Making the Case for Municipal Bonds in Today’s Market Environment
November 28, 2022 - Jeremy Jenkins
In our latest perspective we review past performance of municipal bonds and also consider the environment for municipal bond investing as we move forward from 2022.
Follow the Wind
November 15, 2022 - Benjamin Pease, David Stenhouse
Since the first quarter of 2022 muni bond yields have increased significantly, spreads have widened, and tax-equivalent yields have become more attractive at higher all-in rates.
Is it time to go back to school on K-12 public school credit fundamentals?
September 28, 2022 - Adam Stern
Probably not. But decreasing enrollment and an uptick in school choice are trends worth monitoring.
Climate-Smart Budgeting Can Help Municipalities Finance Near- and Long-Term Climate Resilience
September 19, 2022 - Ruth Ducret, Cara Early
Breckinridge sees alignment between Dr. Whittington’s work on climate-smart capital planning and its own analysis of the risks that municipalities face from a changing climate and mitigation.
The Case for Active Management
May 3, 2022
When the missed opportunities and transactional costs of passive management are taken into account, we believe that professional active management offers significant advantages over passive.
Tailwinds to headwinds: Navigating a shifting landscape in municipal bonds
March 25, 2022 - Benjamin Pease, David Stenhouse
Strong tailwinds of easy monetary policy, abundant fiscal stimulus, and low inflation drove the municipal bond market’s required spread for credit risk tighter over the past decade.
PFAS—Forever Chemicals: Implications for Municipal and Corporate Bond Market Participants
January 7, 2022 - Andrew Teras, Joshua Perez
Much like the science and health implications that surround them, municipal bond issuers and investors are still developing their perspectives on risks associated with PFAS.
2022 Municipal Bond Market Outlook
January 3, 2022 - Adam Stern
The muni bond market enters 2022 with strong credit and supportive technical conditions but investors should be alert to a number of challenges as the year progresses.
College Towns Provide Economic Resilience
November 1, 2021
Colleges and universities play critical roles in their local economies.
The Bipartisan Infrastructure Bill Is an Imperfect Credit-Positive for the Muni Market
August 17, 2021 - Adam Stern
The recently passed Infrastructure Investment and Jobs Act is likely to improve near-term muni credit fundamentals but falls short in other areas.
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.
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.