Despite continual mutual fund outflows, the municipal market has kept pace with a significant rally in the Treasury market over the course of the last two months. Broadly speaking, municipal bonds are still inexpensive compared to Treasuries as the muni/Treasury ratio – the municipal rate divided by the corresponding Treasury rate – stands at 108%. […]
Last month was a turbulent experience for the Treasury markets, though municipals have been able to sustain a relative rally. The catalyst to each ebb and flow of last month’s bond market has left our purview as the debt ceiling crisis and brinksmanship in D.C. rattle markets today. However, as bond market investors, we cannot […]
The Bernardi Securities August 2013 market commentary written by Scott Rausch, Outperforming the Madness of Municipal Bond Fund Herds, was mentioned in an August 30, 2013 blog post on MarketWatch as a market professional perspective on mitigating the consequences of bond fund outflows. Read blog post >
As many of you know, certain contractual agreements entered into under SEC Rule 15c2-12 (the “Rule”) require ongoing disclosures by municipal securities issuers. These disclosures may include financial information, operational information and event notices disclosing the occurrence of specific events that may have an impact on an issuer’s outstanding bonds. These disclosures are to be […]
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one [i] — Charles Mackay It can be said that relative portfolio outperformance – and the overall security of principal – is in many ways dependent […]
The bond market experienced sharp, rapid adjustment in the second quarter — arguably the greatest since the fall of 2008. The 10-year Treasury bond yielded 1.63% in early May and finished June yielding 2.49%. As of June 28, year-to-date it had lost 2.57% of its value. The 10-year, “AAA” rated Municipal Market Data (MMD) municipal […]
Below are several credit research notes related to the City of Detroit. Our goal with this commentary is to frame the relevant general obligation bond issue and clearly articulate our credit perspective. Detroit HAS NOT been on our firm’s list of approved credits for decades. As a result, our portfolio managed clients have ZERO exposure […]
Ronald Bernardi was quoted in the 4/9/13 issue of InvestmentNews article titled “Take Five: Muni mavin Ronald Bernardi on the tremors from Stockton“. “Ronald Bernardi, a municipal bond trader and president of Bernardi Securities Inc., puts the Stockton, Calif. bankruptcy in perspective.” Read Full Article (InvestmentNews site registration required)
Ronald Bernardi was quoted in the 5/6/12 issue of InvestmentNews regarding the rally in municipal bonds. “It’s a function of the fact that smart municipalities are cutting back,” said Ronald Bernardi, president of Bernardi Securities Inc., a municipal bond broker-dealer.” Read Full Article (InvestmentNews site registration required)
Ronald Bernardi was quoted in the 5/6/12 issue of InvestmentNews regarding retirement income. “Though municipal bonds historically have been thought of as mattress money, panelist Ronald Bernardi, president of Bernardi Securities Inc., noted that the danger in investing in munis is very real.” Read Full Article (InvestmentNews site registration required)