As political casualties of the European sovereign-debt crisis mounted this week, it’s easy to understand why financial markets panicked. But all hope is not yet lost. [Read More...]

Yesterday, Jefferson County, Alabama filed for bankruptcy—a move we had long anticipated. The County’s $4.2 billion in debt makes this the largest municipal bankruptcy in US history. [Read More...]

This week’s series of high-level meetings in Europe is being billed as make or break for the euro. The good news is that European politicians finally seem to realize the extreme seriousness of the current situation. But any agreement at this Friday’s summit of all 27 euro-area countries is likely to stop short of anything resembling a full fiscal union, in my view. [Read More...]

Spain was back in the spotlight today, as rising bond yields suggested that investors remain unimpressed by the victory of the Popular Party in Sunday’s election. But the stress is spreading well beyond the euro area’s so-called periphery. [Read More...]

Sometime this year, the Federal Reserve will probably raise interest rates for the first time in more than half a decade. That makes bond investors nervous. But it shouldn’t. Those who keep their cool may find that higher rates can work to their advantage. [Read More...]

In response to our recent article on the Jefferson County bankruptcy, a reader asked “What and how much will be the settlement? Who pays and who gets the pain?” My colleague Michael Brooks replies below. [Read More...]

A reader who saw our recent article, “Navigating Rocky Municipal Bond Markets,” asked whether any essential service bonds were downgraded this year, and suggested that municipal bond issuers might load up, or even hide, excess debt in its water districts. Here’s the reply from Joseph Rosenblum and our municipal credit team. [Read More...]

Despite the uncertain impact of recent difficult economic conditions on tax collections, we see significant opportunity to add value in the US municipal bond market. Below, my colleague Michael Brooks reviews where we see the best rewards for risk. [Read More...]