YOUR FLORIDA BONDS ARE UNDERWATER, AND MOODY’S JUST PUT IT ON THE MAP
June 1, 2026
Moody’s just put flood risk on the credit map. Florida, Louisiana, the Carolinas, Texas. Here’s which CUSIPs in your book are sitting in the splash zone.
The Dog Ate My Bond Rating: How Unrated Bonds Get In Investment Grade Trust Portfolios?
May 19, 2026
When a rating gets pulled, the bond doesn’t change. The auditor’s question does. How trust desks are handling the prepaid energy fallout.
Three Education Downgrades In Eleven Days, And What The Cohort Looks Like
May 17, 2026
Northern Illinois, Saint Michael’s, Sacramento City Unified. Three sub-investment-grade education credits cut in under two weeks, May 2026.
Warsh, Forward Guidance, and What the Muni Short End Does Next
May 12, 2026
Kevin Warsh cleared cloture 49-44 and is set to chair the June FOMC. What a less-vocal Fed means for muni laddering and tax-exempt MMFs.
A Postcard: From The Charter School That Never Opened
May 6, 2026
Greetings from Gladiolus Charter School in Fort Myers, Florida — 71,128 square feet of empty educational facility on 8.85 acres. The first operator never opened. The bonds traded from $105 to the low $20s. Discovery Science Schools is now trying to do what the original plan never did: fill the building, restart the revenue engine, and prove the collateral is worth more alive than foreclosed. The collateral story has begun.
The Bronx Blinked – The Yankees came. The fans came. The cars did not.
May 4, 2026
Three trades around $45 today on a Bronx Parking Development bond quoted near $67 for months. Why the price moved before the rating did.
Gargantuan Debt, Lilliputian Earnings: A Modest Proposal for Brightline
April 23, 2026
Brightline bonds keep raising eyebrows in the muni market. I rode the Brightline train. The stations are clean. The train is comfortable. It leaves on time. For part of the…