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Municipal Bonds

Apr 07 2016

U.S. Municipal Bonds: Maintain Unfavorable

  • Apr 7, 2016

There is still a lot more room for Munis to underperform Corporate bonds.

Jul 08 2015

US Bonds

  • Jul 8, 2015

Net outflows continued as the cushion from credit spreads is still inadequate...So far risk contagion from the Puerto Rican bond default has not been an issue. Munis still look attractive relative to Treasuries, and investment grade Corporates...The improvement in credit markets and inflation expectations looks more shaky as oil prices broke below the recent tight range and uncertainty around Greece adds to the overall risk aversion. We reduced these bonds to Unfavorable.

Jun 05 2015

US Bonds

  • Jun 5, 2015

Net inflows turned into net outflows as investors deem the spread cushion inadequate.

Apr 08 2015

US Bonds

  • Apr 8, 2015

The low spread cushion/low yield level combination remains. Issuance tapered a bit while net inflows increased.

Jan 08 2015

US Bonds

  • Jan 8, 2015

U.S. Investment Grade Corporates: Reduced To Neutral, U.S. Municipal Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral

Jun 05 2014

US Bond Market

  • Jun 5, 2014

Although the overall picture remains favorable for high grade credits, the increased exposure to interest rates with an ever thinner spread cushion does concern us. We will monitor closely for potential downgrades.

Dec 06 2013

US Bond Grades

  • Dec 6, 2013

The renewed participation of credits in the risk asset rally is a welcome sign.

Nov 07 2013

US Bond Market - October 2013

  • Nov 7, 2013

We are encouraged by the narrower spreads in October as the feared divergence between credits and equity markets did not continue.

Oct 08 2013

Our Position on U.S. Bonds

  • Oct 8, 2013

U.S. Investment Grade Corporate Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral, U.S. Municipal Bonds: Neutral

Sep 10 2013

U.S. Municipal Bonds: Maintain Neutral

  • Sep 10, 2013

Their relative cheapness, combined with the prospect of higher tax rates, certainly makes Munis more attractive now. But we’ll wait for interest rate volatility and outflows to subside before turning bullish on Munis.

Aug 07 2013

U.S. Municipal Bonds: Maintain Neutral

  • Aug 7, 2013

The relative cheapness combined with the prospect of higher tax rates certainly makes us much more interested in Munis now. But we’ll exercise patience, waiting for the negative headlines to fade and interest rate volatility to subside before turning bullish on Munis.

Jul 08 2013

U.S. Municipal Bonds: Maintain Neutral

  • Jul 8, 2013

We believe the sell-off in Munis is overdone in the short-term and these bonds look attractive relative to Treasuries. But in the medium-term the tapering risk will linger; this is a big negative for long maturity credits like Munis.

Jun 06 2013

U.S. Municipal Bonds: Maintain Neutral

  • Jun 6, 2013

Inflows into Muni bond funds turned negative; higher interest rates currently the biggest risk.

Jan 04 1993

Inside The Bond Market

  • Jan 4, 1993

The fixed income markets ended the year on a strong note.

Aug 05 1992

Bond Market Summary

  • Aug 5, 1992

Overall, July was one heck of a month for the fixed income markets. Most of the move in short term paper came early in the month but longer term fixed income securities continued their steady rise until the last three days of July.