Hilltop Securities
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    • Municipal Commentary
      • June 2019: Threat to the Tax Exemption
      • July 2019: It is News, Not Just Noise
      • What May Be the Future of Bondholder Recoveries?
      • Municipal Bond Sector Credit Outlooks
      • Social Impact Investing Through CDFIs
      • Threat of Cyber, Ransomware Attacks Remains
      • Barriers to Fully Funding Public Pensions
      • Watching ESG Factors in California
      • 2020 Volume Forecast Preview
      • CRA Reform is on the Table, Regulatory Update
      • Municipal Bond Market 2020 Preview and Decade Recap
      • Small Increase for HUD Public Housing Capital Fund
      • An Issuers Market
      • The Coming Climate Change Reallocation
      • Uncertainty – What The Municipal Market Knows and Doesn’t Know About COVID-19
      • Falling Confidence and No Federal Stimulus Increase to Start the Week
      • Lowered Airport Sector Outlook: Recent COVID-19 Impact
      • Municipal Market Update: COVID-19 Impact Worsens
      • Municipal Market Update: Week of March 16 Playbook
      • $12 Billion Flows Out of Municipal Funds, Recent Monetary & Fiscal Policy
      • March 16 Market Activity: HilltopSecurities Lowers Credit Outlooks Due to Unprecedented Steps Taken to Contain COVID-19
      • March 17 Market Activity
      • March 18 Market Activity – A Focus on the Significant Pressure in the VRDO Market
      • Tax Deferrals, Market Needs Help With Liquidity, Federal Government Support
      • Congress Working on $2+ Trillion of Stimulus; Fed Provides More Targeted Support for Municipals
      • Still Waiting on Congress, Looking for State and Local Government Stimulus
      • Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments
      • House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase
      • Four Weeks In March
      • U.S. Airport Sector View - A Month Into COVID-19
      • Private Higher Education - Impact from Social Distancing
      • Public Higher Education - A Closer Look
      • Mass Transit - From Here to There
      • Three Key Atypical Credit Risks & Market Update
      • Non-Profit U.S. Healthcare - Rising Costs of Care from the COVID-19 Pandemic
      • Rating Agencies - Assessing Ability and Willingness in the New COVID-19 Normal
      • More Good News than Bad this Week
      • Governments on Deadline for $150 Billion of CARES Act Relief
      • Health Crisis Abates, Market Normalizing, & Watching Credit Quality
      • No Relief
      • Push the Pause Button-Elevating the Level of Political Risk
      • 2020 Municipal Bond Analyst Survey
      • Fed Expands Municipal Liquidity Facility, Provides Details
      • Credit Deteriorating, Moody’s Lowers State Outlook to “Negative”
      • Single Family Housing, Durability Will Help Endure the New COVID-19 Normal
      • Credit and Market Update
      • Updated Pricing Detail: Federal Reserve’s Municipal Liquidity Facility
      • The HEROES Act: The House Democrats’ Opening Proposition
      • Municipal Credit Two Months into the New COVID-19 Normal
      • State of Confusion
      • COVID-19 Relief, New York City to Reopen June 8, 2020
      • More Hurdles to Financial Equilibrium, Recovery, and Growth
      • Inherent Conflict in Returning to Normal
      • Illinois Taps Fed’s Municipal Liquidity Facility, Fed Expands Eligibility
      • State and Local Relief Not Likely Until July; Delayed by Demonstrations, Other Agenda Items
      • Jobs Up, Unemployment Rate Down, Government Jobs Gutted
      • “Defund the Police” Meaning, Influence on Budgets and Pensions
      • The Decline of Social Distancing and its Economic Impact