Comprehensive Capital Markets Offerings Enhance Existing Client Relationships, Create New Opportunities for Growth PITTSBURGH, March 26, 2026 F.N.B. Corporation announced today that it has expanded its public finance offerings with municipal bond underwriting.
KBRA assigns a long-term rating of AA to the State of Louisiana General Obligation Bonds, Series 2026-A and affirms the long-term rating of AA for the State's outstanding General Obligation Bonds. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives. Credit Challenges. Rating Sensitivities For Upgrade. For Downgrade.
"Rates, not fundamentals, continue to drive benchmark yields higher, leaving munis on track for their fourth-worst monthly performance in 15 years," said James Pruskowski, managing director at Hennion & Walsh.
The U.S. Department of Transportation will release $1.05 billion that was set aside by the Biden administration for the long-awaited Blatnik Bridge project.
Iowa lawmakers have to merge competing visions for property tax reform after multiple bills passed out of committee in the state House and Senate this month.
KBRA assigns a long-term rating of AA- to the City of Austin, TX Airport System Revenue and Refunding Bonds, Series 2026A and Airport System Revenue and Refunding Bonds, Series 2026B. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives. Credit Challenges. Rating Sensitivities For Upgrade. For Downgrade.
"You would think global instability leads to flight for quality, but you also have the inflationary pressures that come with higher oil prices. I would say the inflationary pressures have been winning, and that's why you're seeing Treasury and muni rates move higher," said Keith Richard, head of public finance at Siebert Williams Shank.
The weakness in fixed-income markets comes after stocks and bonds saw strength Monday following President Donald Trump's announcement of a five-day pause on strikes on Iranian power plants amid talks between the two countries.
Payden & Rygel, one of the largest privately-held global investment advisory firms, today announced that the Payden California Municipal Social Impact Fund is a LSEG Lipper Fund Awards United States 2026 winner in the California Intermediate Municipal Debt Funds category. ?The 2026 LSEG Lipper Fund Awards mark another volatile three-year stretch for global markets.
"We are in interesting times as the market must now balance these robust technicals against a backdrop of geopolitical tension in the Middle East and the nomination of Kevin Warsh, whose hawkish reputation is already being weighed by participants," said Jason Wong, vice president of municipals at AmeriVet Securities.
"The secondary infrastructure demands [of data centers] will increasingly flow through to municipal balance sheets, driving incremental issuance across multiple sectors," said J.P. Morgan strategists.
A fatal crash and closure at New York's LaGuardia Airport adds to the list of transportation hurdles that includes a jump in jet fuel prices, and travel delays due to a lapse in TSA funding.
While it's unclear how long the war in the Middle East will drag on, once President Donald Trump announces an end to the war, things could change "on a dime," as happened with the tariff-induced volatility in April 2025, said Peter Block, managing director of credit strategy at Ramirez.
KBRA assigns a long-term rating of AA+ to the City of New York General Obligation Bonds, Fiscal 2026 Series F and G, and General Obligation Bonds, Fiscal 2026 Series 1. The Outlook is Negative. Concurrently, KBRA affirms the long-term rating of AA+ on outstanding City of New York General Obligation Bonds, and revises the Outlook to Negative from Stable.
"Looking at where oil was and the potential for disruption, and this being tax season and issuers having to pull deals, there's no reason why yields wouldn't have been higher," said Matt Fabian, president of Municipal Market Analytics.
Some states and local governments "went on spending sprees" with pandemic funds and "got ratings upgrades that didn't have a lot to do with fiscal management," said an investor.
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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