A Tale of Two Decades in the Municipal Market

03.20.2017 - Jeffrey S. MacDonald, CFA


Jeffrey MacDonald Featured in The Bond Buyer

How has the muni market changed and evolved over the last two decades? The Bond Buyer interviewed Jeff MacDonald, our Director of Fixed Income. In their March 15th article, “A Tale of two Decades in the Municipal Market” Jeff reflected, “Twenty years ago, the GO pledge was the gold standard of municipal credit – it was absolutely sacred in terms of an issuers’ access to the market and creditworthiness. Today, credit risk – particularly at the GO level – has increased and unfunded pension liabilities have added a new element of risk that didn’t exist before.”

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