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Municipal Commentary

The municipal bond market enables more than 50,000 state and local governments, agencies, and authorities to fund a variety of public works projects. However, the breadth of the market and its tax advantages leave it subject to the mandates of regulatory agencies and legislators. Our municipal commentary helps you stay up to date on the latest market headlines and trends.

Tom Kozlik is the Head of Municipal Research and Analytics for HilltopSecurities. He distributes widely read municipal commentary and frequently contributes to national media outlets. With over two decades of experience in the fixed income industry, Kozlik is a nationally recognized strategist who brings unique insight and perspectives to his commentary and analysis of municipal market trends, opportunities, and challenges. For 2018-2021, Smith’s Research and Gradings included him on the first team in the generalist category of its Municipal All-Star Team, in addition to the third team in the sellside director of research category for 2020 and 2021.

He was voted to Institutional Investor’s All-America Fixed-Income Research Team and Greenwich Associates named him one of the Most Helpful Analysts in Municipal Bonds in 2015. In addition, Kozlik has taught graduate-level public finance courses at the University of Pennsylvania’s Fels Institute of Government, where he earned a Masters of Government Administration.
June 15 , 2022

The Bond Buyer: Munis sit on sidelines while USTs rally post-Fed rate hike

Munis were mostly steady throughout the day as broader markets reacted to the FOMC decision. Markets would have been more surprised by a move that...

June 14 , 2022

Bloomberg: Municipal bond underwriters are rethinking their debt sales forecasts

“I and most people thought we were going to be seeing something much more tame,” said Tom Kozlik, head of municipal research and analytics at...

June 14 , 2022

Municipals Still Investable in Front of the Fed’s June 2022 Announcement

We still believe tax-exempt and taxable U.S. municipal bonds are investable in front of the Fed’s June 2022 policy announcement.
Tax-exempt and...

June 13 , 2022

REVISED: Our 2022 Municipal Bond Issuance Forecast

We lowered our 2022 municipal bond issuance forecast to $410 billion from $495 billion (Nov. 2021.)
Higher interest rates and lower economic...

June 10 , 2022

The Bond Buyer: With higher rates, total 2022 issuance projections keep falling

Tom Kozlik, head of strategy and credit at HilltopSecurities, projects issuance at $415 billion to $425 billion at the most. Even that, he said,...

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