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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
|
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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Record level of municipal bond fund withdrawals: Lipper |
REUTERS - Nov. 19, 2010 - (Reporting by Aaron Pressman; Editing by James Dalgleish)
(Reuters) - Investors withdrew almost $3 billion from municipal bond mutual funds in the week ended on Wednesday, the largest weekly outflow ever recorded by Lipper for tax-exempt funds.
Muni investors have been spooked by rising interest rates, well-publicized financial problems with some municipal issuers and a reduced likelihood of higher taxes next year, analysts said.
The estimated $2.9 billion net outflow followed just $34 million of net inflow for the preceding week, according to Lipper, a unit of Thomson Reuters.
This week's shift was the largest one-week outflow since Lipper began tracking the funds in 1992, Jeff Tjornehoj, head of Lipper Americas Research, said on Friday. The previous weekly record was $2.3 billion of net outflow the week ended October 15, 2008, at the height of the credit crisis.
Municipal bond prices, which dropped for eight straight trading sessions through Wednesday, have staged a comeback over the past two days. While the tumble in muni prices pushed yields up more than 50 basis points on typical bonds, the two-day partial recovery has seen yields decline by as much as 10 basis points.
If the outflow continues next week, however, it could renew selling pressure on the market, according to Rich Ciccarone, chief research officer at McDonnell Investment Management which oversees over $7 billion of municipal bond investments. Muni fund investors hate to see the net asset values of their funds decline especially when stock funds are gaining, he said.
"Bottom line -- usually if interest rates go up and (net asset values) go down, fund inflows are prone to dry up and go negative, particularly if the stock market is rising," Ciccarone said. "Generally, open-end mutual funds that have net outflows have to sell bonds, which further hurts the long end of the market."
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| Stuff to look at |
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