Muni SMA Strategies
Municipal Bonds: Local Impact
Company News
Regulator warns of interest-rate risk retail investors take with low-coupon munis - February 18, 2020
Ron Bernardi quoted in Bond Buyer article - June 10, 2019
Ron Bernardi quoted in Bond Buyer article - March 14, 2019
Ron Bernardi quoted in Bond Buyer article - June 10, 2019
Ron Bernardi quoted in Bond Buyer article - March 14, 2019
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Market Commentaries
COVID-19 and its Impact on Municipal Credit
In this environment liquidity (rainy-day balances), revenue source prominence (lien priority and/or purpose), and income source flexibility are important aspects of a bond’s underlying credit quality. Our focus on public purpose general obligation and essential revenue source bonds largely provide such levels of security and is frankly why we build “mattress-money” portfolios around these types of municipal bonds. In fact, in our Tactical Ladder composite, 95% of sector holdings were invested in these two forms of bonds: GO & essential revenue source backed.
Support and Guidance for our Clients, Bernardi Team Members, and Colleagues
Good afternoon everyone. We are all experiencing unprecedented events and uncertainty resulting from the COVID-19 health threat. I am writing to provide a brief summary of actions we undertook last week to ensure our firm remains fully operational to s …
Finding Relative Value in the Municipal Market
Contagion risk is gripping society and financial markets alike. Year-to-date the S&P 500 is down nearly 15% while oil dropped 25% yesterday alone. Treasury bond yields have dropped precipitously and at one point every rung of the Treasury yield curve traded at a yield below 1%.