Market Commentaries

Municipal Bonds and Infrastructure Development – Past, Present, and Future

August 2015

By Ronald P. Bernardi We thought you might find the attached white paper interesting.  It is sponsored jointly by GFOA and IMCA and is authored by Justin Marlowe, professor at the University of Washington. The paper describes the important role tax-exe …


An Investor’s Duck Test

August 2015

By Matthew P. Bernardi “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” This straightforward method of reasoning can often help one gain a better understanding of the intricate – yet ubiquitous – financi …


Municipal Bond Portfolio Management

Please call 312-281-2015 for more information about our municipal bond portfolio management process. Investing in today’s volatile municipal bond market requires highly specialized portfolio management. Since 1984 – in good markets and bad – the discip …


Interest Rate Lift-Off?

July 2015

By Jeffrey D. Irish It appears the Federal Reserve Bank is about ready to start raising short-term interest rates. What will happen to longer-term yields when the Fed begins the ‘tightening process’ is anybody’s guess. Anything can happen of course, bu …


Turning 30 — A Milestone Year

January 2015

By Ronald P. Bernardi We thank our clients and others who count on us and wish everyone a healthy and prosperous 2015. This past November marked the beginning of our thirtieth year in business. Today, I want to share a few thoughts with you, some of wh …


Municipal Securities as High Quality Liquid Assets (HQLA)

September 2014

By Ronald P. Bernardi For many months, we at Bernardi Securities have closely followed the issue of municipal securities and their status as a high-quality liquid asset (HQLA) for commercial banks and nonbank systemically important financial institutio …


Detroit and Stockton Emerge from Chapter 9 – A Few Facts, Observations and Takeaways

November 2014

By Ronald P. Bernardi Stockton, California emerged from Chapter 9 on October 30, 2014 when U. S. Bankruptcy Judge Christopher M. Klein confirmed Stockton’s plan. Detroit, Michigan emerged from bankruptcy on November 7, 2014 when U.S. Bankruptcy Judge S …


Municipal Bond Specialists for 30 Years — Our Founder Gives Thanks for Bernardi’s Mission

November 2014

By Edward Bernardi As we begin to celebrate our 30th anniversary, I have been asked to give you a review of our firm’s history, guiding principles and some of the changes I have seen in the municipal bond market. I have been in this business for over 5 …


Premium Municipal Bonds: Benefits in a Rising Rate Environment

October 2014

By Matthew P. Bernardi Many investors find it difficult to pay a price greater than par for a bond. We often find this hesitation is purely psychological and causes some investors to miss an advantageous structure in a low interest rate environment. Th …


Municipal Bonds 101 – July 2nd on Capitol Hill

Good afternoon, I am pleased to be here today with you, Kevin and Mayor Benjamin and have a conversation about the importance of municipal bonds to your constituents. Your have heard from Mayor Benjamin how important municipal bonds are to the citizens …