Munis were largely unchanged this week and tax-exempts continue to be "quite unattractive" at current levels, said Barclays (BCS) strategists led by Mikhail Foux.
Wells Fargo Securities will price for the Chicago Transit Authority $575 million of first and second lien sales tax receipts bonds on Thursday, Feb. 5.
"These municipal bond schemes improperly divert new issue bonds to bad actors at the expense of bona fide retail investors," FINRA's Meghan Ferguson said.
Over the past five years, January has seen a relatively stable market tone, said Jeff Timlin, managing partner and head of municipal bond investing at Sage Advisory.
Campbellsville University "shares many of the characteristics of schools that are struggling" in higher education, said Lisa Washburn of Municipal Market Analytics.
Market Intelligence analyst Jeff Lipton uses the Federal Reserve's latest Flow of Funds data to show how households still dominate municipal bond ownership even as ETFs surge and banks and insurance companies trim exposure, reshaping muni demand heading into 2026.
The governor, in the final year of his term, asked lawmakers to approve reforms that would fix the Virgin Islands Water and Power Authority's balance sheet.
After voters rejected a 2019 bond proposal, Michigan's Dearborn Public Schools is mulling a possible $500 million, $1 billion or $1.5 billion bond this year.
The rail tunnel connecting New York and New Jersey is well underway, but the project can't continue without federal funds the adminstration has choked off.
Public finance advocates are trying to interpret mixed signals about plans to pass a major reconciliation bill that could put the threat to the tax-exempt status of munis back on the table.
Hamilton City Schools blames state funding formula changes and property tax reforms for a fiscal emergency that has prompted school closures and deep cuts.
The muni market has rebounded from the technical pressures of the first half of last year ? a result of surging issuance ? said John Miller, head and CIO of First Eagle's municipal credit team.
The city's Department of Water and Power, which saw spreads widen after last year's deadly wildfires, upsized a revenue bond deal amid strong investor interest.
Bond advocates are watching the appropriations process while the possibilities of a Farm Bill and surface transportation reauthorization may offer openings for restoring advance refunding and raising the BQ cap.
After Ken Paxton's opinion said giving preferences based on sex or race is unconstitutional, his office set a new certification requirement for bond issuers.
"We are on the cusp of major changes in how the municipal securities market operates," Dave Sanchez, director of the Securities and Exchange Commission's Office of Municipal Securities, said last week.
Munis were the best-performing U.S. fixed-income asset class through the first three weeks of January, but the strong performance has created some problems, Barclays (BCS) strategists said.
New Jersey says the Lakewood Township School District failed to deliver an adequate education. The district says it is shortchanged by state funding formulas.
After Mayor Brandon Johnson split the city's $260 million advance pension payment, more than 30 aldermen introduced a resolution calling for a special hearing.
"Of all these headlines, there's no direct concern for the muni market or municipal issuers. It's just tangential concerns of what this does for the economy and rates," said Brad Libby, fixed income credit analyst at Wellington Management and a fixed income portfolio manager with Hartford Funds.
Observers said the Supreme Court likely will allow Federal Reserve Gov. Lisa Cook to remain at her post while she challenges her purported removal by President Donald Trump. But her continued presence would slow, rather than stop, the president's quest for a voting majority on the central bank board.
Maryland Governor Wes Moore unveiled his $70.8 billion budget proposal that is designed to close a $1.5 billion gap via cuts, fund transfers and swaps of bonds for cash.
Dallas Area Rapid Transit's moratorium on new debt issuance comes as voters in five of its 13 member cities will decide whether to withdraw from the agency.
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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
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