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.
November 29 , 2021

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

HFA voluntary prepayment ratios to generic counterparts were flat to slightly higher except for a slight decline in 3s in November. New prod Tier 3...

November 29 , 2021

Bloomberg: Muni Strategists See Average of $470 Billion of Supply in 2022

"That’s an opinion shared by Tom Kozlik, head of municipal research and analytics at HilltopSecurities. He said muni-bond sales are poised to...

November 23 , 2021

The Bond Buyer: New bond types in infrastructure package may take time to ramp up

"The new bond categories, which can be issued starting in 2022, are not likely to immediately bump up new money issuance, said Tom Kozlik, head of...

November 22 , 2021

Our 2022 Municipal Bond Issuance Forecast

We expect a record $495 billion of municipal bond market issuance in 2022.
Supply chain (imbalance) and employment (labor force participation)...

November 18 , 2021

Employee Retirement – An Unexpected But Very Real Obstacle for State & Local Governments

State and local governments and related organizations are expecting an increased number of employee retirements.
This expectation could add...

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