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“Yet more important than Puerto Rico itself is the precedent that it’s set. Fabian and Washburn argue that PROMESA and the political wrangling that it took to craft has ‘sharply increased’ the risk of Congressional intervention in the municipal market going forward. They call it a ‘disaster for the municipal market’s legal status quo,’ and write that ‘it is increasingly difficult to assume that changes to municipal market structure are unlikely in the long term.’”
"I expect business as usual for munis after the dust of today's rally settles. Despite a reset to lower yields, next week's new issue calendar should see the same strong demand experienced in recent weeks, with mutual fund inflows continuing in future weeks."