When most people think about transportation, they think about flights, highways, or trains. What they don’t see is the $4.4 trillion municipal bond market powering the infrastructure behind it all. In this episode of HilltopTalks, Tom Kozlik sits down with Mohammed Murad, Head of Municipal Credit Research at PT Asset Management, to explore how municipal bonds finance the systems that keep the economy moving.

From airports to toll roads to seaports, they break down:

• Why municipal bonds differ from corporates—and why that matters
• How transportation became a cornerstone of public finance
• The real-world impact of projects like O’Hare’s runway modernization
• Key risks—from geopolitics and fuel prices to rising capital costs
• How analysts evaluate credit in a complex, evolving environment

As Murad puts it, “it’s all about the story”—and understanding how each credit holds up under pressure.