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Access to liquidity is most valuable when it's built directly into the investment process.
That's why we're pleased to announce that @HJSims has joined the Investortools Dealer Network (IDN), bringing its municipal bond liquidity directly into Perform®.
Through the integration, mutual clients can engage with HJ Sims offerings within their existing workflow, streamlining dealer interactions, trade execution, and allocation processing without switching between platforms.
"Our focus has always been helping clients meet their customers' needs through exceptional service and dependable market access. Joining the IDN allows us to become a more integrated part of our clients' workflow while expanding access to the liquidity, expertise, and customer-first approach that have defined our firm."
- Labon McCoy | Executive Vice President and Head of Trading at HJ Sims
The partnership reflects a shared commitment to helping market participants operate more efficiently. As firms continue to modernize and centralize their investment management operations, the IDN offers seamless access to liquidity providers through an integrated platform that unifies portfolio management, dealer engagement, and execution.
Read more about the integration: bit.ly/4yYW1rN
ALT HJ Sims Joins the Investortools Dealer Network to Expand Access to Liquidity and Trading Connectivity.
𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄
The @SPGlobal Municipal Bond Investment Grade Index returned -3.867% in September, as sharply higher municipal yields drove broad-based price declines and pushed year-to-date returns into negative territory. Municipal yields rose significantly more than Treasury yields during the month, with short-term yields increasing nearly 100 basis points, the largest single-month increase in the 23-year history of the @ICE_Markets U.S. Municipal AAA Noncallable yield curve.
𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields moved sharply higher in September, while the yield curve flattened slightly as shorter maturities experienced larger yield increases than longer maturities.
𝗖𝗿𝗲𝗱𝗶𝘁 𝗡𝗮𝗺𝗲𝘀 𝘄𝗶𝘁𝗵 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: The State of Washington, State of Massachusetts, and State of New York saw notable spread tightening, while New York State Housing Finance Agency Affordable Housing Revenue Bonds, CommonSpirit Health, and Virginia Housing Development Authority experienced meaningful spread widening.
𝗦𝗲𝗰𝘁𝗼𝗿 𝗮𝗻𝗱 𝗦𝗽𝗿𝗲𝗮𝗱: Tobacco Settlement, Public Power, and Resource Recovery sectors benefited from spread tightening, while the Prerefunded/ETM sector experienced spread widening.
𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Washington, Alabama, Georgia, and Ohio led state returns, with states with shorter average durations generally outperforming in the rising-rate environment.
𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The ICE U.S. Municipal AAA Noncallable spot curve increased approximately 70 basis points at the ten-year maturity, reflecting substantial upward pressure on municipal rates during the month (see figure).
Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson:
ALT The September 2026 Municipal Bond Market Performance Report for Investortools, Inc. by Joel Buursma, VP & Senior Software Architect, and Mark Pinson, Index Production and Analysis. All table data and figures in this report were produced using Investortools, Inc.’s Custom Index Manager™ product.
We're excited to announce expanded connectivity within the Investortools Dealer Network (IDN) through a new integration with @FirstHorizonBnk.
This connection gives buy-side firms direct access to FHN Financial's liquidity within Perform®, enabling users to manage bidding, trade execution, and pre- and post-allocation processing in a single workflow. The integration also supports municipal RFQs, helping traders source liquidity more efficiently while reducing manual touchpoints.
"By adding FHN Financial to the IDN, users can discover additional trading opportunities without pivoting away to multiple systems," said James Morris, Senior Vice President and Head of Sales at @Invtools.
The partnership reflects a shared commitment to creating a more seamless trading experience. Mike Allen, Executive Vice President and Head of Municipal Products at FHN Financial, noted, "We are focused on reducing execution friction and meeting customers where they prefer to transact."
As fixed-income markets continue to evolve, firms are looking for ways to bring trade discovery, execution, and portfolio construction closer together. The IDN was built to support that goal by providing a consolidated view of the secondary market and seamless connectivity to liquidity providers.
Read the full announcement: bit.ly/4y0Wlpz
ALT Investortools, a leading provider of fixed-income software solutions, today announced a new integration between the Investortools Dealer Network (IDN) and FHN Financial, a nationally recognized fixed-income securities dealer with average daily trading volume exceeding $4.2 billion.
𝗔𝘂𝗴𝘂𝘀𝘁 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄
The @SPGlobalRatings Municipal Bond Investment Grade Index returned -0.083% in August, as the effect of rising long-term municipal bond yields offset positive contributions from income and falling short-term yields. Despite the monthly decline, the index’s return remained positive year-to-date, supported by coupon income and selective areas of spread tightening.
𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields steepened modestly in August as short- and intermediate-term yields declined while long-term yields rose, a net negative effect for the index
𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: Denver Public Schools, Utah Housing Corporation, and Bexar County saw notable spread tightening, while University of Rochester & Related Entities, University of Houston System, and the State of California experienced meaningful spread widening
𝗦𝗲𝗰𝘁𝗼𝗿 𝗮𝗻𝗱 𝗦𝗽𝗿𝗲𝗮𝗱: Tobacco Settlement, Prerefunded/ETM, and Housing sectors benefited from spread tightening, while State GO, Tax-Supported (Excl. GOs), and Resource Recovery sectors faced spread widening
𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Alabama, Connecticut, Georgia, and New Jersey had particularly strong statewide returns, while Arkansas underperformed due to its longer duration profile and weakness in its IDR/PCR sector
𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The @ICE_Markets U.S. Municipal AAA Noncallable spot curve increased approximately 4.6 basis points at the ten-year maturity while steepening (see figure)
Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson: bit.ly/46Q0gtc
ALT The August 2026 Municipal Bond Market Performance Report for Investortools, Inc. by Joel Buursma, VP & Senior Software Architect, and Mark Pinson, Index Production and Analysis. All table data and figures in this report were produced using Investortools, Inc.’s Custom Index Manager™ product.
We're proud to share that the @Invtools Dealer Network (IDN) has been recognized as the Best Fixed-Income Trading Initiative for 2026 by Wealth & Finance International.
This recognition is especially meaningful because it reflects the impact the IDN delivers for our clients every day. By unifying portfolio management, native analytics, automation, and trade execution in a single platform, the IDN eliminates operational swivel-chairing, empowers more informed investment decisions, and enables firms to construct portfolios at scale.
Today, the IDN:
✅ Facilitates billions in monthly trading volume
✅ Has processed more than 1 million trades
✅ Added 8 new dealer connections in the past 6 months
Thank you to our clients, dealer partners, and our team whose collaboration, innovation, and trust continue to drive the evolution of fixed-income investing. We're honored by this recognition and excited for what's ahead for the IDN!
Read more about the award: bit.ly/4wMHxtj
ALT Investortools Dealer Network Awarded Best Fixed-Income Trading Initiative for 2026.
A nearly 50-year achievement in the making... Congratulations to @RichardCiccaro1 on his induction into @TheBondBuyer Hall of Fame!
Throughout his career, Richard has helped shape the municipal bond market through groundbreaking credit research, advocacy for greater transparency, and an unwavering commitment to providing investors with better information.
From co-founding the @muni_analysts to pioneering the industry's first subscription-based municipal credit database at @MerrittResearch, his contributions have influenced generations of analysts, investors, and public finance professionals.
We couldn't be more proud to celebrate this incredible achievement and are grateful for the impact he continues to have on municipal finance.
Read more about his achievements here: bit.ly/45s5JG1
Join us in congratulating Richard on this well-deserved honor!
ALT Investortools celebrates Richard A. Ciccarone's inclusion in The Bond Buyer 2026 Hall of Fame, honoring his contributions to credit analysis and public finance.
Investortools retweeted
Thank you for the opportunity to chat with BAM’s Mike Stanton and Suzanne Finnegan to share our research on city infrastructure.
Investortools retweeted
Check it out at the BAM website, or wherever you get your podcasts!
bambonds.com/podcast-archive…
𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄
The @SPGlobalRatings Municipal Bond Investment Grade Index returned -1.66% in July, as rising municipal yields across nearly the entire curve offset income contributions and largely erased the index's year-to-date gains. Tightening spreads among lower-rated credits provided a partial offset to the rate-driven decline.
𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields increased across all but the shortest maturities, with the largest impact coming from a roughly 40 bp increase in the ten-year point of the municipal spot curve
𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: Santa Clara Unified School District and Oklahoma Housing Finance Agency experienced notable spread tightening, while New York State Housing Finance Agency and Elk Grove Unified School District saw significant spread widening
𝗦𝗲𝗰𝘁𝗼𝗿 𝗮𝗻𝗱 𝗦𝗽𝗿𝗲𝗮𝗱: Tobacco Settlement, Resource Recovery, Housing, and Transportation sectors saw the most significant spread tightening, while the Prerefunded/ETM sector experienced spread widening
𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: Alabama, Illinois, and Washington were among the top-performing states, while Texas, New York, and Massachusetts lagged due largely to their longer-duration exposure amid rising yields
𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The ICE U.S. Municipal AAA Noncallable spot curve's overall level increased about 40 bp (measured at the ten-year point), although most of the rest of the curve increased slightly less than that (see figure below)
Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson: bit.ly/4q4b7Zt
ALT The July 2026 Municipal Bond Market Performance Report for Investortools, Inc. by Joel Buursma, VP & Senior Software Architect, and Mark Pinson, Index Production and Analysis. All table data and figures in this report were produced using Investortools, Inc.’s Custom Index Manager™ product.
𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗢𝘃𝗲𝗿𝘃𝗶𝗲𝘄
The @SPGlobalRatings Municipal Bond Investment Grade Index returned 0.70% in June, as falling municipal yields—particularly at longer maturities—capped off one of the strongest quarterly finishes in recent years despite continued inflation pressures.
𝗢𝘁𝗵𝗲𝗿 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀
𝗥𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 𝗖𝘂𝗿𝘃𝗲 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀: Municipal yields declined across much of the curve, with larger decreases at longer maturities generating strong returns from both parallel and non-parallel yield movements
𝗖𝗿𝗲𝗱𝗶𝘁 𝗦𝗽𝗿𝗲𝗮𝗱 𝗠𝗼𝘃𝗲𝘀: New York University bonds saw significant spread tightening, while credits such as Sacramento City and Bonneville Power Administration experienced notable spread widening
𝗦𝘁𝗮𝘁𝗲 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲: South Carolina, New York, and Texas were among the top-performing states, benefiting largely from longer-duration exposure amid falling yields
𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗦𝗽𝗼𝘁 𝗖𝘂𝗿𝘃𝗲: The ICE U.S. Municipal AAA Noncallable spot curve’s overall level fell about 5 bp (measured at the ten-year point), but the thirty-year point fell an additional 15 bp beyond that (see featured figure)
June's performance demonstrates how falling yields can outweigh inflation concerns, with duration exposure providing a meaningful boost to municipal bond returns as the second quarter came to a close.
Read the full @Invtools report by Joel Buursma, CIPM and Mark Pinson: bit.ly/44kvBmD
ALT The June 2026 Municipal Bond Market Performance Report for Investortools, Inc. by Joel Buursma, VP & Senior Software Architect, and Mark Pinson, Index Production and Analysis. All table data and figures in this report were produced using Investortools, Inc.’s Custom Index Manager™ product.
Investortools is proud to sponsor the 2026 Twin City Bond Club's Annual Outing! The club provides an outstanding opportunity to connect with municipal market participants, exchange ideas, and discuss the trends shaping today’s fixed-income landscape.
The Investortools team looks forward to connecting with attendees and continuing conversations around fixed-income innovation, workflow automation, market connectivity, and the technologies helping investors meet the demands of an increasingly complex marketplace.
We look forward to seeing everyone in Minneapolis!
ALT Investortools is proud to sponsor the 2026 Twin City Bond Club Annual Outing.
@Invtools is headed to Boston for the 2026 Fixed Income Leaders Summit!
Our team will be onsite to share our end-to-end platform for portfolio, order, and execution management—helping firms optimize trading and streamline portfolio construction.
At the core of Investortools software are solutions like the Investortools Dealer Network (IDN) and Portfolio Builder (Perform®’s optimization engine), enabling firms to:
- Move from cash to fully invested—faster
- Reduce last-minute trade-offs and idle cash
- Apply decisions consistently across accounts
- Scale construction without sacrificing control
𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲 𝗧𝗲𝗮𝗺 𝗮𝘁 𝗕𝗼𝗼𝘁𝗵 𝟮𝟳
- Jon Anderson, CFA | Co-CEO, Chief Product Officer
- Mike Green | Co-CEO, Chief Operating Officer
- James Morris | Senior Vice President, Head of Sales
- Chris Haen | Vice President, Trading Development
- Bobby Herron | Vice President, Account Executive
If you’re attending, we’d love to connect. Or reach out to learn how Investortools is reshaping how investment teams build portfolios, execute trades, and scale operations.
ALT Investortools is headed to the 2026 Fixed Income Leaders Summit in Boston, MA.
This month, we've been highlighting new research from Merritt Research Services, an @Invtools company.
In a first-of-its-kind, accounting-based study, we found that American cities are carrying a staggering $1 trillion infrastructure burden—also known as the CA Burden.
This estimate is based on audited financial statements from nearly 2,000 U.S. cities, analyzing the inflation-adjusted cost required to replenish roads, bridges, buildings, public safety equipment, and other tax-supported capital assets.
“With each passing year, the service life of a city’s infrastructure and other capital assets steadily declines,” said @RichardCiccaro1, author of the study. “Yet, the cumulative cost of this deterioration is often obscured by the difficulty of measuring its true extent. This study addresses that gap by using capital asset data reported in municipal audits to assess and illuminate the scale of this burden.”
Here are some of the other major findings from the study:
- The CA Burden is 2.6x the total direct debt for U.S. cities ($390 billion)
- On a per-capita basis, the median ICA Burden is approximately $4,700
- Large legacy cities tend to carry the largest (worst) CA Burdens
- Jacksonville, FL; San Francisco, CA; and Columbus, OH have the best CA Burden ranking for large U.S. cities
- Aurora, CO; Irving, TX; and Charleston, SC have the best CA Burden rankings for middle-sized and smaller cities
- Holly Springs, GA scored the best, and highest possible CA Burden ranking for cities across the nation
- The ICA Burden is 1.8x the total municipal bond issuance in 2025 for all types of tax-exempt bonds ($579.9 billion)
Read the full report: bit.ly/4a2yrzT
ALT In a first-of-its-kind, accounting-based study, we found that American cities are carrying a staggering $1 trillion infrastructure burden—also known as the CA Burden.
@Invtools is honored to continue its sponsorship of the 2026 Fixed Income Leaders Summit and to exhibit at this year’s event.
In today’s market, automation isn’t optional—it’s essential to maintaining alpha. We’re helping firms modernize how they build portfolios, execute trades, and scale operations. At the core is Perform®, our end-to-end platform. Within it, Portfolio Builder enables teams to:
- Go from cash to fully invested, faster
- Reduce last minute trade-offs and idle cash
- Apply decisions consistently across accounts
- Scale without sacrificing control
All while keeping portfolio managers firmly in control. On the trading side, the Investortools Dealer Network (IDN) delivers the connectivity firms need:
- 20+ dealers
- 4 ATSs
- 80+ buy-side firms
- $3.8B average monthly volume
- Multi-platform support for muni, RFQs, BWICs, standing offers, and corporates
This level of connectivity enables greater transparency, improved execution efficiency, and more opportunities for price discovery—helping market participants operate with greater confidence and agility.
Connect with the Team at Booth 27
- Jon Anderson, CFA | Co-CEO, Chief Product Officer
- Mike Green | Co-CEO, Chief Operating Officer
- James Morris | Senior Vice President, Head of Sales
- Chris Haen | Vice President, Trading Development
- Bobby Herron | Vice President, Account Executive
Let’s talk about how you can optimize portfolio construction, enhance trading workflows, and expand market connectivity.
ALT Investortools to sponsor and exhibit at the 2026 Fixed Income Leaders Summit (FILS) in Boston, MA.