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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
|
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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Summer Doldrums in Full Force |
THE BOND BUYER - Sept. 1, 2011 - By Taylor Riggs and Patrick McGee
The wave of fiscal conservatism sweeping the nation continues to cap issuance of state and local government debt at the lowest levels of the past decade.
Long-Term Bond Sales: January-August
New borrowings in August stumbled into the data sheets at just $21 billion, a 29% trim from the $29.7 billion issued in August 2010 and a 42% cut from the $36.4 billion floated in 2009.
Thomson Reuters figures show year-to-date issuance accumulating to just $163.3 billion, or 38% less than a year ago.
The August and year-to-date numbers are each the lowest since 2000.
“We’re in a new era of austerity,” said Rob Williams, director of fixed income at Charles Schwab. “There’s less appetite for infrastructure investments, given the belt-tightening.”
The volatile month began with Standard & Poor’s downgrading the United States and concluded with Hurricane Irene sweeping up the East Coast. Only in the middle did issuers feel secure enough to borrow a decent chunk of debt.
The month’s biggest week of issuance began Aug. 15 when $6.5 billion was issued, including two deals worth more than $950 million apiece, the largest of the month. The other three weeks were capped at $5 billion.
“August was a month of uncertainty,” said Peter Hayes, head of municipals at BlackRock. “For half the month, issuance was pretty light. We had some issuance in the middle of August and though it was handled fairly well, demand was not as strong as past months.”
The lack of issuance draws a curious juxtaposition for issuers, as borrowing costs have never been so low for new debt. Ever.
Benchmark yields fell to all-time or multi-decade lows in indexes maintained by Municipal Market Data, Municipal Market Advisors, and The Bond Buyer.
But Williams said politicians are riding the fiscal wave, and that’s trumping any consideration of low yields.
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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