half of 2025.

The municipal bond market, often seen as a steady harbor for conservative investors, is currently undergoing shifts that demand scrutiny. Recent observations indicated a notable resilience in the municipal sector as U.S. Treasury yields dropped, with the two-year municipal-UST ratio settling at a noteworthy 70%. Despite the lackluster performance in the year-to-date picture, where munis

Utah has kicked off a remarkable venture that could symbolize the next chapter in its economic landscape: a bold bond financing initiative involving over $247 million in unrated tax-exempt revenue bonds. Scheduled to hit the market this Thursday, the funds are earmarked for the flashy Point Phase 1 Public Infrastructure District. This considerable investment will

In a bold move that has sent ripples across the financial and academic landscapes, Republican Representative Elise Stefanik is calling for a thorough investigation by the Securities and Exchange Commission (SEC) into Harvard University’s recent bond sale. This $750 million taxable borrowing, executed on April 9, has become a lightning rod for controversy amidst growing

The Oklahoma City Council’s recent approval of a monumental deal to keep the Thunder basketball team playing in a yet-to-be-built arena raises eyebrows. On the surface, the deal appears shiny and beneficial, promising a new, state-of-the-art arena and a 25-year commitment from the franchise. However, a deeper examination reveals troubling risks that could burden taxpayers

The high-yield municipal bond market is decidedly rising from the chaos of 2022 and 2023. This sector experienced significant outflows, and investor sentiment remains tenuous. Nevertheless, there seems to be a burgeoning optimism among stakeholders as they anticipate a fervent demand for the limited high-yield offerings. One example that stands out is the $2.5 billion