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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
|
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
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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)
|
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 Outflows Dwindle to $610 Million As Investors Adjust to Headline Risk |
onwallstreet - Feb. 28, 2011 - By Dan Seymour, Bond Buyer
The pressure on municipal bond mutual funds is fading rapidly as a much less panicked tone in the state and local government debt market has stemmed the exodus of cash from the industry.
Municipal funds that report their figures weekly posted a net outflow of $610 million during the week ended Feb. 23, according to Lipper FMI.
This marks a further slowdown from the previous week's $973.9 million outflow, and the fifth straight week of evidence that conditions have eased since the historic $4 billion hemorrhage during the week ended Jan. 19.
Last week's was the lightest outflow since Dec. 8, and the four-week moving average of fund outflows is the lowest since mid-December.
"I'm still experiencing outflows, but they're not as dramatic as they were," said Dick Berry, who manages two tax-free funds with $1.9 billion in assets for Invesco. "People have adjusted to the headline risk they've been reading about. It got overdone for a while and created a selling panic and that's played out by now."
Fund outflows and the performance of municipal debt in the bond market became entangled the past few months in a way that can make it difficult to determine what leads what.
A drastic municipal sell-off that began in November coincided with the beginnings of a record outflux of cash from municipal funds.
Muni bonds delivered a return of negative 5.7% from Nov. 10 to Jan. 19, during which time municipal funds reported redemptions of $29 billion.
Mutual funds and the bond market fell into a negative feedback loop: funds sold bonds to raise cash for investors, forcing more market losses and scaring investors, who redeemed more mutual fund shares.
The municipal bond market began to recover in mid-January, just as outflows were peaking.
In a note to clients, JPMorgan analyst Chris Holmes said the greater stability in the bond market has comforted investors, leading to a slower pace of outflows.
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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