As the municipal market advances into the second month of 2018, investment grade credit fundamentals are stable and there are few obvious catalysts to spur near-term deterioration.

Municipal

Not Yet in Lockstep: E-Commerce, Sales Tax and Muni Credit

By Adam Stern

In this white paper, we explore the changing retail sales landscape in the U.S., and focus, in particular, on the rise of e-commerce.

Municipal

Managing Shifts in Municipal Relative Value

By Peter Coffin

Over the past year in particular, there have been some significant changes in the relative yields of tax-exempt municipal bonds (“tax-exempts”) versus the yields of Treasuries and other taxable bonds.

Municipal

A Credit View of Illinois’ Past and Future

By Adam Stern

The prospect of a junk-rated state is a concerning development for the municipal market.

Municipal

2017 Municipal Bond Credit Outlook

By Adam Stern

For the third consecutive year, municipal credit fundamentals entered January in stable condition. The economy continues to grow at a modest pace and revenue, transportation and local government credits are benefiting.

Municipal

Infrastructure Accounting: A Blind Spot Facing Investors?

By Andrew Teras

Over the past decade, policymakers, voters, civil engineers and others have become increasingly concerned with the disrepair of America’s infrastructure.

Municipal

Thoughts on Modern Populism and the Muni Market

By Adam Stern

The June 23 Brexit vote was an unexpectedly loud expression of sovereignty, and it was a reminder to investors that political risk—in this case, populism—can impact investment returns.

Municipal

Chicago Public Pension Ruling

By Adam Stern

The Chicago pension ruling confirms that reform will be a challenge and may heighten political risk around public contracts in Illinois and elsewhere.

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