Alabama issuance surpasses Florida's due to energy prepay bonds

By: Robert Slavin

Excerpt from the article:

(October 8, 2026) A year ago, Black Belt Energy had issued $3.305 billion in the first nine months of 2025, which made it the 10th largest issuer nationally. 

On a national level, energy prepay issuance grew steadily to $31.45 billion in 2025 from $1.76 billion in 2020, according to Bloomberg. 

"I would expect more [energy prepay] issuance as long as artificial intelligence is generating demand for data centers and will be a combination of electricity and natural gas," said John Mousseau, executive vice president and chief investment officer at Cumberland Advisors.

"Clearly the arbitrage opportunities are driving the dealer firms here as well. The spread between taxable and tax-exempt bonds will be important and that has recently cheapened up with the selloff in the muni market."

Click here to read the full article on the Bond Buyer website. 

John R. Mousseau, CFA
Chief Investment Officer
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