Bond Market Tax Haven Shrinks as Corporate-Style Munis Surge
January 11, 2021 - Adam Stern spoke with Bloomberg about the recent volume of taxable municipal bond sales.
Press Coverage
Below are recent news articles that feature Breckinridge perspectives and quotes from our experts.
For media inquiries, please contact our PR partners at pro-breckinridge@prosek.com.
Credit Markets Rally on Blue Wave Prospect for Greater Stimulus
Bloomberg, January 6, 2021
In the wake of the Georgia election results, Nick Elfner comments on the potential impact to the investment grade corporate bond market. (Subscription required)
Investment-grade bond supply set to decline after record 2020
IFR, December 17, 2020
Nick Elfner looks ahead to 2021 in the corporate bond market in this interview with IFR. (Subscription required)
Demand for Corporate Bonds Drives Inflation-Adjusted Yields to Zero
The Wall Street Journal, December 7, 2020
The Wall Street Journal quotes Nick Elfner on how investors may be thinking about corporate bonds given the current yields.
American Companies Are Stockpiling Cash Before Covid Winter Hits Bloomberg
Bloomberg, November 11, 2020
Nick Elfner is quoted in Bloomberg on the state of corporate balance sheets in the face of growing coronavirus cases in the U.S. This article was also syndicated in Crain's New York Business. (Subscription required.)
Municipal Bonds Faring Well Despite Election/Pandemic Uncertainty
Financial Advisor Magazine, November 11, 2020
Adam Stern speaks about the state of muni credit given the uncertainty around the election and a COVID vaccine.
Muni Bonds Falter on Prospect of Divided Government in Washington
The Wall Street Journal, November 6, 2020
Adam Stern is quoted on the likelihood that Illinois bonds get downgraded if there is no federal stimulus bill.
Severity of downgrades to US municipal credit hangs on US election outcome, finds Breckinridge
Institutional Asset Manager, October 29, 2020
Insights from Adam Stern's latest piece on muni credit and the 2020 election are featured throughout this article.
Blue Wave May Curtail Muni Tax Break, Breckinridge Advisors Says
Bloomberg, October 27, 2020
Bloomberg quotes Adam Stern on the potential impacts of the election on the muni market and taxes. (Subscription required)
California’s Boom Collapses as Fires Add $1.1 Billion Toll
Bloomberg, October 16, 2020
Andrew Teras spoke with Bloomberg about the impacts of climate change in California and the steps the state needs to take to find solutions.
Asset Owners Hungry for 'Impact' Fixed Income Find Few Places to Go
FundFire, September 29, 2020
FundFire quotes Director of ESG Research, Rob Fernandez, on the growth of the green and social bond markets.
Black Lives Matter, the Green New Deal, and the color of money at Moynihan’s Bank of America
Boston Globe, September 27, 2020
Nick Elfner and Rob Fernandez spoke with the Boston Globe about Bank of America's green bond deal and what they are seeing regarding banks and ESG.
Bonds go back to the future as electronic volumes grow
Risk.net, September 23, 2020
Corporate trader, Will Queen, is quoted in Risk.net on bond trading activity this year. (Subscription required).
Munis Threatened By Climate Risks
Financial Advisor Magazine, September 8, 2020
Adam Stern discusses the importance of looking at climate risks when evaluating municipal bonds.
Risk Creeps Into Municipal Bond Market, Yet Prices Stay High
Wall Street Journal, September 4, 2020
Adam Stern is quoted on the creditworthiness of municipal securities that are being impacted by the pandemic.
IG corporates ease bond issuance in July after breaking records
IFR, July 31, 2020
IFR quotes CIO Laura Lake in two recent articles on the corporate bond market and the impact of the Fed's involvement. (Subscription required)
Breckinridge sees further tightening in US corporate debt spreads after wild bond market swings in H1
Institutional Asset Manager, July 30, 2020
Institutional Asset Manager features Breckinridge and CIO, Laura Lake, in a recent article on the state of the fixed income market in so far in 2020.
Congress Struggles With Covid Relief. How That Will Affect Some States and Their Muni Bonds.
Barron's, July 27, 2020
Adam Stern spoke with Barron's about the impact of COVID-19 on states and their municipal bonds.
Call that a bazooka? Bond market pros underwhelmed by Fed's primary facility
IFR, July 3, 2020
Nick Elfner comments on the Fed's recently launched Primary Market Corporate Credit Facility and what impacts the market has seen so far. (Subscription required).
Donor-Advised Funds Assert Predominance In 2020’s Time Of Need
Financial Advisor Magazine, June 25, 2020
Our new article on donor-advised funds is featured in Financial Advisor Magazine. Learn how it can give donors an additional way to align investments with their charitable intentions and values.
Fed buys US$1.68bn for its corporate bond program
IFR, June 25, 2020
IFR quotes Nick Elfner on what the Fed's corporate bond program means for the market.
Jay Powell says bond-buying launch shows Fed resolve to meet promises
Financial Times, June 16, 2020
Co-head of research, Nick Elfner, spoke with Financial Times on what the Fed's corporate bond buying program means for the market. (Subscription required)
Bankrupt Hertz seen as speed bump for ABS market
International Financing Review (IFR), May 29, 2020
Securitized trader, John Bastoni, spoke with IFR about the uncertainty in the ABS market and what that means for investors. (Subscription required).
California investors ‘content’ with financial position despite projected USD 54bn FY21 deficit
Debtwire, May 13, 2020
Andrew Teras discusses California's financial position and the challenges they face going forward. (Subscription required).
The ESG Boom is Coming for Credit, but Managers Lag on Active Engagement
FundFire, May 8, 2020
Director of ESG Research, Rob Fernandez, spoke with FundFire about how Breckinridge has been integrating ESG since 2011, and gives his perspective on the growing trend of ESG in fixed income.
Framingham nonprofit receives COVID-19 grant
Metro Daily West News, April 28, 2020
Breckinridge is honored to be listed as one of the recent donors to the Boston Foundation.
Coronavirus Shutdown Weighs on Higher-Risk Muni Issuers
WSJ, April 27, 2020
Co-head of research, Adam Stern, comments on the state of muni credit given the economic impact of the coronavirus.
The Coronavirus Crisis Is Starting to Hit Muni Bonds. Why That Matters.
Barron's, April 24, 2020
Andrew Teras is quoted on how the muni market could be impacted by the coronavirus crisis.
On Earth Day, a Move to Unseat a JPMorgan Director and a Warning About ‘Greenwashing’
Barron's, April 22, 2020
Recent ESG newsletter article by Mike Bonnano, was included in Barron's Earth Day content round up. Read more about long-term climate risks and municipalities.
Robots Bought Munis During Record Sell-Off’s ‘Baptism of Fire’
Bloomberg, April 20, 2020
Head of municipal trading, Ben Pease, is quoted on the trading activity in the muni market during March.
Here’s What ESG Investors Want to See From Companies During a Crisis
Barron's, April 10, 2020
Rob Fernandez is quoted in Barron's on what ESG factors investors may look at more carefully after this crisis.
Muni bond issuers and investors call for rapid relief from the Fed
Financial Times, April 8, 2020
Matt Buscone is quoted in the Financial Times on how using muni debt as collateral for loans may help ease strain in the short-term, but the market is needing more direct intervention from the Fed. (Subscription required)
US mortgage industry clamors for more aid for servicers
International Financing Review (IFR), April 8, 2020
Securitized trader, John Bastoni, comments on the elevated risk we could see in U.S. mortgage bonds due to the impact of the COVID-19 pandemic. (Requires subscription)
Investors hunt for bargains in $4tn US muni bond market
Financial Times, March 25, 2020
Matt Buscone, co-head of portfolio management, talked to Financial Times about the impacts of the current environment on the muni bond market.
Wall Street closes lower in spite of Fed ‘bazookas’
Financial Times, March 23, 2020
Our CIO, Laura Lake quoted in Financial Times on what the Fed’s government and corporate bond buying will do for the corporate debt market.
Fed-induced rally has seven IG issuers hit market with almost US$20bn
IFR, March 23, 2020
Our co-head of research, Nick Elfner, commented on the investment grade issuers that came to market this week saying “that the market can still price this many deals for this many companies shows the breadth and diversity of the IG buyer.
10-year Treasury yield hits three-week high as investors rush to raise cash
MarketWatch, March 18, 2020
Breckinridge CIO, Laura Lake, commented on the recent market volatility and what that means for market participants in an interview with MarketWatch.
'Thanks Larry!' Green accounting project says BlackRock plug gave it a boost
Reuters, March 11, 2020
Larry Fink’s letter to CEOs has generated more interest in SASB’s reporting standards, an effort that Breckinridge supports. Director of ESG Research, Rob Fernandez spoke with Reuter’s about the benefits of having uniform reporting standards for sustainability.
After oil price rout, some bond defaults possible
Reuters, March 10, 2020
The energy sector has taken a hit this week with all the market volatility. Nick Elfner comments on how energy companies can manage this type of environment.
Starbucks navigates virus setbacks to land low coupon rates
IFR, March 10, 2020
Co-head of research, Nick Elfner, spoke with IFR about the potential impacts of coronavirus and an economic slowdown on new corporate bond deals. (Subscription required)
Breckinridge Capital Advisors Backs Girls Who Invest
Pensions & Investments, March 9, 2020
P&I highlights our new partnership with Girls Who Invest and quotes our CIO, Laura Lake, on how it aligns with our belief in thoughtfully integrating sustainability into our investment approach and how we govern our own business.
Kraft Bonds Tumble After Downgrades to Junk Rating
Wall Street Journal, February 14, 2020
Corporate analyst, Abi Ingalls, is quoted in The Wall Street Journal on why Kraft Heinz has struggled to manage changing consumer trends. She highlighted her concerns on the credit in our April 2019 ESG newsletter.
Satellites Are Helping the Municipal-Bond Market Assess Climate Risk
Bloomberg, February 6, 2020
Adam Stern spoke with Bloomberg about spatial financing, the use of satellites to help the muni market better asses climate-related risks. Breckinridge already considers geographical factors for some issuers but a lot still remains unanswered about climate risks.
Former SSGA Inst'l Marketing Head Named CMO at $40B Fixed Income Shop
FundFire, January 24, 2020
FundFire spoke with our new CMO, Dominica Ribeiro and president, Peter Coffin, on the plans for this newly created role and Breckinridge's strategic marketing efforts. (Subscription required)