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.
With front-end rates off so much Thursday morning, "liquidity providers backed off noticeably in the morning in terms of bid with offers slow to follow," said Matt Smith, founder and CEO of Spline Data, noting it was likely a response to elevated bids wanted counts, along with rates.
CHICAGO, March 19, 2026 ?Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $30,000,000 tax-exempt fixed rate bond issue for Butterfield Trail Village, Inc.. The Series 2026 Bonds were issued through The Fayetteville Public Facilities Board and are rated 'BBB' by Fitch.
The MINT Act, which would enable Federal Home Loan Bank members to issue tax exempt bonds is working its way through committees in both House and Senate.
Illinois returns to market with about $1.4 billion of GO bonds on Tuesday, with proceeds funding accelerated pension benefit payments and capital projects.
The deal includes a current refunding of general obligation bonds issued in 2016 and a tender offer for bonds that have not yet reached their call date.
The parent of New York's Metropolitan Opera fell deeper into junk-bond status this week, while the New School university has a lower investment-grade rating.
Currently, it's a Goldilocks market, said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital: "Just right enough for just enough people, and steady [enough] that there doesn't seem to be any [big] price pressure at the moment."
NEW YORK, NY / ACCESS Newswire / March 18, 2026 / Aegis Capital Corp.a full-service wealth management, financial services and investment banking firm is pleased to announce Robert Herje has joined the firm as a Managing Director Robert is a trusted resource for institutional and individual clients for their fixed income needs, with a focus on municipal bonds.
In this Market Intelligence analysis, Jeff Lipton warns that granting states access to Chapter 9 would be deeply disruptive, likely forcing muni yields higher and liquidity lower, while underscoring why states' legal protections and reserves still support strong willingness to pay.
"A lot of the perception is the Iran situation and energy and everything else is temporary, so if municipal yields are higher, let's take advantage of it," said Pat Luby, head of municipal strategy at CreditSights.
Otero County commissioners approved an agreement with the federal immigration agency to avert a bond default despite a state law banning such contracts.
Acting Director Sam Waldon "will be a steady hand for the division during this period, including for municipal securities-related enforcement activity," said Kathleen Marcus, a partner at Stradling.
Upper and Lower Basin states are at odds over post-2026 operations for the drought-stricken river, raising litigation risks and highlighting credit uncertainty.
Multiple municipal bond offerings this week have a high exposure to climate risk, specifically high Flood and Extreme Heat Scores, according to ICE Climate Data. A $9 million offering from Northern Tioga School District, Pa., records a Flood Score of 5.0 out of 5.0, ICE reports.
"We're still seeing continued yield pressure out there from the market outlook investors have with the conflict in Iran," said Ajay Thomas, head of public finance at FHN Financial.
Educational institutions risk "hefty fines and other serious consequences, including potential loss of federal funding," should they fail to submit timely and complete data.?
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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