| HilltopSecurities

The COVID-19 pandemic has rattled financial markets and affected the operations of business, public entities, and other nonprofits across the globe. As a leading municipal investment bank, we’re dedicated to keeping public entities up-to-date on the latest policy changes and market movements that stand to affect them. Below is our latest municipal and economic commentary regarding the COVID-19 market effect:

Municipal Commentary

June 1, 2020 | More Hurdles to Financial Equilibrium, Recovery, and Growth

May 29, 2020 | “Final” COVID-19 Relief, New York City to Reopen June 8, 2020
May 28, 2020 | State of Confusion

May 20, 2020 | Municipal Credit Two Months into the New COVID-19 Normal

May 12, 2020 | The HEROES Act: The House Democrats' Opening Proposition
May 11, 2020 | Updated Pricing Detail: Federal Reserve’s Municipal Liquidity Facility

May 8, 2020 | Credit and Market Update
May 6, 2020 | Single Family Housing, Durability Will Help Endure the New COVID-19 Normal

May 1, 2020 | Credit Deteriorating, Moody’s Lowers State Outlook to “Negative”
April 29, 2020 | Fed Expands Municipal Liquidity Facility, Provides Details
April 28, 2020 | 2020 Municipal Bond Analyst Survey

April 23, 2020 | “Push the Pause Button” Elevating the Level of Political Risk
April 20, 2020 | No Relief

April 17, 2020 | Health Crisis Abates, Market Normalizing, & Watching Credit Quality
April 13, 2020 | Governments on Deadline for $150 Billion of CARES Act Relief

April 9, 2020 | More Good News than Bad This Week
April 8, 2020 | Rating Agencies - Assessing Ability and Willingness in the New COVID-19 Normal
April 7, 2020 | Non-Profit U.S. Healthcare - Rising Costs of Care from the COVID-19 Pandemic

April 3, 2020 | Three Key Atypical Credit Risks & Market Update
April 2, 2020 | Mass Transit - From Here to There
April 1, 2020 | Public Higher Education - A Closer Look
March 31, 2020 | Private Higher Education - Impact from Social Distancing
March 30, 2020 | U.S. Airport Sector View - A Month Into COVID-19

March 27, 2020 | Four Weeks In March
March 26, 2020 | House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase
March 25, 2020 | Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments
March 24, 2020 | Still Waiting on Congress, Looking for State and Local Government Stimulus
March 23, 2020 | Congress Working on $2+ Trillion of Stimulus; Fed Provides More Targeted Support for Municipals

March 20, 2020 | Tax Deferrals, Market Needs Help With Liquidity, Federal Government Support
March 19, 2020 | $12 Billion Flows Out of Municipal Funds, Recent Monetary & Fiscal Policy
March 18, 2020 | March 18 Market Activity - A Focus on the Significant Pressure in the VRDO Market
March 17, 2020 | March 17 Market Activity
March 16, 2020 | March 16 Market Activity: HilltopSecurities Lowers Credit Outlooks Due to Unprecedented Steps Taken to Contain COVID-19
March 16, 2020 | Municipal Market Update: Week of March 16 Playbook

March 12, 2020 | Municipal Market Update: COVID-19 Impact Worsens
March 11, 2020 | Lowered Airport Sector Outlook: Recent COVID-19 Impact
March 9, 2020 | Falling Confidence and No Federal Stimulus Increase to Start the Week

March 3, 2020 | Uncertainty – What The Municipal Market Knows and Doesn’t Know About COVID-19

Feb. 21, 2020 | Bracing for the Worst; the Coronavirus Market Effect

Economic Commentary

May 29, 2020 | Outlook Muddled as Economy Begins Long Climb Toward Recovery

May 18, 2020 | Notes on the May Bloomberg Economists Survey

May 15, 2020 | Consumer Spending Slammed in April
May 13, 2020 | Global Sheltering Clamps Down Prices

May 8, 2020 | The Bright Side of Worst Employment Report Ever
May 4, 2020 | Automakers Face a Rocky Road to Recovery

April 29, 2020 | The Fed's Promise and Vaccine Progress Boost Stocks

April 24, 2020 | News and Notes from a Troubled Week
April 20, 2020 | The Problem with Oil

April 15, 2020 | The First Wave of Ugly Monthly Data
April 14, 2020 | Notes on the April Bloomberg Economists Survey

April 9, 2020 | 2020 Q1 Economic Recap and Rate Outlook
April 9, 2020 | Stocks Gain on Broadening Fed Support

April 3, 2020 | March Payrolls Plunge
April 1, 2020 | Sifting Through Irrelevant Data

March 26, 2020 | Help is on the Way as Massive Relief Bill Passes the Senate
March 23, 2020 | Staying Afloat Until the Storm Passes

March 19, 2020 | Government Goes Big on Latest Rescue Plan
March 17, 2020 | Serious Support on the Horizon
March 16, 2020 | Waiting on Fiscal Policy as Aggressive Fed Move Falls Flat

March 13, 2020 | Stocks Rebound as Central Banks Respond
March 12, 2020 | On the Edge of Recession
March 11, 2020 | Central Banks Rush to Mitigate Pandemic Fallout

HilltopSecurities In the News

June 4, 2020 | USA Today: Are public pensions doomed because of the coronavirus pandemic? State, local budgets feel pain
June 3, 2020 | Barron's: Protests Raise Latest Question Mark for Municipal-Bond Market

May 14, 2020 | Axios: Federal coronavirus relief for cities is still uncertain

May 4, 2020 | Muni market has stabilized since the pandemic jolt, but don’t skimp on credit check

April 29, 2020 | The Bond Buyer: Coronavirus most compelling issue to 92% of muni analysts, Hilltop survey says

April 24, 2020 | Barron's: The Coronavirus Crisis Is Starting to Hit Muni Bonds. Why That Matters.
April 23, 2020 | Route Fifty: McConnell’s State Bankruptcy Remarks Signal Growing Tension Over Federal Aid

April 16, 2020 | Washington Examiner: Is mass transit dead?
April 15, 2020 | The Bond Buyer: Massachusetts nears close on $1 billion working capital borrowing
April 13, 2020 | The Bond Buyer: Hilltop sticks close to clients in turbulent municipal bond market

April 8, 2020 | Route Fifty: Small, Mid-Sized Cities Currently Cut Out of Direct Coronavirus Funding
April 8, 2020 | The Bond Buyer: Massachusetts to pump $800 million into healthcare providers for coronavirus
April 8, 2020 | The Wall Street Journal: State Funding Woes Are Dragging the Fed Into Muni-Market Reboot
April 7, 2020 | The Bond Buyer: Watchdog group wants Federal Reserve to buy bonds to prop up New York MTA

April 3, 2020 | Three Key Atypical Credit Risks & Market Update
April 2, 2020 | Mass Transit - From Here to There
April 1, 2020 | Public Higher Education - A Closer Look
March 31, 2020 | Private Higher Education - Impact from Social Distancing
March 30, 2020 | U.S. Airport Sector View - A Month Into COVID-19

March 27, 2020 | Four Weeks In March
March 26, 2020 | House Speaker Pelosi Wants More for State and Local Governments in Potential Fourth Phase
March 25, 2020 | Agreement on the $2+ Trillion CARES Act; Not Nearly Enough for State and Local Governments
March 24, 2020 | Still Waiting on Congress, Looking for State and Local Government Stimulus
March 23, 2020 | Congress Working on $2+ Trillion of Stimulus; Fed Provides More Targeted Support for Municipals

March 21, 2020 | Barron's: Yields on Transportation-Related Muni Bonds Are Climbing. It’s Too Soon to Buy.
March 21, 2020 | Route Fifty: Move by Fed May Help Shore Up Short-Term Borrowing for States and Localities
March 20, 2020 | The Bond Buyer: Orlando airport flight activity decreasing 'pretty precipitously'
March 19, 2020 | Barron's: Municipalities Face Short-Term Cash Crunch, Pushing Up Borrowing Costs
March 19, 2020 | The Bond Buyer: Billions pulled from funds as investors flee munis
March 16, 2020 | The Bond Buyer: Despite Fed cut, global markets roiled; short-end munis face pressure as investors seek cash

March 13, 2020 | The Bond Buyer: National emergency declared as munis get respite from extreme volatility
March 12, 2020 | The Bond Buyer: 'Unprecedented' conditions stagger municipal market

February 28, 2020 | The Bond Buyer: At $36.5B, munis see busiest February in 34 years
February 24, 2020 | The Bond Buyer: A year-end surge lifted municipal bond volume in the Southwest

February 5, 2020 | Bloomberg Markets: Kozlik Discusses the Coronavirus' Impact on Municipal Credit