Credit Matters: Pricing Feedback, Market Technicals, and Municipal Investor Returns

Yaffa Rattner, Jason Appleson, John Henningsgard and Elizabeth Funk

Municipal Finance Journal, 2023, vol. 44, issue 3, 91 - 105

Abstract: With the recent market turbulence, investors have become more discerning. Should an A- or BBB-rated hospital with no mortgage or debt service reserve fund price better than a similarly rated tax backed credit, university, or charter school? But wait, one credit has more cash, the other has more coverage, the other has a tax base! If each had the same rating, which one should the portfolio manager choose? This panel discusses distinctions among rating, collateral, and coverage in various municipal sectors and market feedback loops to price and trade bonds in 2023’s primary and secondary markets.

Date: 2023
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