- Commitment to
Breckinridge Capital Advisors is a Boston-based investment advisor specializing in the management of high-grade fixed income portfolios for institutions and private clients. Working through a network of investment consultants and advisors, Breckinridge offers municipal, corporate, government and sustainable bond strategies in customized separate accounts.
Monthly Commentary View All »
White Papers View All »
In an unsurprising decision on March 24, the Illinois Supreme Court ruled that Chicago’s 2014 pension reform ran afoul of the state constitution. The June 2014 reform law, Public Act 98-0641, reduced annual increases in pension benefits in violation of Illinois’ pension protection clause. The March 24 decision reaffirmed a prior decision establishing that, in Illinois, pension benefits cannot be “diminished” for current or retired workers.More
Entering 2016, municipal credit fundamentals are broadly consistent with those entering 2015: stable but vulnerable to an economic shock. Like last year, the economy is growing modestly, transportation and revenue credits are benefiting, and most state and local issuers are exhibiting a stronger ability to meet debt obligations...More
Blog View All »
One of the flashiest symbols of the U.S. marketplace is the electronic media canvas that wraps itself around Morgan Stanley headquarters in New York City’s Times Square. The scrolling financial news display, which streams content using six million LED pixels and 281 trillion colors, may be a modern nod to the familiar paper ticker tapes...More
Few topics dominate the front page of major newspapers more than politics. As municipal credit analysts, we generally aim to look beyond the headlines, but sometimes we are required to consider the credit impact of new legislation. It is important that we determine whether new legislation constitutes a credit issue material to fundamental creditworthiness...More
The energy and commodities/metals and mining sectors bore the brunt of spread widening in the investment grade corporate bond market last year, as all risk assets moved largely on the whims of commodity prices each trading session. With skittish investors either selling or waiting for the optimal moment to dip their toes back into the sector...More
News & Noteworthy
Breckinridge Signs PRI Statement on ESG in Credit Ratings
As a member of PRI’s Fixed Income Engagement Sub-Committee and an advocate of the PRI’s efforts, Breckinridge has signed onto the organization’s “Statement on ESG in Credit Ratings.” The Statement calls for credit rating agencies to incorporate ESG into their credit analysis in a more systematic and transparent way. Click to read the Statement and more about the initiative.