Muni Think

Shorter-dated and high-yield credit will be more likely to succeed in the current volatile environment.

Properly designed public banks would be safer than private banks while promoting economic growth.

ESG investing has grown complex enough that it’s time we recognize what strategy or product is best suited for a given situation.

With volatility and illiquidity realities for the foreseeable future, insights into new-issue and secondary pricing are critical.

Firms don’t have to see disclosure of de minimis risk as a compliance matter. They can see it as a chance to better inform their retail clients about liquidity risk, and to put them on the same page as institutional players.

The diverse structure of New York’s debt poses a significant danger to the state economy’s financial wellbeing: the risk the government and its public authorities might lose access to credit in a fiscal or market crisis.

An unfortunate custom in municipal finance is to discount every cash flow with the same rate, namely by the yield of the refunding issue. This underestimates the worth of nearby savings, and overestimates that of savings in the distant future.

The market consensus is that interest rates will rise by two to three percentage points over the next three years. What will that mean?

The $600 million broadband private activity bond program included in the Infrastructure Investment and Jobs Act has often been overlooked in discussions of funding for rural broadband.

Why are markets so sanguine about the interest rate outlook? The answer lies in the Fed’s balance sheet, and in particular the level of excess reserves placed there by commercial banks.