|
|
|
|
| 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. |
|
|
| Bonds Online |
|
|
| 5/10/2013Market Performance |
| Municipal Bonds |
|---|
|
S&P National Bond Index
|
3.00% |
|
|
S&P California Bond Index
|
2.96% |
|
|
S&P New York Bond Index
|
3.13% |
|
|
S&P National 0-5 Year Municipal Bond Index
|
0.70% |
|
|
| S&P/BGCantor US Treasury Bond |
400.09 |
|
| More |
|
| Income Equities: |
|---|
| Preferred Stocks |
|---|
|
S&P U.S. Preferred Stock Index
|
848.03 |
|
|
S&P U.S. Preferred Stock Index (CAD)
|
636.26 |
|
|
S&P U.S. Preferred Stock Index (TR)
|
1,701.05 |
|
|
S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
|
|
| REITs |
|---|
|
S&P REIT Index
|
174.07 |
|
|
S&P REIT Index (TR)
|
425.30 |
|
|
| MLPs |
|---|
|
S&P MLP Index
|
2,469.58 |
|
|
S&P MLP Index (TR)
|
5,428.50 |
|
|
See Data
|
|
|
|
 |
|
|
|
|
|
|
Volcker Rule May Adversely Impact Munis |
THE BOND BUYER - Nov. 22, 2011 - By Robert Slavin
Some market participants are concerned that the current version of the Volcker Rule would hurt the municipal bond market.
Named after Paul Volcker, the former Federal Reserve chairman, the rule would restrict federal insured banks’ ability to trade for their own benefit.
The rule comes in the wake of the 2008 financial crisis, when highly leveraged banking institutions lost huge sums on proprietary investments. But muni market participants are concerned the new restrictions on proprietary trading could have a negative spillover in the muni market.
They say the rule in its current form could affect about half of municipal securities and reduce liquidity in the muni bond market. The Volcker Rule was part of the Dodd-Frank Wall Street Reform and Consumer Protection Act that became law in 2010.
To define the rule, federal agencies in September 2011 released a 298-page draft. The public has until Jan. 13 to comment.
On Monday Vikram Rai, credit strategist for Citigroup, issued a report criticizing the proposed Volcker Rule.
The rule exempts certain classes of assets from its provisions. However, Rai says in its current form it would “not provide exemption from the prohibitions of proprietary trading for more than half of the securities currently outstanding in the municipal market.” Debt from semi-autonomous agencies of states and localities would not be exempt, he wrote.
In its current form the rule “could also severely limit, if not eliminate, the ability of dealers to provide tender options bond (TOB) financing for investors in the municipal market,” Rai wrote. “If not amended, the rule could … eliminate an important source of demands for long tenor municipal debt.”
“Eliminating proprietary trading activities and restricting market makers would adversely affect liquidity, widen bid-ask spreads drastically and exacerbate market fragmentation,” Rai wrote. “Smaller broker-dealers would find it harder to survive, which would cause a concentration of risk between the larger dealers and essentially counter the objective of the rule.”
For the complete article.
|
|
|
|
|
|
| Partner Market Place |
|
|
|
| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
|
|
| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
Keep up with monthly, in-depth coverage of fixed income market strategies, commentary, and insights as seen by our sources. Sign up for the free BondsOnline Advisor now!
Unsubscribe here [+] |
|
|
|
|
|
|
|
|
