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Mon, Feb. 1, 12:18 PM
Dec. 29, 2015, 2:05 PM
Dec. 1, 2015, 5:03 PM
Nov. 2, 2015, 3:45 PM
Oct. 1, 2015, 1:36 PM
Sep. 1, 2015, 1:14 PM
Aug. 3, 2015, 4:48 PM
Jul. 16, 2015, 3:39 PM
- "That's stunningly high," says Van Eck chief municipal strategist Jim Colby, after Chicago priced $1.1B in both taxable and tax-free bonds. The taxable issue maturing in 2042 priced to yield 7.98%, and the tax-free paper maturing in 2039 priced to yield 5.69% - a taxable equivalent yield of 9% (for the highest bracket).
- The debt has been rated BBB+ by Fitch.
- "Chicago is not Detroit," says Colby, who calls this new debt "far and away" the best value of similar credit quality in municipals. He notes the 30-day yield of his Market Vectors High Yield Municipal Index ETF (NYSEARCA:HYD) is just 4.61%.
- ETFs: MUB, IIM, HYD, NUV, PML, NIO, MAV, PZA, LEO, MHI, VMO, NEA, PMF, NMZ, PMX, BFK, EVN, BLE, DSM, KTF, NQU, NXP, VGM, PMM, AFB, VKI, MVF, HYMB, EIM, NQM, NPM, TFI, OIA, BKN, MUA, MEN, PMO, MVT, IQI, MYD, VKQ, NMO, MYI, XMPT, NPI, CMU, MMU, MUE, CXE, EXD, NAD, NMA, BBK, BYM, NPP, NQS, NEV, DMF, MFL, NZF, NVG, NQI, KSM, NPT, MHD, MFM, MUH, NXZ, MQY, SHYD, MFT, MZF, PRB, EIV, BBF, MHF, BAF, EOT, MUS, NUW, NXR, DTF, NPF, MNP, BSD, NXQ, MQT, MYF, DMB, NIM, NMI, CXH, BIE, FMN, PVI, VFL, RVNU, FMB
Jul. 1, 2015, 2:30 PM
Jun. 29, 2015, 2:25 PM
- Among the sizable municipal bond funds, the $6.1B Oppenheimer Rochester Fund (MUTF:RMUNX) has exposure to the Commonwealth of about 20%, according to S&P Capital IQ's Todd Rosenbluth, and the Oppenheimer Rochester New Jersey Municipal Fund (MUTF:ONJAX) has about 29% exposure.
- Looking at ETFs, the $391M SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB -0.9%) holds 14% of its assets in Puerto Rico paper. The $1.5B Market Vectors High Yield Municipal Bond ETF (HYD -1.4%) has roughly 3.2% exposure.
- Previously: Puerto Rico banks slide on default worry (June 29)
- Previously: Bond insurers tumble as Puerto Rico heads to default (June 29)
Jun. 1, 2015, 2:47 PM
May 1, 2015, 2:12 PM
Apr. 17, 2015, 1:54 AM
- In a change of heart, the Federal Reserve will allow big U.S. banks to use some types of municipal bonds to meet new rules that ensure they have enough cash during a market meltdown, WSJ reports.
- At issue is the treatment of municipal debt under new liquidity requirements, which call for large banks to hold enough "high-quality liquid assets" to fund their operations for 30 days.
- Other regulators, including the OCC and FDIC, do not plan to follow the Fed's new criteria.
- ETFs: MUB, HYD, BAB, PZA, MUNI, HYMB, TFI, XMPT, ITM, MLN, BABS, SHM, CMF, SHYD, PRB, NYF, PZT, SUB, SMB, PWZ, CXA, IBMF, PVI, RVNU, INY, SMMU, IBMG, IBME, IBMD, GMMB, FMB, IBMI, IBMH, MEAR
Apr. 1, 2015, 12:48 PM
Mar. 2, 2015, 1:41 PM
Feb. 28, 2015, 7:45 AM
- Chicago's credit rating was downgraded Friday by Moody's to Baa2, two notches above junk, with a negative outlook on the “expectation that the city’s credit quality could weaken as unfunded pension liabilities grow and exert increased pressure on the city’s operating budget."
- Chicago's four pension funds have ~$20B in unfunded debt, and without further action the city would need to increase its payments to those accounts by $600M next year and even more after that.
- The rating includes the city’s $8.3B billion of outstanding GO debt, $542M of outstanding sales tax revenue debt, and $268M of outstanding or authorized motor fuel tax revenue debt.
- The downgrade could immediately terminate four interest rate swap agreements, costing the city ~$58M, and potentially lead to terminations of 11 more swaps deals that could cost another $133M.
- Also yesterday, S&P warned it could slap its own multi-notch downgrade on Chicago in the absence of a plan this year to deal with the pension crisis.
- It's all another big headache for Mayor Rahm Emanuel, who is facing a surprise run-off in his bid for re-election.
- Muni ETFs: MUB, HYD, BAB, PZA, MUNI, TFI, ITM, HYMB, MLN, CMF, SHM, BABS, XMPT
The SPDR® Nuveen S&P High Yield Municipal Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P Municipal Yield Index (index ticker: SPMUHT), an index that tracks the US high yield municipal bond market and to provide income that is exempt from federal income taxes.
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- In Your Portfolio: Broad U.S. Bond ETFs, A Guide to Municipal Bond ETFs and Closed-End Funds
- Asset Class Performance: Bonds ETFs
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