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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
|
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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| 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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The Bond Market: Where The Customers Still Have No Yachts |
Seeking Alpha - Oct. 18, 2011 - By Matthew J. Patterson
Last year, I published an article on Seeking Alpha that employed data from a single day of bond market trading to quantify the significant transaction costs incurred by retail investors when trading individual corporate bonds. One unanswered question concerns how the costs of trading individual corporate bonds for retail investors compares to the costs incurred by institutional investors to trade the same bonds.
Unlike equities, which generally trade on exchanges where retail investors enjoy comparable trade execution to their institutional counterparts, most bonds continue to trade in an over-the-counter market. In the over-the-counter bond market, access to pricing information and the quality of trade execution depends heavily on maintaining relationships with multiple bond dealers who will provide competitive bids and offers to trade particular bonds. Institutional investors typically maintain relationships with larger networks of bond dealers than retail investors, thereby enabling them to gain greater access to pricing information and obtain more favorable trade execution when trading individual bonds.
Accretive Asset Management (“AAM”), sponsor of BulletShares Indices, recently published a white paper that quantifies the markup paid by retail investors to trade individual bonds. Based on a full year’s worth of data compiled from FINRA’s TRACE database of corporate bond transactions, AAM estimates that retail investors pay a round-trip retail markup of 65 basis points (0.65%) on average to trade the same corporate bonds as institutional investors.
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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