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Municipal Commentary

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The Growing Divide Between Markets and Households and What It Means for Municipals

Equities are signaling optimism while households are signaling strain. That divide matters because investors and consumers are pulling in different...

PODCAST: The Oil Shock and the New Energy Reality

In the latest Hilltop Talks, Tom Kozlik sits down with Walter Kunisch, Senior Commodities Market Strategist at HTS Commodities, to...

Bloomberg Radio: What Municipal Bond Investors Want in Today’s Market; Bloomberg Munis in Focus

HilltopSecurities Head of Muni Strategy Tom Kozlik put munis in focus for Bloomberg Radio listeners this week, with a deep...

The Bond Buyer: Muni yields bumped, caps off strong week

Tom Kozlik, head of municipal strategy at Hilltop Securities, said strong institutional demand and fund flows throughout the year have...

Investors are Choosing Stability, Tax-Exempt Income, and the Bonds that Finance America’s Infrastructure

Investors are shifting capital into municipal bonds, with nearly $25 billion flowing into municipal mutual funds in 2026 so far...

The Bond Buyer: Munis see lighter new-issue calendar, more volatility next week

Next will be an opportunity for the market to take a deep breath to figure out what the summer will...

Selection Matters More as U.S. Municipal Credit Continues to Turn Lower

Credit strength is holding in some parts of the U.S. municipal market, but deterioration has continued in others, and the...

VIDEO: Muni Minute – Macro Fog Now, Yields Gone Later

In the latest MuniMinute, HilltopSecurities’ Tom Kozlik joins John Muschalek to break down the forces shaping municipal markets heading into...

The Threat to the Tax-Exemption Keeps Building Amid Quantitative Stress, Qualitative Drift

The municipal bond tax-exemption is not under an imminent attack, but the threat is still building in the background because...

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