By HilltopSecurities
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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 nearly 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.
January 07 , 2022

State and Local Labor Market Weakness Continues in Dec. 2021, Trend Likely to Persist Into Beginning of 2022

Overall nonfarm payrolls rose by only +199k, a significant miss relative to the market expectation of +450k.
Weakness in the state and local...

January 14 , 2022

Bloomberg: Senior Living Gives Investors Jitters

These are some of the the findings of a survey conducted by the HilltopSecurities municipal credit group, headed by Yaffa Rattner, which the firm...

December 31 , 2021

The Bond Buyer: 2021 issuance ‘impressive’ but shy of 2020 record

“Total issuance for 2021 shaped up to be very close to what we expected after the American Rescue Plan Act propped up municipal credit,” said Tom...

December 23 , 2021

December Housing Finance Agency Prepayment Report, Delinquency Trends, and Outlook

HFA voluntary prepayment ratios to generic counterparts were flat to slightly lower except for a slight uptick in 2.5s in December. New prod Tier 3...

December 16 , 2021

MarketWatch: Record-breaking or austere? What to expect from the municipal bond market in 2022

"In contrast, Tom Kozlik, head of municipal research for Hilltop Securities, expects a record-breaking 2022, with $495 billion in issuance. Kozlik...

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