Lynne Funk is Executive Editor at The Bond Buyer. She leads markets coverage, is The Bond Buyer's Arizent Research Team liaison and contributes to Bond Buyer Conferences, Leaders and podcasts. Lynne previously worked on policy and markets at Municipal Market Analytics and in the Policy and Public Advocacy at the Securities Industry and Financial Markets Association.
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Uncertainty and volatility have caused a bifurcated market when it comes to credit, and widespread disparity between high-quality and high-yield is complicating matters for issuers.
By Lynne FunkMay 15 -
Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.
By Lynne FunkMay 13 -
The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.
By Lynne FunkMay 12 -
The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.
By Lynne FunkMay 11 -
High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.
By Lynne FunkMay 8 -
In the midst of issuer credit deterioration due to coronavirus, muni yields fell and new-deals were priced on the heels of California's $54 billion deficit news.
By Lynne FunkMay 7 -
Primary deals are now coming at tighter spreads to the secondary than they have recently. Cooler heads are appearing on the institutional side, but ICI reports $1.7 billion pulled from muni market mutual funds.
By Chip BarnettMay 6 -
A premarketing wire indicated the deal could price at spreads 300 basis points north of benchmark yields. In Monday's trade, the rally begun last week continued.
By Lynne FunkMay 4 -
Taxable munis hold the distinction as being the largest positive sector year-to-date, up 2.81%. High-yield has been hammered, losing 10%.
By Lynne FunkMay 1 -
A range of technical issues — from month-end accounting and financing to spread widening, price volatility and the coronavirus impact on businesses and the economy — spurred a tone of relative quiet in Thursday's trade.
By Lynne FunkApril 30