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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 Yields at Record 9-Year Low May Drop Further, Fabian Says |
Bloomberg - July 12, 2010 - By Esme E. Deprez and Brendan A. McGrail
Yields on 10-year top-rated municipal bonds, which move inversely to price, may decline further after falling to the lowest level since 2001, according to Matt Fabian, managing director of Municipal Market Advisors.
Tax-exempt general obligations remained at an average yield of 2.94 percent for the second straight day on July 9, the lowest in at least nine-and-a-half years, as investors boosted their holdings with reinvested June and July coupon payments. States and municipalities are scheduled to sell $6.3 billion in debt this week, 17 percent below the weekly average this year, according to data compiled by Bloomberg.
“If people become comfortable below 3 percent, munis will have more of a rally potential,” Fabian said in an interview. “This could cause more trading accounts to want to come in and trade munis because there’s an identified upside. This could be the sign of a turning point in the market.”
The 1-basis-point drop on July 8 to 2.94 percent marked the 12th straight day of decline, according to data from MMA, an independent research firm in Concord, Massachusetts, whose index has tracked tax-exempt debt since January 2001.
Even so, the record yield is “significant because, at a very low interest rate, there are points at which more investors stop buying,” said Austin Tobin, an analyst at Delphis Hanover Corp., a municipal-market research firm based in Southbury, Connecticut.
Coupon Payment
The combination of coupon-payment reinvestment and a dearth of top-rated securities has narrowed the spread of 10-year tax- exempts above two-year maturities to 225 basis points, its lowest this year, Bloomberg data show.
Any further decline in yields would probably be limited, Fabian said, without specifying a target.
For the complete article visit: Bloomberg
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