|
|
|
|
| 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. |
|
|
| Bonds Online |
|
|
| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
|
S&P National Bond Index
|
3.00% |
|
|
S&P California Bond Index
|
2.96% |
|
|
S&P New York Bond Index
|
3.13% |
|
|
S&P National 0-5 Year Municipal Bond Index
|
0.70% |
|
|
| S&P/BGCantor US Treasury Bond |
400.09 |
|
| More |
|
| Income Equities: |
|---|
| Preferred Stocks |
|---|
|
S&P U.S. Preferred Stock Index
|
848.03 |
|
|
S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
|
|
S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
|
|
S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
|
|
| REITs |
|---|
|
S&P REIT Index
|
174.07 |
|
|
S&P REIT Index (TR)
|
425.30 |
|
|
| MLPs |
|---|
|
S&P MLP Index
|
2,469.58 |
|
|
S&P MLP Index (TR)
|
5,428.50 |
|
|
See Data
|
|
|
|
 |
|
|
|
|
|
|
Texas $1.4 Billion Build America Is Biggest in Month as AAA Credits Lure |
Bloomberg.com - July 26, 2010 - By Darrell Preston
Texas, the second most-populous U.S. state, is set to benefit from its top ratings when it borrows $1.5 billion for roads tomorrow, the week’s largest municipal bond deal and the biggest Build America issue in a month.
The state, through the Texas Transportation Commission, is selling $1.38 billion as taxable Build America Bonds, debt that comes with a 35 percent interest-rate subsidy from the federal government, and $115.6 million of tax-exempt securities for bridge and highway projects.
Investors have been distinguishing between different quality Build Americas in recent months, said Chris Mier, municipal strategist and managing director with Loop Capital Markets LLC in Chicago. Spreads above Treasuries for top-rated municipal issuers have been narrowing compared with borrowers with lower credit scores.
“There’s been a little bit of a break for top-rated issuers,” Mier said. “For those without the well-known name, it will be a wider spread than it was two or three months ago.”
Top-rated University of Virginia sold $190 million of 30- year Build America Bonds July 21 priced to yield 4.9 percent, the lowest on record for that maturity, or a premium of 95 basis points to longest-dated Treasuries. A basis point is 0.01 percentage point.
The same day, the Sacramento, California, Municipal Utility District, with the fifth-highest investment grades from Standard & Poor’s and Moody’s Investors Service, sold $250 million 26- year bonds at a spread of 225 basis points above the benchmark. The spread on a previous sale by the agency, in May 2009, has widened 100 basis points in trading since April to 222 basis points by July 21, according data compiled by Bloomberg.
Average Yield
The average Build America Bond yielded 6.05 percent on July 23, according to a Wells Fargo & Co. index that began last August. Build Americas’ yield spread above 30-year U.S. Treasuries reached a record high of about 207 basis points this month, up from 142 basis points in early May, Bloomberg data show. The spread increased in part as Treasury rates fell amid signs the economy is slowing.
For the complete article visit Bloomberg.com
|
|
|
|
|
|
| Partner Market Place |
|
|
|
| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
|
|
| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
Keep up with monthly, in-depth coverage of fixed income market strategies, commentary, and insights as seen by our sources. Sign up for the free BondsOnline Advisor now!
Unsubscribe here [+] |
|
|
|
|
|
|
|
|
