Municipal Bond Market Commentary

PNC's Capital Markets group publishes regular municipal bond market related commentaries


Stay Informed

Need to stay on top of latest trends?

Municipal Bond Market Commentary

Stay on top of the latest trends related to state and local governments and other issuers of tax-free and taxable debt with PNC's Capital Markets Municipal Bond Market Commentary.

October 10, 2018

U.S. Municipal Bond Market
A Turning Point for U.S. Public and Private Higher Education
Read More »

September 12, 2018

U.S. Municipal Bond Market
Public Finance Lessons from the 2008 Financial Crisis
Read More »

Previous Reports
Meet PNC’s Capital Markets Municipal Strategist

Tom Kozlik

Tom Kozlik joined PNC Capital Markets in June 2015. Before that, he held positions at Janney Capital Markets, Bear Stearns and UBS Investment Bank beginning in July 2000. His work has been quoted in various periodicals such as the Wall Street Journal, Barron’s, Bloomberg and the Bond Buyer, and he has appeared as a guest municipal market expert on CNBC and Fox Business News. Tom has been voted to the Smith’s Research and Gradings Municipal Research All-Star Team and to the Institutional Investor’s All-America Fixed-Income Research Team.

Mr. Kozlik graduated from the Schreyer’s Honors College at the Pennsylvania State University with a bachelor’s degree in political science with honors and earned a master’s of governmental administration from the Fels Institute of Government at the University of Pennsylvania. He is currently the president of the Philadelphia Area Municipal Analyst Society.

Contact Us

Tom Kozlik
Municipal Strategist, PNC's Capital Markets Group


Important Legal Disclosures and Information

PNC's Capital Markets Municipal Bond Commentary is not considered research and is not a product of any research department.  The author of this material is a Municipal Market Strategist whose compensation is not directly based on the success of any particular transaction or transactions.  

PNC Capital Markets LLC (“PNCCM”) may trade the securities/instruments that are the subject of/mentioned in PNC's Capital Markets Municipal Bond Commentary for its own account for resale to clients and, as a result, may have an ownership interest in these financial instruments.  The author may have consulted with the trading desk while preparing this material, and the trading desk may have purchased or sold the financial instruments that are the subject of this material prior to publication. 

PNC's Capital Markets Municipal Bond Commentary is informational only and is not intended as an offer or a solicitation to buy or sell any security/instrument or to participate in any trading strategy.  This material does not provide individually tailored investment advice.  It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. PNCCM believes the information contained herein to be reliable and accurate, however; neither PNCCM nor its affiliates make any guaranty or warranty as to its reliability or accuracy.   

PNCCM is not providing investment, legal, tax, financial, accounting or other advice to you or any other party.  PNCCM is not acting as an advisor or fiduciary in any respect in connection with providing this information, and no information or material contained herein is to be construed as either projections or predictions.  Past performance is not indicative of future results. 

PNCCM, member FINRA and SIPC, is a wholly owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”) and affiliate of PNC Bank, National Association (“PNC Bank”). PNCCM is not a bank or a thrift, it is a separate and distinct corporate entity from its bank affiliate.   Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank and PNCCCM. Services such as public finance investment banking, securities underwriting, and securities sales and trading are provided by PNCCCM.   Retail brokerage services and managed account advisory services are offered by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member of FINRA and SIPC. Annuities and other insurance products are provided through PNC Insurance Services, LLC.

Important Investor Information: Brokerage and insurance products are:  

Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value