Virtual Roundtables Bring Clients and Analysts Together
July 1, 2021 - Aimee Korch, Mitchel Syp
Two virtual roundtables exploring regional economies as they emerge from COVID-19 lockdowns also brought Breckinridge clients together with research analysts to explore relevant ESG issues.
Duration Changes in 2021 Worth a Closer Look
June 4, 2021 - Matthew Buscone
Duration is a good way to measure the potential effect of interest rate changes on a bond portfolio.
Still Work To Do for Many Municipal Issuers after Credit-Positive American Rescue Plan
March 11, 2021 - Adam Stern
While the $1.9 trillion American Rescue Plan is a credit positive for municipal bonds, many issuers have work to do to strengthen their finances.
Georgia Runoff Elections Shift 2021 Outlook
January 7, 2021 - Adam Stern
2021 Outlook Follow-up Blog (Jan. 6, 2020): Democrats’ apparent Senate wins in Georgia are a credit-positive for the municipal bond market and may result in material changes to tax and infrastructure policy.
Breckinridge Sharpens ESG Focus on Affordable Housing Bonds
January 5, 2021 - David Stenhouse
A dedicated housing framework developed in 2020 strengthened Breckinridge’s environmental, social and governance (ESG) evaluation of bonds targeting affordable housing in the U.S.
2021 Muni Market Outlook: To Immunity and Beyond!
January 4, 2021 - Adam Stern
Municipal credit will begin to heal in 2021 as the COVID-19 pandemic abates and the economy recovers. Adam Stern reviews the outlook for municipal bonds in 2021 and beyond in his annual analysis.
Update: Muni Credit and the November 2020 Elections
October 26, 2020 - Adam Stern
November’s election results have implications for municipal credit quality and valuations. Adam Stern analyzes the potential outcomes and effects.
Resurging Issuance Highlights Taxable Municipal Bonds Again
October 13, 2020
Increased issuance and favorable market conditions brought heightened attention to taxable municipal bonds in 2020.
Taking the Measure of Bond Ladders
July 1, 2020 - Christopher Day
Do ladders measure up in today’s bond market? We think a more responsive strategy can potentially achieve the same income objectives.
The COVID-19 Crisis and Its impact on Social Issues for Corporations and U.S. Cities
June 24, 2020 - Nicholas Elfner, Robert Fernandez, Michael Bonanno
The COVID-19 crisis had a swift and severe impact around the world. We find significant impact in two corporate social issues and two key social issues for U.S. cities.
Webinar: Muni Credit Resiliency
May 11, 2020 - Adam Stern
Co-head of research Adam Stern and CIO Laura Lake walk through how Breckinridge is thinking about muni credit risk and credit fundamentals.
COVID-19 and Muni Credit: Essential service municipals are more resilient than appreciated
May 6, 2020 - Adam Stern
The coronavirus induced economic turmoil is depressing municipal revenues and increasing operating costs. Adam Stern explains why many muni bonds enter this predicament in better shape than past slowdowns.
Regarding State Bankruptcy
April 23, 2020 - Adam Stern
As reported by The Wall Street Journal on Wednesday, April 22, Senate Majority Leader Mitch McConnell (R-KY) hinted that, in exchange for more federal aid, he supports the idea of allowing states to file for bankruptcy protection.
The Fed’s New Municipal Liquidity Facility: Modest Help or Market Game-Changer?
April 13, 2020 - Adam Stern
Learn what the recently announced MLF means for the muni market in the near and long-term. Co-head of research, Adam Stern, explains the program and potential credit implications.
Long-Term Climate Change Risks and Muni Bond Analysis
March 27, 2020 - Michael Bonanno
Breckinridge believes that municipalities that are conscious of sustainability and related ESG issues are likely to carry less risk over the long term.
Considerations for the Municipal Bond Market and COVID-19
February 27, 2020 - Adam Stern
With community spread of the coronavirus more likely, we are monitoring the effects it may have on credit quality.
Surge in Taxable Issuance Creates Opportunities in the Municipal Bond Market
February 27, 2020 - Matthew Buscone, Sara Chanda, Adam Stern
Taxable municipal bonds can play an important role in a portfolio if they are considered carefully within the context of the investor’s goals.
Low Yields Elevate Value of M/T Ratios, Crossover Trades
February 20, 2020 - Benjamin Pease
Head of muni trading, Ben Pease, highlights how Breckinridge’s trading approach and capabilities help us face the supply and valuation challenges currently affecting muni market.
2020 Municipal Credit Outlook
January 23, 2020 - Adam Stern
Entering 2020, municipal credit fundamentals remain broadly stable amid lingering long-term credit issues. Adam Stern’s latest outlook discusses the factors that are likely to have an impact on muni credit this year.
From the Desk - December Recap 2019
January 10, 2020 - Matthew Buscone, Sara Chanda
Munis rallied over the course of 2019. Hear more from our PMs in the December podcast.
Exploring the Relationship Between an Aging Population and State and Local Credit Risk
November 1, 2019 - Adam Stern
In this perspective, we explore the relationship between population-aging and state and local credit risk.
Hospitals Face Challenges in Addressing Health Determinants
October 30, 2019 - Ruth Ducret
Addressing underlying health determinants can help hospitals reduce costs and improve patient outcomes which, in turn, can make them more sound investments.
The Importance and Influence of Bond Issuer Engagement
October 17, 2019 - Phillip Newell
Engagement with bond issuers is an essential element of our research process. A recent Wall Street Journal article highlighted the importance and influence of our engagement.
Bond Rating Agencies Upgrade Their Municipal ESG Capabilities
July 11, 2019 - Robert Azrin
ESG risk factors are increasingly integrated into credit ratings but we believe rating agencies still have room for improvement.