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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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Citigroup Leads Banks Calling Tax-Free Debt a Buy After Slump: Muni Credit |
Bloomberg.com - Nov. 18, 2010 - By Brendan A. McGrail
Citigroup Inc. leads banks urging investors to buy municipal bonds after yields on top-rated tax- exempt debt had the biggest weekly jump in at least 19 years.
Ten-year yields this week jumped 35 basis points, or 0.35 percentage point, to 3.09 percent yesterday, the biggest weekly move on record, according to a Bloomberg Fair Market Value index dating to April 1991. Yields on AAA debt due in 2040 reached a 14-month high of 4.57 percent, after climbing 31 basis points since Nov. 12, a 30-year Bloomberg index shows.
States and local governments plan to sell about $15.5 billion in debt this week, which would be the most in more than seven years, according to data compiled by Bloomberg. Projecting a slowdown in supply next year, researchers from Citigroup, Morgan Stanley and Janney Montgomery Scott LLC say bond prices will likely rise making current investments more valuable.
“The supply is the biggest issue, and when we hit next year you won’t see this kind of supply,” Alan Schankel, director of fixed-income research at Phildelphia-based Janney, wrote yesterday. “It’s going to be bumpy for a couple of weeks, but the munis purchased now will be looking good in January.”
Opportunities are available at the longer-term maturities given that the economic pressures being faced by state and local governments are “extremely unlikely” to bring about payment defaults, according to a note yesterday by George Friedlander, head municipal strategist for Citigroup.
Build Americas
Build America Bonds, which provide a 35 percent subsidy for issuers’ interest costs, tend to be offered in longer-term maturities, where the biggest savings can be realized. The program is set to expire at year-end unless Congress extends it. Sales of the taxable securities will continue to be elevated through next month as issuers try to beat the expiration, said John Dillon, chief municipal strategist for Morgan Stanley.
“Logically that would entail stronger tax-exempt pricing because the supply wouldn’t be there, but the market is anticipating more tax-exempt supply starting early in 2011,” Dillon said in a telephone interview.
For the complete article visit Bloomberg.com
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