"It's hard to know whether a decrease in enforcement is a statistical blip or early evidence of [a] meeker, milder FINRA in the current era," said Benjamin Edwards, an associate dean at UNLV law school.
While technology has lowered entry minimums, making it more accessible to all types of investors, the client base for SMAs primarily consists of high-net-worth individuals.
Market Intelligence analyst Jeff Lipton explains why constrained state budgets should not be mistaken for broad credit deterioration, pointing to rainy-day funds, revenue diversity, low debt burdens and strong debt-service protections as key stabilizers.
The Commonwealth Transportation Board in Virginia rolled out a $28.5 billion, six-year transportation infrastructure improvement plan that covers roads, bridges, rail, and more.
Investors are hesitant to welcome the concept of AI, which could predict rare muni defaults. Companies specializing in predictive AI for munis believe they'll be able to win over investors.
The longtime Federal Reserve chair served under four presidents and presided over the deregulatory and pro-market push of the 1990s and early 2000s that set the stage for the 2008 mortgage crisis.
The College of the Holy Cross, enjoying rising student demand in a time when other private schools are struggling, will take out variable-rate and taxable debt.
Cameron Hamilton, the current nominee to head up the Federal Emergency Management Agency, responded to accusations of political bias during a Senate hearing on Wednesday.
"The upgrade recognizes two important factors: the strong operating performance of Vogtle Units 3 and 4 since entering commercial service and the strength of the project's contractual framework," said Ernest Libershteyn, MEAG director of finance and treasury.
Market Intelligence analyst Jeff Lipton breaks down how security selection, sector allocation, curve positioning and carry can generate excess returns in high-yield munis, while warning that weak cash flow, a lack of economic viability, limited liquidity and thin disclosure can quickly undermine value.
Alexandria, Va. is moving forward with a $155 million plan to convert a former power plant into a 2.5 million square feet development by leveraging tax increment financing and bond sales.
Some shops have opted to build their own pricing systems, which provide customization and competitive advantages, although they carry hidden costs. Others have decided to buy to save time, upfront costs and get best built-in practices.
Kansas City, Missouri, is weighing $235 million in special obligation bonds to help fund the $1.4 billion expansion of the KC Current's two-year-old stadium.
The latest update for the project at the Southwest Airlines (LUV) hub showed an estimated $2.54 billion price tag and plans to issue general airport revenue bonds.
As the Trump administration touts an end to the Iran war and the eventual opening of the Strait of Hormuz, oil prices are dropping which may push muni yields down and fuel demand.
"I think generally there is an over-emphasis placed on the takedown at the expense of considering the overall cost of the transaction," Nikolai Sklaroff, capital finance director at the San Francisco Public Utilities Commission, said.
After the DOT "expedited" a $25 million investment in the train, Q1 trespassing incidents and collisions on Brightline Florida fell 30% year-over-year, the office said.
Hospitals, universities and transit agencies are among the issuers that would face heightened uncertainty around federal funding if the rule is enacted.
Market Intelligence analyst Jeff Lipton maps where credit remains stable and where caution is warranted in his mid-year scorecard, flagging pressure points in higher education, K-12, tobacco and parts of local government while outlining the structural strengths supporting states, airports and other essential-service sectors.
Blockchain-based technology is coming for munis. Despite the market's slow crawl towards modernization, backers believe that the transition is inevitable.
There has been some "capitulation" in munis lately. The asset class was outperforming USTs until very recently, said Chris Brigati, managing director and CIO at SWBC.
After the latest cyberattack struck a K-12 school system, rating agencies and muni market participants warned of an evolving risk to school district issuers.
Transit authorities around the country are bracing for upticks in ridership and revenue thanks to the World Cup as negotiations over surface transportation authorization linger in the background.
Market Intelligence analyst Jeff Lipton explains how California Mello-Roos land-secured bonds can add yield and diversification, and outlines the underwriting checklist investors should use to balance development risk against structural protections.
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.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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