Market Commentaries

Market Commentary (MUNICIPAL BOND MARKET UPDATE)

August 2010

Municipal bond prices continued their move upward during the month translating into lower yields on new issues and current market offerrings. The bond price rally has been powerful over the last three months resulting in month end municipal bond yield …


Market Commentary

August 2010

In response to the slowing recovery, the Federal Reserve announced yesterday that it would use yet another weapon in its arsenal to keep the economy from slipping back into recession. In addition to repeating its outlook of the last 17 months, that wea …


Moody’s Recalibrates

April 2010

Moody’s recently announced it is changing its municipal rating scale to a uniform global scale. This change should occur by the end of April and will mean its municipal bond ratings will be directly comparable to the ratings it assigns to other bond is …


Widest Municipal Yield Spread in Two Years, Bankruptcy Update

November 2011

Municipal bond prices held up surprisingly well during the month, despite an increased supply of new municipal bond issues following months of low issuance.Municipal yield spread against Treasuries widest in two yearsThe 10 year, “A” rated MMD Index bo …


Municipal Market Progresses Unevenly

October 2011

The municipal bond market showed more signs of progress in October, albeit unevenly – a persistent market narrative that creates opportunities for the disciplined and informed.State revenues growing despite property tax declinesThe macro economic pictu …


Yield Search Favors Municipal Market

September 2011

After August outflows, the municipal bond market turned bullish once again in September with four weeks in a row of bond fund inflows – and the last week more than doubling the inflows of the previous week. The month also saw a couple of true superlati …


U.S. Downgrade Domino Threat

August 2011

The prevailing August municipal bond market story was the threat posed by the U.S. rating downgrade. The improving state tax situation and the search for better yields also led municipal bond market news in the past month.Wholesale municipal rating dow …


Calmer, Bullish Municipal Market: Opportunities Amongst Problems

May 2011

Municipal bond prices continued their upward move during May resulting in lower yields across the maturity spectrum at month end. A calmer tone to our marketplace has set in over the past two months as much of the selling hysteria earlier in the year h …


Municipal Bond Supply & Demand Imbalance

April 2011

The municipal bond market through the first three months of 2011 was particularly choppy, culminating in March with one of the most muddled trading environments we’ve experienced in quite some time. To discuss March’s performance, it’s important to exa …


Municipal Market Attractive for Some, Challenging for Others

January 2011

Municipal bond yields ended the month at higher levels than where they began the month, resulting in a negative monthly total return number for most portfolios. This decline in portfolio value was more pronounced on higher duration portfolios and bond …