CreditSights Senior Municipals Analyst John Ceffalio said he generally agreed with the Moody’s piece. But he added, “The bankruptcy and PROMESA are reminders that Congress can preempt territorial laws and change…
Last week’s primary market volume was the heaviest year-to-date, but this week’s expected total of less than $7 billion would be 25% lower than the one-year weekly average, noted CreditSights strategists Pat Luby…
CreditSights strategists Pat Luby and John Ceffalio noted that municipal yields have been swinging between attractive and overly rich since March, which is leading to opportunities for crossover and taxable buyers.
However, the underperformance of municipals relative to taxables is drawing interest from investment grade credit investors seeing the opportunity to add tax-exempt municipal credit to their portfolios without having to…
“Since these bonds are secured by two specific projects, prospective investors will have an added surveillance burden, although the involvement of Assured Guaranty means that investors will indirectly benefit from…
“While many retail investors are reducing their mutual fund positions, relative value investors are putting money to work, and we believe that part of that money is finding its way…
The beginning of the calendar year is normally sluggish, but due to market volatility and issuer worries over rate volatility, supply was notably sparse in January and February. Issuance typically…
“The island is overloaded with debt and pension liabilities that dwarf its tiny $4 billion economy, and with liquidity thin, it could use the budget relief,” noted CreditSights in a Friday report….
Olsan, citing CreditSights data, said throughout 2021 it is expected that nearly $300 billion will roll off between maturities and announced calls, which adding in more potential callable bonds, it exceeds tax-exempt…