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municipal bonds

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Municipal Bonds New Issue Mirage

by Jeff Rose on January 14, 2010

in Bond Commentary

Total issuance of new municipal bonds may set a record in 2010, but the real story for investors is the composition of new bond issuance. Wall Street forecasts range from $415 billion to $450 billion in new municipal bond issuance for 2010, with most forecasts clustered towards the upper end of that range.

Municipal Bonds New Issue
Creative Commons License photo credit: whittlz

New municipal bond issuance in 2010 therefore stands a chance to break the 2007 new issue record of $435 billion. Supply is one of the most important drivers of municipal bond performance and manageable supply helped produce good performance in 2009.
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Municipal Bonds on a Roll

September 10, 2009 Bond Commentary
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photo credit: rohank9
Top rated tax-free municipal bond yields did not quite match the decline in Treasury yields in August, but performance was impressive nonetheless and followed a strong month of July.
The favorable supply/demand balance that has aided municipal bonds all year became acute in August. Investor demand intensified while supply decreased further. Investor flows [...]

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Treasury Supply Kicks off Second Half of 2009

July 8, 2009 Bond Commentary

photo credit: _Dave Austria
Continuing a familiar 2009 theme, a fresh round of new Treasury issuance will greet investors this week as the bond market begins the second half of 2009.

Investor demand at this week’s auctions will provide insight into how far the recent Treasury rally may go as well as the potential path [...]

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Don’t Let Rising Interest Rate Worries Get You Down

July 2, 2009 Investing
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This report was prepared by my firm LPL Financial.

photo credit: scraggy & fluffy
Bond investors have always worried about the impact of rising interest rates on their portfolios and rightly so. So, higher yields in the market translate to lower prices for existing holdings and investor worries about rising interest rates. Their worries have [...]

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Should You Be Buying Municipal Bonds Right Now?

June 26, 2009 Investing
Thumbnail image for Should You Be Buying Municipal Bonds Right Now?

This report was prepared by my firm LPL Financial
The municipal market may soon garner negative headlines if an expected large number of states and municipalities announce budget deficits with the July 1 start of their fiscal year. Municipal bond credit quality may therefore come under question, and investors need to be prepared. Budget strains were [...]

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