Houston’s latest move to issue $719.5 million in municipal bonds to fund a multi-billion-dollar airport expansion underscores a broader trend of municipal authorities relying heavily on debt to finance growth. While infrastructure investments are necessary, the scale and speed with which Houston is raising funds point to a potentially precarious financial strategy. The city’s decision
Bonds
In what initially appears as a bold move, New York’s debut in the prepay energy bond market seems more a reflection of cautious political maneuvering than genuine financial progression. While the state touts its first triple-tax-exempt prepay electricity bonds—an achievement two years in the making—this milestone is riddled with compromises that reveal a reluctance to
In a landscape where most asset classes rally in response to shifting Federal Reserve policies, municipal bonds have stubbornly refused to participate, revealing a troubling divergence. While equities reach for new heights and corporate bonds benefit from decreased yields, munis are quietly declining, exposing underlying vulnerabilities unlikely to resolve without significant market upheaval. This dissonance
In a move that exemplifies both ambition and recklessness, Utah’s largest public school district, Alpine School District, is headed toward a significant financial cliff. This week, it plans to issue a $201 million bond to fund new school construction—but beneath this seemingly routine fiscal maneuver lies a sprawling web of debt, splintering the district into
For over a decade and a half, the municipal bond market has stubbornly hovered around the $4 trillion mark, giving many the false impression of stability and resilience. Yet, beneath this surface lies a fragile equilibrium that could be shattered by unchecked growth and systemic pressures. Recent data shows marginal increases—quarter-over-quarter and year-over-year—but these incremental
The recent approval by North Carolina’s Local Government Commission (LGC) for nearly half a billion dollars in bonds exposes the state’s complex balancing act between infrastructure development and financial prudence. While the move is ostensibly aimed at fostering growth and serving community needs, it leaves much to question whether these investments are genuinely beneficial or
The first half of 2025 has shattered historic records in municipal bond issuance, with the volume soaring to over $280 billion—an increase of roughly 14.3% compared to the previous year. Such a relentless push to tap into the capital markets reveals a deeply strategic movement by issuers, largely driven by fears of policy shifts, tax
The municipal bond market, despite its long-standing reputation as a stable, tax-advantaged investment, currently presents a paradox for investors. On the surface, munis appear attractively priced, especially given their relative yields compared to U.S. Treasuries. Yet, beneath these appealing numbers lies a market grudgingly held back by a lack of clear catalysts—an environment simultaneously ripe
The U.S. municipal bond market, often perceived as a safe haven for conservative investors, is currently grappling with contradictory signals. In the first half of 2025, the market saw unprecedented issuance levels, with total supply already surpassing $275 billion and projections rising above $580 billion for the year. While such robust supply traditionally signals strong
In an unpredictable economic landscape, the municipal bond market has quietly begun to assert its resilience. Despite facing significant challenges such as broader interest rate fluctuations, political turmoil, and an uptick in new debt issuance, municipals have managed to maintain a steady performance. The data reveals a nuanced picture: for the first time in recent