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Municipal Commentary

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Improving Credit Metrics Support Our “Stable” Outlook for California CFDs

Improving value-to-lien ratios and continued assessed-value growth support our “Stable” outlook for California CFDs.

The Municipal Bond Tax-Exemption Finances America’s Public Infrastructure

The municipal bond tax-exemption lowers financing costs while preserving state and local control.

Modernization Meets the Limits of Public-Sector Capacity, Results of 2026 HTS Public Finance Leaders Survey

Results from the 2026 HilltopSecurities Public Finance Leaders Survey suggest that public finance leaders have entered a period of accelerating...

A Stronger-Than-Expected Economy Is Offering Less Support to the Public Sector, While Municipal Yields and Relative Value Remain Very Attractive

Stronger than expected U.S. economic growth is masking uneven conditions, while softer hiring and weaker public-sector employment point to greater...

VIDEO: Asset TV – Higher Yields Reshape the Municipal Bond Landscape

Tom Kozlik, Managing Director and Head of Public Policy & Municipal Strategy at HilltopSecurities, discusses the recent rise in Treasury...

The Municipal Opportunity Strengthens as Yields and Relative Value Rise

Tax-exempt yields rose approximately 30 basis points last week, materially strengthening the municipal opportunity we identified two weeks ago.

The Return of Higher Yields Rewards Investors and Tests Borrowers

Strong demand has absorbed potentially record-breaking issuance, but improving relative value may now be the stronger municipal market signal.

CNBC: The Fed rate hike opens up an opportunity for muni bond investors

Muni ratios refer to the difference in the yields between munis and Treasurys of the same maturities. However, while yields...

PODCAST: U.S. Federal Debt and the Rising Cost of Financing America

With federal debt surpassing $40 trillion and debt held by the public reaching 100% of GDP, how did the U.S....

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