Results for "municipal bonds"

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The many perils of munis

May 12, 2013

The Securities and Exchange Commission's announcement last week that it was charging Harrisburg, Pa., with securities fraud for making misleading statements about its financial condition not only should serve as a warning to municipalities to...

Stockton 'cram-down' would severely test muni market

April 7, 2013

Stockton, Calif., the latest and largest U.S. city to enter bankruptcy protection, has set the stage inadvertently for an ugly battle in the $4 trillion municipal bond market. “Right now is not a time to panic, but it is a time to pay attention,”...

The impact of migratory patterns on munis

February 17, 2013

Let's give credit where credit is due. Recently, Forbes published an article that to some might seem like the kind of article that sits on the shelf until there is a slow news day and the editor is looking for a filler piece. In fact, this article...

Rough seas seen for munis

January 13, 2013

The municipal bond market, having weathered the year-end fiscal cliff deal with its tax-exempt status unchanged, is poised to hit another pocket of volatility leading up to the debate in Washington over the debt ceiling and spending cuts. Among...

No cliff for old munis

January 8, 2013

In the eleventh hour of the first night of 2013, Congress passed legislation which, among tax increases and other items, left the municipal bond coupon tax-free and unscathed. As you undoubtedly know by now, the bill provides for extensions...

What BAB backpedal says about Roths

November 18, 2012

Of all the fiscal-cliff-related topics being kicked around, the proposed reduction in the federal subsidy to the Build America Bonds program might be the most illustrative of how Washington works and politicians think. And it should worry investors...

Muni bond investing is becoming a minefield

October 21, 2012

Municipal bonds have long been viewed as a staple asset class for conservative, income-seeking investors. Munis are a large, liquid market of credit-rated securities that provide federal-tax-exempt income to millions of American investors. Towns,...

The muni minefield

October 16, 2012

Municipal bonds have long been viewed as a staple asset class for conservative, income-seeking investors. Munis are a large, liquid market of credit-rated securities that provide tax-exempt (from Federal taxes) income to millions of American...

Cali-fragile list: 30 more cities

October 14, 2012

Moody's Investors Service Inc. last week warned that the debt of 30 California cities could be downgraded because of rising costs and “rigid revenue-raising constraints.” Included on the list for a possible downgrade were Fresno, Long Beach,...

Finding gems in the muni bond market

September 18, 2012

Municipal bond yields have sunk to near historic lows. Sector and quality spreads continue to narrow. To date, municipal bond performance is on pace with that of last year's. In my opinion, this has been driven by returning confidence in municipal...

Chart of the day: Why munis now

July 31, 2012

As shown in the chart (above), the yield spread between investment grade AAA and BBB municipal bonds was 214 bps at the end of June. If this relationship narrows to its long-term average (132 bps), investors could potentially realize 82 bps...

Vanguard fires another shot in ETF fee war

July 24, 2012

Vanguard Group Inc. will be the first to tell you that it isn't in the midst of an ETF fee war, but to its competitors it sure must feel that way. Vanguard filed with the Securities and Exchange Commission on Tuesday to offer a short-term Treasury...

Weighing if San Bernardino portends a filings flood

July 15, 2012

As the city of San Bernardino, Calif., teeters on the edge of bankruptcy, some see the glass as half empty, while others see the glass as three-quarters empty. “In the state of California, you're going to see a lot more municipalities file...

Illinois' financial woes present risk — and opportunity — to muni bond investors

May 31, 2017

Illinois' financial woes, coming in the immediate wake of Puerto Rico's bankruptcy filing, is shining more light on the risks and opportunities in the municipal bond market, and stands out as a reminder that financial advisers should pay extra...

Finra panel: David Lerner Associates sold marked-up munis

April 8, 2012

Brokerage firm David Lerner Associates Inc. was ordered to pay more than $3.7 million in fines and restitution for overcharging retail customers on sales of more than 1,500 municipal bonds and 1,700 transactions involving collateralized-mortgage...

Chart of the day: High yield vs. investment grade munis

March 2, 2012

The following is excerpted from commentary by James Colby, senior municipal strategist, fixed Income at Van Eck Global. In his latest commentary, Colby presents a chart showing the yield spreads between high-yield and investment grade munis,...

End of tobacco row could reignite sale of state bonds

June 23, 2011

Ending a $7.1 billion dispute between states and cigarette makers may prevent future litigation and provide tobacco-backed bonds with more predictable income streams. The bonds rallied yesterday after reports that tobacco companies tentatively...

Uncounted $700B shows 'Armageddon is not right around the corner' for muni bonds

June 10, 2011

Citigroup Inc. analysts say there's something missing from the Federal Reserve's tally of the municipal-bond market's size: more than $700 billion of the securities were bought directly by individual investors. The Fed's quarterly figures, released...

Taxpayers getting hosed in muni market: Study

February 25, 2011

Municipal bond issuers are paying $30 billion a year in unnecessary costs, according to a > policy paper released today by the Hamilton Project, the economic think tank of the Brookings Institution. Authors Andrew Ang, a professor at Columbia...

Pall over muni market slowly lifting

February 15, 2011

Investors withdrew about $1.2 billion from U.S. municipal-bond mutual funds this week, the 13th-straight period of withdrawals, Lipper US Fund Flows said. Outflows have totaled $24.8 billion since mid-November, according to data released yesterday...

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