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Debt sold by state and local governments has avoided worst of fixed-income sell-off
Bleeding stops in US municipal bond market as investors seek slowdown protection
Market competes with corporate debt and Treasuries after brutal sell-off this year
Default rate on muni bonds may rise as cash-strapped cities struggle with extreme weather events
A revival of the Obama-era Build America bonds would raise funds with less taxes
Borrowing costs have never been lower as $4tn asset class booms
President-elect’s proposed package of $1.9tn in aid bolsters appeal of even financially stressed localities
Control of US Senate opens possibility of fresh stimulus to plug budget holes caused by coronavirus
Bonds, stocks and currency draw in buyers in a year when everything unexpectedly came together
Fitch has warned pandemic dealing lasting blow to the largest US metropolis
Lenders form committee to push for better deals than those secured at national level
Republican majority keeps its veto on progressive spending and redistributive taxation
The $4tn market looks peaceful, but the real-world financial situation is alarming
Move to rewrite February’s restructuring deal inflames tensions
First loan from $500bn municipal liquidity facility aimed at easing virus impact
Central bank broadens eligibility for $500bn facility as local governments come under strain
US central bank makes politically-charged decision to lend only to large localities
City of San Francisco complains that coronavirus fears have turned market ‘crazy’
Prices of debt sold by cities and states have sunk as funds have made grabs for cash
Local government debt has sold off as cities and states deal with virus outbreak
Coronavirus and financial storms have changed which are the cheapest fixed income relative value products
Yields touch lowest levels since 1950s following 56 consecutive weeks of inflows
Storms brew for US cities as investors wake up to the risks of extreme weather events
Analysts expect further failures as local governments remove support
New mayor Lori Lightfoot unveiled $838m shortfall last week
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