Practical analysis for investment professionals

Municipal Bond Market


Top Five Articles from November: Equity Valuations, Amazon, Palm Oil

Eleven rules for equity valuations from James J. Valentine, CFA, as described by Paul McCaffrey; suggestions for evidence-based thinking in retirement plans by Isaac Presley, CFA; and Sloane Ortel's examination of how Amazon fits into the active vs. passive debate are among the top EI posts from November.

Municipal Bonds: How Much to Hold?

How much should a taxable bond portfolio hold in tax-exempt US municipal bonds? Benjamin Doty, CFA, offers his analysis.

Municipal Bond Markets after the US Presidential Election: When the Dust Settles

The US municipal bond markets have been “changing for the good” in terms of disclosure and reporting since the financial crisis, according to Peter Coffin, president of Breckinridge Capital Advisors.

Weekend Reads for Investors: Perma-Bear Edition

Before I share my Weekend Reads for Investors, I want to clarify something for each of you: Far from being a perma-bear, I am actually a perma-bull. Why? Because human beings will always try to improve their lives.

Inconsistent Liquidity and Confounding Market Moves: The US Bond Market Bayou

Rating "recalibrations" and the departure of AAA bond insurers are a few factors that have dramatically changed the US municipal bond market. How should investors adapt?

Issues Confronting Fiduciaries Today: Solving a “Three-Variable Problem”

These days, the role of a fiduciary is fraught with challenges and potential pitfalls, ranging from investing in challenging market conditions to ensuring all beneficiaries are treated fairly.

Are Municipal Bonds Still a Safe Investment? (Podcast)

This podcast focuses on the recent market sell-off and volatility, the nature and threat of bankruptcy, focusing on specific trouble spots such as Central Falls, RI, and Stockton, CA, and about potential federal proposals to remove municipals’ tax exempt status.

Take 15: The Hunt for Yield, the Municipal Bond Market, and Crossover Buyers (Video)

Cate Long, who blogs about municipal bonds for Thomson Reuters, provides an overview of the municipal bond market in terms of size and the primary holders of the debt, discusses the overall state of municipal credit in 2013, and gives her outlook for Detroit and Puerto Rico.

Book Review: The Fundamentals of Municipal Bonds

This latest edition covers both the foundations of the municipal bond market and the major changes and developments in the market since 2001. The format of describing general fixed-income concepts and then applying them to municipal securities helps the reader understand broad bond topics within the narrower arena of municipal bonds.

Notes from the Field: CFA Institute Fixed Income Conference 2011

General Tenor: Bearish. Almost all of the speakers at the conference expressed concern about the direction of the global economy. Specifically, bearishness was expressed for:

The European sovereign debt crisis
The U.S. Congress’s political gridlock and inability to resolve the U.S…. READ MORE ›