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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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Tax-Exempt Debt in Longest Winning Streak Since '02: Muni Credit |
SFGate - Sept. 30, 2011 - by Michelle Kaske
Sept. 30 (Bloomberg) -- States and cities slashing borrowing to cut costs are driving the $2.9 trillion municipal- bond market to its sixth-straight month of positive total returns, the longest winning streak since 2002.
This year's municipal sales totaled $165 billion as of Sept. 23, down about 40 percent from the period in 2010, according to data compiled by Bloomberg. At the same time, U.S. Treasuries have rallied, pushing down tax-exempt rates. Yields on top-rated municipals due in 10 years have fallen by 1.20 percentage points from the start of 2011.
While issuers including California and New York responded to declining interest rates by boosting total sales to $67 billion from July through this month, the biggest quarter since December, they're unlikely to exceed last year's record of $408 billion, when states and cities took advantage of the taxable Build America Bond program and its 35 percent federal subsidy on interest costs. The program ended Dec. 31.
"There's been a light supply and strong demand," Neil Klein, who manages $925 million at New York-based Carret Asset Management, said in an interview. "Numerous months in a row of positive returns are driven by that supply-and-demand dynamic."
States and localities reduced borrowing earlier this year as they cut government payrolls and reduced spending to balance budgets. About three out of five municipalities in 2011 delayed or canceled capital infrastructure projects, according to a September survey from the National League of Cities.
"They have these projects that they intended to issue bonds for and they're looking at them and reprioritizing," John Bonnell, who manages $3.5 billion of municipal assets at USAA Investment Management Co., said in a telephone interview from San Antonio.
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/09/30/bloomberg_articlesLSCBKU6S972H.DTL#ixzz1ZYvgybzG
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Income Security Recommendation January 2013 Issue.
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