Triple-A muni yields plummeted up to 50 basis points Thursday in a dramatic reversal from the week's earlier collapse. Speaking live at The Bond Buyer's Texas Public Finance event, market leaders painted a picture of extreme volatility, impaired liquidity, and an uncertain path forward.
The state, which has cut income taxes with more cuts scheduled, is on a path to a greater than 10% budget deficit in three years, say the legislature's analysts.
The Bond Buyer took the pulse of municipal bond market pros to see what they are doing and advising in the midst of the volatility driven by President Trump's shifting tariff policies.
"The equity market is looking at this more positively, but bonds are still thinking, 'Well, these tariffs still have to be resolved,'" said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.
The top 25 state and local pension funds alone have seen the value of their public equities investments drop by a total of nearly a quarter of a trillion dollars in 2025, with roughly $169 billion of those losses coming during the four trading days that followed the Trump administration's April 2 announcement on global tariffs, a think tank said Wednesday.
The district was created to finance the redevelopment of the Delta Center, home to professional basketball and hockey, as well as other downtown projects.
Municipal AAA yield curves were cut up to another 42 basis points, depending on the curve, as of noon, pushing yields to multi-year highs and long-end muni to UST ratios above 100%. Muni yields have risen up to nearly 100 basis points in spots since the bond market rout began.
A $125 million bond sale by the Indianapolis Local Public Improvement Bond Bank for Indianapolis public transit operator IndyGo is on day-to-day status.
It is sadly not possible to prevent 100% fraud scenarios from occurring; however, reassessing your firm's processes for identifying red flags may be a good place to start.??
Midwest market participants and researchers say the loss of the municipal bond tax exemption could cost the region's many smaller issuers market access.
Weakness in the muni market has been partly amplified by ETF selling; high-grade yields rose more than 60 basis points on parts of the curve over two sessions.
The non-profit climate advocacy organization called for better disclosure on climate risks and adaptation efforts as the prevalence of natural disasters grows.
Washington, D.C.'s ability to spend the money in its approved budget remains in doubt as a congressional recess looms, though President Trump signaled support.
A new S&P upgrade and one last year from Moody's burnish the Colorado Statewide Bridge and Tunnel Enterprise ahead of a $212 million revenue bond deal.
In March, BlackRock (BLK) debuted a new tax-exempt municipal interval fund, IMTC inked partnerships with Franklin Templeton and T. Rowe Price (TROW) and more.
Ratings for MarketAxess Holdings (MKTX) were provided by 9 analysts in the past three months, showcasing a mix of bullish and bearish perspectives. The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
"The changing momentum on what the market is looking for on tariffs and the volatility in the equity market is spilling over into the Treasury market, and munis can only fight the Treasury market for so long," said Pat Luby, head of municipal strategy at CreditSights.
Municipal finance professors Justin Marlowe and Martin Luby wrote the paper after fielding dozens of calls about "this otherwise esoteric corner of public finance."
KBRA assigns a long-term rating of AA+ to the City of New York, NY Tax-Exempt General Obligation Bonds, Fiscal 2025 Series G Subseries G-1; Taxable General Obligation Bonds, Fiscal 2025 Series H; and Tax-Exempt General Obligation Bonds Fiscal 2012 Series D, Subseries D-3A. Key Credit Considerations The rating was assigned because of the following key credit considerations: Credit Positives.
The immediate effect of tariffs is expected to manifest in the country's ports, which was the only sector of infrastructure to earn a "B" grade in the ASCE's Report Card.
If the MSRB pursues a pre-trade transparency initiative?though its necessity is debatable given the private sector has already addressed this need?it should leverage existing tools and services used by market participants.
Credit ratings giant S&P Global has said it is reviewing all its macro economic forecasts in the wake of Donald Trump's sweeping world trade tariffs this week, a move likely to fuel concerns of a renewed wave of credit score downgrades.
* Revised forecasts due next week, inflation jump seen. * Impact on US GDP will depend on retaliation, S&P says. * Cut to forecasts feeds rating downgrade expectations. By Marc Jones.
WisdomTree, an international asset manager, has grown its portfolio with the introduction of two new municipal bond ETFs: the WisdomTree Core Laddered Municipal Fund and the WisdomTree High Income Laddered Municipal Fund. These funds are designed to offer investors tax-efficient income and diversification advantages.
KBRA assigns a long-term rating of AAA to the Los Angeles Unified School District: Election of 2024, General Obligation Bonds, US Series A; Election of 2024, General Obligation Bonds, US Series B Federally Taxable; and, 2025 General Obligation Refunding Bonds, Series A. KBRA additionally affirms the long-term rating of AAA for the District's outstanding General Obligation Bonds.
"With the initial announcement proving to be more aggressive than expected, the market responded overwhelmingly negatively," said Principal Asset's Seema Shah.
As the market absorbs the effects of the tariff rollout industry analysts are predicting a heavy dose of uncertainty in several key sectors of the municipal bond market.
At noon Thursday, muni yields had been bumped up to 12 basis points, depending on the curve, while UST yields rallied, with yields falling 13 basis points on the short-end.
Alpine School District, which will be split into three systems, wants to sell up to $238 million of lease revenue bonds to finance school construction.
New offering builds on the S&P Global Market Intelligence Parity Platform to deliver enhanced insights and pre-sale investor outreach capabilities to municipal finance teams. BondLink, the leading cloud-based investor relations and debt management platform for the municipal bond market, is excited to announce the launch of Parity Plus in collaboration with S&P Global Market Intelligence.
The law cuts the individual income tax rate to 3% by calendar year 2030, with triggers that may drive future annual decreases until it ultimately falls to zero.
WTMU and WTMY utilize a time-tested bond investment strategy to leverage the diverse opportunities in the municipal bond market WisdomTree, Inc. (WT), a global financial innovator, today announced the launch of the WisdomTree Core Laddered Municipal Fund and WisdomTree High Income Laddered Municipal Fund on the Nasdaq, with expense ratios of 0.25% and 0.35%, respectively.
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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