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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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Muni Bond Yields Slide to Four-Week Low as Sales Outlook Falls |
Nov. 20 (Bloomberg) -- Benchmark U.S. municipal bond yields fell to a four-week low as sellers demanded higher prices in anticipation of a drought in new issues around holidays beginning with the U.S. Thanksgiving observance next week.
The weekly Bond Buyer 20 index of 20-year general obligation debt yields fell 5 basis points, or 0.05 percentage point, to 4.35 percent, the lowest since Oct. 22.
Borrowers led by the New York State Urban Development Corp. this week sold about $8.3 billion of tax-exempt securities and $3.8 billion of Build America Bonds and non-subsidized taxable debt, according to revised data compiled by Bloomberg. States and local governments scheduled $2.5 billion of fixed-rate bond sales next week, the least since the period ended July 3, the data show.
“The supply picture seems to have gotten more favorable,” said Michael Pietronico, chief executive officer of New York- based Miller Tabak Asset Management, said in an interview. “Combine that with the upcoming roll of the calendar into January, where there’s going to be plenty of money around, and you can see where the market would take a little leap toward higher prices.”
December and January typically represent two of the four biggest months, after June and July, for municipal bondholders to receive potential reinvestment cash in the form of principal and semiannual interest payments.
The BofA Merrill Municipal Master Index, which accounts for price changes and interest income in tax-exempt bonds, rose 0.3 percent since the end of October, after falling 2.5 percent last month, its worst performance in a year.
Gains Continue
Municipal bonds extended their gains today, pushing yields on 10-year general obligation debt down by 1 basis point to 3.05 percent, the lowest since Oct. 7, according to Municipal Market Advisors of Concord, Massachusetts.
Two of the week’s largest municipal borrowers pared back offerings in California. The State Public Works Board sold $743.3 million of tax-exempt bonds, 45 percent less than planned because of legal issues raised midweek about a project at San Quentin State Prison.
Los Angeles International Airport sold $689.3 million of tax-exempt bonds to fund terminal improvements and achieve lower interest costs on $30.5 million of debt issued last year.
The city-owned airport had invited holders of $609.4 million of the 2008 bonds, which were subject to the federal alternative minimum tax, or AMT, to tender them for cash.
To contact the reporter on this story: Jeremy R. Cooke in New York at jcooke8@bloomberg.net.
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| Stuff to look at |
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S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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