The Muni Meltdown that Wasn’t

Municipal bonds, or munis, don’t get anywhere near as much press as sovereign bonds let alone equities, but when the financial crisis was still fresh in everyone’s mind and the opinions of credit agencies were still pretty thoroughly tarnished there was a brief period when you could have been forgiven for thinking that the sky was falling. “In 2010, municipal bonds, hitherto known only as secure, boring investments, if sometimes a little weird, were front-page news. It was stated with some confidence that the entire market was going to go bust,” writes Joe Mysak in his Bloomberg Briefs special report…