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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
|
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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Build America Bonds improve muni market-Treasury |
Reuters - April 6, 2010 - Reporting by Lisa Lambert; Editing by Dan Grebler
U.S. states and local governments sold $97 billion of Build America Bonds in the first year of the debt's existence, representing 20.5 percent of new issues, the U.S. Treasury Department said on Thursday.
Altogether, there were 1,182 Build America Bonds sold from April 2009 through April 2010, the Treasury said. The taxable debt, which pays issuers a federal rebate equal to 35 percent of interest costs, was created in the economic stimulus plan passed in 2009.
The highest number of BABs issued this year was in March, with 133 sales, representing volume of $12.6 billion. The highest volume, $12.9 billion, was in October, while the lowest volume was last May at $2.7 billion.
"Build America Bonds continue to be used by a wide range of state and local governments, which have saved billions of dollars in net borrowing costs from issuing these bonds," said Alan Krueger, assistant secretary for economic policy at the Treasury.
BABs have had a large impact on the municipal bond market, which was frozen at the end of 2008. Their taxable nature widened the universe of buyers of municipal debt, allowing state and local governments to borrow again.
At the same time, their popularity has shortened the supply of tax-exempt bonds. That has forced tax-exempt buyers to accept lower interest rates and higher prices for the traditional municipal bonds.
According to the Treasury Department, Arizona, Delaware, Puerto Rico, Rhode Island, West Virginia and the Virgin Islands have conducted just one Build America Bond sale.
Conversely, Illinois has sold 134 issues and California and Wisconsin have each sold 90.
California has sold the largest volume of BABs, at $21.7 billion.
Krueger said the bonds' popularity supports President Barack Obama's suggestion of making BABs permanent, albeit at a lower subsidy of 28 percent. Congress could approve a measure to extend the program beyond the end of the year, when the stimulus plan expires, and gradually drop the subsidy to 30 percent by the end of the month. (Reporting by Lisa Lambert; Editing by Dan Grebler)
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Income Security Recommendation January 2013 Issue.
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