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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
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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 One-Year Program Extension Sought in Bill by Senate's Baucus |
Bloomberg - Sept. 16, 2010 - By William Selway and Brendan A. McGrail
The Build America Bond program, a federal subsidy behind the fastest-growing segment of the $2.8 trillion municipal debt market, would be extended through next year under a bill introduced by Senate Finance Committee Chairman Max Baucus.
More than $133 billion in securities have been offered by state and local governments since the subsidy began last year, under the economic stimulus program. It refunds 35 percent of the interest cost on bonds sold for public works.
The latest bill would give the Senate another chance to extend the program before it is set to lapse at the end of the year. The House of Representatives has previously passed longer extensions, only to see the legislation stall in the upper chamber.
“This bill helps our economy grow by investing in our infrastructure and cutting taxes for employers,” Baucus, a Montana Democrat, said in a statement.
The extension, coupled with tax cuts and paid for by closing so-called loopholes for investment fund managers and corporations, would reducing the subsidy to 32 percent, according to a copy of the legislation on the finance committee’s website. The bill would also allow local governments to refinance outstanding Build America bonds, a step that may save them money should interest rates slide.
Stimulus Program
Unlike conventional municipal bonds that give investors a source of tax-free income, Build Americas provide direct subsidies to the borrowers. The taxable securities pay higher yields than tax-exempt bonds, making them attractive to foreign investors and others who aren’t seeking tax shelters.
The average Build America debt yields 5.72 percent, according to a Wells Fargo index. That compares with 4.18 percent for a top-rated tax-exempt bond maturing in 30 years, according to Municipal Market Advisors Inc. indexes.
State and local governments have pressed Congress to keep the program alive. Ending it would eliminate a source of low- cost financing for governments and potentially make the market for the bonds less liquid by capping its size.
The program has also buoyed the market for tax-exempt bonds by curbing the supply of those securities, a trend that could reverse if it is allowed to lapse.
For the complete article visit Bloomberg.com
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