Municipal Fixed Income Quarterly Market Commentary 3Q 2019

Karleen Strayer |
Investment Management
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In the 3Q 2019 issue of our quarterly publication, we discuss the latest developments in the municipal market.Municipal issuance picked up in the third quarter following muted supply the first half of the year; robust demand continued to outpace supply despite the increased issuance.Municipal issuers are increasingly turning to the taxable debt market to refund tax-exempt debt, a result of the Tax Cuts and Jobs Act of 2017.

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Municipal Fixed Income Quarterly Market Commentary 2Q 2019

Dan Scholl |
Investment Management
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In the 2Q 2019 issue of our quarterly publication, we:Assess the supply–demand imbalance in the municipal bond market and provide an overview of performance. Explore the credit stability of Illinois in the wake of the budget passage and remaining long-term challenges. Focus on other post-employment benefit liabilities—a growing municipal credit challenge.

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Municipal Fixed Income Quarterly Market Commentary 1Q 2019

Karleen Strayer |
Investment Management
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In the 1Q 2019 issue of our quarterly publication, we: Explore the state and local tax implications from the new tax reform legislation, from a market supply and demand perspective.Analyze the potential effects of the new tax law from a credit perspective.Provide data on the municipal market’s performance in the first quarter of the year.Strong technicals fueled first-quarter market performance as uplift from robust demand and moderate supply led to positive returns.

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