In this special edition of Muni Minute, HilltopSecurities’ Tom Kozlik and John Muschalek reflect on the firm’s 80th anniversary and break down why investors may still have an unexpected opportunity in today’s municipal market.

With yields still hovering near late-2025 levels and volatility easing after the recent ceasefire, Kozlik explains why this moment may offer another attractive entry point for investors. He also revisits 2026 issuance expectations and why the supply-demand balance will remain critical in the months ahead.

In this episode:

• Why investors are getting a “second look” at last year’s yields
• How recent geopolitical developments have helped calm the market
• What first-quarter issuance is signaling about the rest of 2026
• Why supply and demand will be one of the most important dynamics to watch

As Kozlik notes, yields have already started moving lower again — and investors should be paying close attention.