By HilltopSecurities

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.
December 03 , 2021

MarketWatch: What happens if muni bonds stop being tax-free?

Kozlik says the details aren’t as important as the big-picture trends that will likely inform what impacts the muni market over the coming years....

December 03 , 2021

State and Local Employment Down For Fourth Straight Month in November

State and local governments shed another -27k jobs in November 2021, per Bureau of Labor Statistics data released today.
Overall, state and local...

December 02 , 2021

The Municipal Market in 2022

The Golden Age of Public Finance will continue into 2022.
Outsized fiscal policy that was already approved will continue to support public finance...

November 30 , 2021

The Bond Buyer: For 2022 muni supply projections, bears outweigh the bulls

"HilltopSecurities expects an 8% increase to $495 billion in 2022 because federal government funding, in aggregate, 'is going to support, not stymie...

November 29 , 2021

PODCAST: How State & Local Governments Spent Federal COVID-19 Relief

In episode 15 of HilltopTalks, we speak with Amanda Kass, Associate Director of the Government Finance Research Center at UIC in episode 15 of...

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