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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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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
|
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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Navigating Rocky Municipal Bond Markets |
By Douglas J. Peebles, Chief Investment Officer and Head of Fixed Income, and Michael Brooks, Senior Portfolio Manager, Municipal Bonds, both at Alliance Bernstein
Despite the uncertain impact of recent difficult economic conditions on tax collections, we see significant opportunity to add value in the US municipal bond market. Below, my colleague Michael Brooks reviews where we see the best rewards for risk.
Most state and local governments have made progress in addressing their budget shortfalls in recent months, but there are wide differences in how states and municipal governments are handling their financial difficulties. This makes credit research critical in separating the wheat from the chaff.
In general, it makes sense in the current environment to underweight state and local general-obligation bonds and overweight revenue bonds, such as those issued by public power, water/sewer and transportation authorities, which are backed by fees for essential services such as electricity and water are resistant to budget troubles. However financially pressed, people continue to pay their water bill. History has shown that the revenues earned by these issuers are less dependent on the pace of economic growth than on the property, sales or income taxes that back general-obligation bonds.
The steepest municipal yield curve in recent memory (see chart below) also presents opportunities to add value. Positions in long bonds are likely to outperform as the yield curve reverts to a more normal shape.
For the complete article.
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| Partner Market Place |
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| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
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| 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!
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