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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
|
3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
848.03 |
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S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Mutual Fund Cash Exodus Continues |
The Bond Buyer - Jan. 10, 2011 - By Dan Seymour
Investors kept pulling their cash from municipal bond mutual funds at a record pace last week as frightened money continued to flee the market.
Muni mutual funds that post figures weekly reported a $1.7 billion outflow for the week ended Jan. 5, according to Lipper FMI.
That exodus represents the eighth consecutive week in which funds saw more money go out than come in.
Among all funds, including those that report their figures monthly, the outflow was a staggering $6.72 billion — by far the most severe outward flood since Lipper started tracking this data almost 20 years ago.
Investors have yanked $23.3 billion from municipal bond mutual funds in the last eight weeks, reversing the previous eight months of inflows.
Funds have reported an average of $3.45 billion of outflows a week the past four weeks, shattering the prior record.
Before this latest exodus of cash, the record for a four-week moving average of outflows was $1.58 billion, in January 2000.
Tom Spalding, senior investment officer at Nuveen Investments, suspects that the first wave of outflows was comprised primarily of investors trying to lock in gains on their bond funds as interest rates crept up.
“Then maybe it fed on itself as redemptions begat lower prices,” he said.
Redemptions typically force mutual fund managers to sell bonds to raise cash for investors. And the sales have certainly begotten lower prices. The Standard & Poor’s index tracking total returns on municipal bonds is down 4.4% in the past three months.
Municipal bond mutual funds reported $2.03 billion in market losses on their holdings last week, and have posted $21.6 billion in losses since the end of September.
Mutual fund redemptions continue to hamper municipal bond values despite minimal supply coming to market. Municipalities sold only about $400 million of bonds last week, according to Bond Buyer and Ipreo data. State and local governments sold a combined $2.5 billion in the last two weeks of December, according to Bloomberg LP.
With such light supply, one might expect a rally, but yields have actually increased the past three weeks.
For the complete article.
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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