COVID-19Market Effect

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

• 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

• 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

• March 31, 2020 | Brookings: What’s going on in the municipal bond market? And what is the Fed doing about it?

• March 31, 2020 | The Bond Buyer: Coronavirus causes lowest March bond volume since the 90s

• March 30, 2020 | The Bond Buyer: Municipal market steadies as it enters new normal

• March 30, 2020 | Roll Call: Stimulus bond fix may boost local governments more than cash

• March 27, 2020 | The New York Times: Wall Street's 3-Day Rally Looks Set to End: Live Updates

• March 25, 2020 | Axios: Exclusive - Elected city officials brace for fiscal blow

• 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