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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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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
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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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
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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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)
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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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Muni Bond ETFs Push Quality Limits |
ETFdb - Feb. 16, 2010 - by MICHAEL JOHNSTON
Muni bond ETFs have become popular among investors in a high tax bracket looking to enhance their fixed income exposure. Historically, these funds have been made up of high quality, investment grade debt issues. But in the current environment, countless state and local governments are facing unprecedented budget shortfalls, resulting in slashes to discretionary expenses and increased debt burdens.
One of the side effects has been a widening disconnect between the target exposure of certain ETFs and their actual holdings. The PowerShares Insured National Municipal Bond Portfolio (PZA), for example, “is designed to track the performance of AAA-rated, insured, tax exempt, long-term debt publicly issued by U.S. states or their political subdivisions.” But about 12% of PZA’s holdings maintain a rating below AAA, with another 5% unrated.
The issue is even more pronounced among California muni bond ETFs. The PowerShares Insured California Municipal Bond Portfolio (PWZ) is “designed to track the performance of AAA-rated, insured, tax-exempt, long-term debt publicly issued by California or Puerto Rico or their political subdivisions,” but less than 60% of the underlying holdings are rated AAA.
The disconnect stated objective and the actual holdings of these ETFs highlights the importance of diligence when researching potential investments.
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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